This post was originally published on CMO.com
It is always very interesting to discuss about the future of retail, especially in the luxury industry.
I’ve come across 2 types of people:
- People who view Digital and Tradition as being in opposition, and therefore reject Digital
- People who are afraid of being late and who invest everywhere to make sure they are digital. They usually start with very expensive gigantic screens that are of no use to the end consumer.
Whenever digital transformation is involved, it is very important to go back to the basics. Retail isn’t an exception to this rule.
When entering a luxury boutique, you expect to discover a beautiful place, amazing products and a vast number of services.
Digital isn’t about changing everything, like using robots instead of human being or leaving customers in front of machines…
Actually, it is the absolute contrary; digital should be implemented through little improvements to the overall consumer experience.
The luxury industry has a lot to work on and there are numerous areas of improvement to focus on :
- Multicanal for a frictionless world
- Using data to improve merchandising
- Knowledge of exact stock in every point of sale
- Mobile payment
- Selling what’s not in store
- Connected objects and wearable devices
- Improvement of logistics thanks to RFID chips
Everything in this list implies huge changes within organization or workflow. Even though that sounds not-so-sexy, it is far more important than installing whatever digital device in your store.
Here is a free slideshow explaining in 90 slides with updated figures and case studies how the future of luxury retail looks like.
You’ll also find new services developed by start-ups that you could work/partner with.
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