What Is Driving the Transformation of Luxury Retail Channels? | Transforming Luxury

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 4 October 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today, the channels that consumers can now use to connect with brands to elicit a range of interactions have multiplied, dramatically. With major new platforms emerging all over the world, the retail networks utilised by luxury brands are evolving at an unprecedented pace to include a huge number of customer touch points — each a distinct opportunity for growth but requiring an idiosyncratic strategy for success.

Due to mobile-commerce and social-commerce, when, how and why a consumer transacts with a brand has been reimagined entirely. The linear paths to purchase with which we are so familiar are being replaced by new conduits that combine digital content with customer-centric retail strategies to make transacting as engaging, enjoyable and instantaneous as possible.

There is one region responsible for the lion’s share of retail innovation: China. The engine of the luxury industry’s growth for decades is now the epicentre of the most significant retail innovation in the market.

From buy now, to swipe up, unboxing to bounce houses, KOLs, KOCs, shoppable video, live streaming, digital clienteling, resale sites, marketplaces, macro and micro influencers — luxury’s retail channels have been reimagined at scale. Now, that innovation is beginning to shape global retail strategy.

Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges a redefined industry will bring and how luxury’s transformation will impact your business.

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Transcript

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0:00.0	I'm Robin Mallory Pratt, and this is Transforming Luxury, a new podcast series from the
0:07.6	Business of Fashion in which we're investigating how market disruption, new technology and growing
0:12.6	consumer scrutiny are driving transformative change in the $300 billion luxury goods market over a special
0:19.2	six-episode series presented by Karner.
0:22.3	From Buy Now to Swipe Up, Unboxing to Bounce Houses, KOLs, KOCs, shopable video, live streaming,
0:28.9	digital clientelling, resale sites, marketplaces, macro and micro-implencers. With major new
0:34.8	platforms emerging all over the world, the retail networks now utilised by luxury brands are evolving at an unprecedented pace to include a huge number of customer touch points, each a distinct opportunity for growth, but requiring an idiosyncratic strategy for success.
0:51.5	Due to mobile commerce and social commerce, when, how and why a consumer
0:56.2	transacts with a brand has been reimagined entirely. The linear path to purchase we are
1:01.4	also familiar with are being replaced by new conduits that combine digital content and
1:06.6	customer-centric retail strategies that make transacting as engaging, enjoyable and instantaneous
1:12.5	as possible.
1:14.3	There is one region responsible for the lion's share of this retail innovation, China.
1:20.3	The engine of the luxury industry's growth for decades now, it is the epicenter of the
1:24.5	most significant retail innovation in the market.
1:27.8	And now, that innovation is beginning to shape global retail strategies.
1:34.3	Over 52% of China's sales will take place online in 2021, up from almost 45% in 2020.
1:42.6	Other economies, even those with sophisticated digital landscapes, lag behind.
1:47.0	In South Korea, the country with the next highest rate of e-commerce, against overall sales,
1:51.8	just under 30% of transactions are predicted to take place online this year. The US is expected
1:56.8	to see just 15%. E-market have pegged the average among Western European economies at around 13%.
2:02.6	Indeed, it's important when we use the term e-commerce to reject the Western-centric lens
	...

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