As the luxury retail business begins to bounce back after the recession, retailers and brands can now redirect their focus on developing and building customer relationships by keeping up with the latest trends in luxury retail management. Knowing the latest trends allows you to successfully market your products to luxury retail shoppers.
Here is our take on the top four current trends in luxury retail management.
#1 Omni-Channel Continues to Rise
Consumers control their shopping experience and wield purchasing power like never before. In response, retail brands are doing whatever necessary to stay connected to their customers. With the advent of omni-channel, the integration of multiple selling channels into a customer acquisition strategy, retailers are integrating their brand platforms (including brick-and-mortar stores, social networks, catalogs, websites and more) to better serve their customers’ needs and provide a seamless purchasing experience. The key is that your customers see you as a single, cohesive, transparent system rather than multiple selling channels. Omni channel provides new opportunities for growth in your company and brand by providing customers with the products they want in a seamless purchasing experience, thus encouraging brand loyalty.
#2 Expert Packing and Shipping
With the integration of omni-channel, products are now being shipped from stores more often. To meet the rising demand for shipping products, retail department stores are employing the services of specialized packing and shipping services. More often, shipments of product orders filled in-store are put off because store associates are busy with other tasks. This causes a delay in shipping and usually hastily wrapped and inconsistent packaging, which can result in damaged product. Outsourced packing and shipping companies ensure that the items are packaged properly, arrive in a timely manner and are consistently presented according to your company’s branding standards.
#3 Luxury on Demand
Consumers want access to luxury goods, but don’t always want ownership. Brands now can provide their products as a service and not just for sale. Websites like Bag Borrow or Steal allow consumers to rent high-end items. Rent the Runway is another website that makes today’s top fashions accessible to anyone. The site allows you to rent top designer dresses for four days at a reasonable cost. Luxury on demand doesn’t just stop with clothes and accessories, TurningArt.com allows individuals to rent art, rather than own it. Luxury on demand is a hot market and many brands are taking advantage of this by allowing their products to be featured on demand.
#4 Follow-up
According to the Fashion Institute of Technology, “despite economic downturn, the luxury retail market usually thrives when your customers recognize your efforts to appeal to their needs.” With that in mind, you should always follow up with your customers about their experience with any company that represents your brand. When purchasing a new car, there is always a follow up from the dealership congratulating you and asking if the vehicle as well as your shopping experience met or exceeded expectations. Retail management can learn a few things about customer service from these dealerships. Follow up with clients via email or text after a purchase to ask them about their experience. Hold customer appreciation events and listen to any feedback they provide at these events. Your follow up will encourage future business and help build customer relationships. Your clients will notice and so will your business.
