 "Ubiquity versus exclusivity")
As retailers and mass brands have adopted omnichannel or channel agnostic distribution strategies to keep pace with consumer expectations, luxury brands would be wise to acknowledge that the internet has radically altered the path to purchase, says a Deloitte report, titled Global Power luxury goods 2014.
Consumers have high expectations for luxury brand sites, from design layout and ease of navigation, to brand iconography. Aspirational brands such as Coach, Kate Spade, Michael Kors, and Tory Burch have been quick to adapt to the internet, as well as to social media and omnichannel strategies, and increasingly we see the most exclusive luxury brands joining the ranks, says the report.
Inspite of adopting a multi-channel approach, luxury brands can still retain exclusivity with custom made products, limited editions for the internet, wholesale etc. These efforts can drive traffic while sustaining the distance between a luxury brand and a mass fashion brand.
Consumers have high expectations for luxury brand sites, from design layout and ease of navigation, to brand iconography. Aspirational brands such as Coach, Kate Spade, Michael Kors, and Tory Burch have been quick to adapt to the internet, as well as to social media and omnichannel strategies, and increasingly we see the most exclusive luxury brands joining the ranks, says the report.
Inspite of adopting a multi-channel approach, luxury brands can still retain exclusivity with custom made products, limited editions for the internet, wholesale etc. These efforts can drive traffic while sustaining the distance between a luxury brand and a mass fashion brand.