Last week, Exponea’s own Jason Smith spoke at, The Evolution of Luxury conference. A London based annual meeting of world’s brightest in luxury marketing including brand experts from McLaren and L’Oréal. The focus was on how luxury evolves in the face of Millennials’ demands and the growing sharing economy.
Smith’s topic centered on consumer trends in the digital age. The Digital Luxury is changing with a focus on m-commerce, omni-channel execution and growing expectation of a strong digital shopping experience. Luxury consumers are rewarding innovative approaches of communicating on a one on one level.
Currently, 48% of fashion transactions take on mobile and 8% of luxury purchases occur on mobile devices as well. With the ever increasing shared experience that these devices enable the consumer, it is important to engage with customers by providing strong photo-op opportunities. Make your customers look good – they will make you look good.
Smith went on to explain, a strong digital experience can be defined by four characteristics. First, a company should know the historical engagement with the store and brand and communicate it in a personalized way with the customer. Proactive and responsiveness is also important (having a responsive site, on-line chat for issues, transparent contact support). Another key trait is to maintain a larger omni-channel strategy and messaging including e-mail, building an offline presence. Above all, it is important to make the experience, fun and joyful.
When working with data and technologies, having a single customer view, segmentation and understanding how to get the most from machine learning are also crucial. If your data is siloed and data is spread across multiple channels it can be easy to misinterpret some understanding of the customers and critical KPIs. Fulladoption and understanding of the tools at hand lends itself to machine learning assisting in non-intuitive tasks and scalable tasks, such as predicting each new customer’s lifetime value or predicting churn.
“It is the fundamental strategy for brands to use the right platform to push the right content at the right moment to the right consumer targets,” concludes Jason Smith.
Exponea is one of the world’s fastest growing software companies in the field of A.I. – recently ranked as #27 by SaaS 1000.