Luxury brands have been hard hit by the drop in consumer discretionary spending and retail closures due to COVID-19. It's a shockwave that forced many companies to press pause on tried-and-true retail strategies. But the crisis is also accelerating innovation in the sector. Many brands are relying more on digital platforms to deliver product news and build brand engagement. Others are rethinking the shopping experience in line with safety measures. Consumers are less willing to browse, which means less impulse buying. So brands are turning to digital for novel, personalized experiences that lead to purchase.
We anticipate many of these recent innovations and adaptations will become the norm, and reshape the luxury industry for the long run. This report looks at a host of innovations, from VR shopping technology, to e-commerce partnerships, to turning sales reps into 'super influencers.'
What's in this report?How luxury brands are expanding their digital presence Ways that brands are adding value to customer engagement What brands are doing to reimagine the in-store experience 20+ examples of how luxury brands are thinking outside the box 10 innovations in luxury 5 strategic implications for how these innovations will shape the industry’s future
Grail Insights specializes in understanding the luxury consumer and helping brands adapt to market change. Let us help you navigate your brand through uncertain times. Email us at email@example.com
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