The Fashion & Luxury market is constantly growing, and the strategies put in place throughout 2017 by the various brands have in fact led to excellent results.
But how to keep up this positive trend? The market, the demands and the customers themselves are constantly evolving, so it is time to study and create new stimuli, taking new frontiers into account, to achieve equally satisfactory results in 2018.
According to a research developed by McKinsey, it is the digital that companies need to take more and more into consideration to ensure further growth.
Digital, by now, is not just part of the communication strategy, but it must be a key ring at every stage of the process: from offering, to production to in-store management mechanisms.
Another key element that businesses need to consider is the e-commerce.
The e-commerce channel, according to McKinsey’s analysis, is growing steadily and only in 2016 has reached 8% of the total luxury goods market, which is 20 billion euros in revenue, out of a total of about 250 billion.
The same analysis states that this percentage will only grow to reach 20% in 2025.
This is because offline purchases are increasingly digital-influenced, so it is important to implement a multichannel strategy that provides consistency between online and offline.
As far as the luxury and digital market is concerned, another major transformation that is happening is represented by mobile.
98% of consumers in the luxury market have a mobile device, and next year, the time spent browsing through smartphones will be four times higher than that spent on desktop.
At this point the communication of the various brands has to adapt to this trend: no longer magazines or TV commercials, now communication must be ad hoc to be transmitted on small mobile screens!
Printing has always been one of the primary means of advertising the brands of the luxury market, with a 32.7% share against 25.8% of digital in the last year.
However, it seems that this trend will soon be outdated: the digital medium, according to some analyzes in 2018, will be the most used medium for advertising, reaching 30.6% versus 29.7% of the print.
The commercial staff of Bizeta Retail Solutions is at your complete disposal to give you any information about our solutions.
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