It is always very interesting to discuss the future of retail, especially in the luxury industry.
In doing so I’ve come across two types of people:
- Those who view digital and traditional as being in opposition, and therefore reject digital.
- Those who are afraid of being late and who invest everywhere to make sure they are digital and they usually start by buying 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:
- Multichannel for a frictionless world
- Using data to improve merchandising
- Knowledge of exact stock at 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 the organization or its workflow. Even though that doesn’t sound very sexy, it is far more important than installing whatever digital device in your store.
This free slide show, replete with updated figures and case studies, explains what the future of luxury retail looks like. You’ll also find new services developed by start-ups that you could work/partner with. I’d love to hear your feedback, you can find me on Twitter: @gregfromparis.