Online sales of personal luxury goods, which currently account for 8 per cent of the global luxury market, is expected to more than triple by 2025, reaching €74 billion. Nearly one-fifth of personal luxury sales will take place online.
Going digital is a critical for growth and a powerful way to increase brand equity. It also enables companies to reimagine key enterprise processes, both front end and back of house.
Recently, a Luxury 4.0 operating model has begun to emerge with brands and retailers using data to get closer to customers, capture emerging preferences, and streamline the process of turning ideas into new products.
Nearly 80 percent of luxury sales today are “digitally influenced”: consumers hit one or more digital touchpoints in their luxury-shopping journeys.
Although digital’s impact on consumer behavior and luxury purchases varies by product category and price point, nearly all luxury shoppers have enthusiastically embraced the digital lifestyle.
