This is how luxury brands can stay ahead in the age of Amazon.
During an earnings call in 2016, Jean-Jacques Guiony, the chief financial officer of LVMH — the luxury conglomerate whose brands include Louis Vuitton, Dior and Bulgari — said, “there is no way we can do business with them.” By “them,” Guiony meant Amazon, a company he believed to be the antithesis of what a luxury retail experience should be. Three years later, all three of those brands have their own Amazon stores. As do Chanel, Gucci and Tiffany & Co.
Recognizing how high the stakes are is the first step, but it isn’t enough. As Amazon increasingly becomes synonymous with shopping, luxury leaders need a roadmap for where to focus next.Companies that fully invested in personalization outsold their competitors by 30 percent last year, according to Boston Consulting Group. That success is predicated on understanding what personalization truly is and is not.
Within the body of the e-mail, personalization can also mean dynamic categories. If you can always count on a particular customer to shop shoes, lead with that, ensuring that shoes are the first thing she sees. Take the same approach to your mobile app, highlighting the product categories where each customer’s interests and predicted purchases lie — while maintaining your high brand image, of course.
E-mail is an important channel for luxury retailers, because like mobile devices — it can bridge the gap between online shopping and brick-and-mortar stores. For one, e-mail is a great way to drive traffic to physical stores, where luxury shines. Designers often offer exclusive looks at upcoming collections, either at their own stores or luxury multibrand retailers such as Saks Fifth Avenue and Neiman Marcus.
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