Luxury Retail Fully Embraces E-Commerce, Finally
The Internet and emerging global markets are providing the keys to success for luxury brands, writes a MotionPoint exec.
Rapid evolution is finally happening in the luxury retail sector, writes Charles Whiteman in a recent post at RetailNext. Traditionally gunshy of e-commerce, luxury brands are now embracing the sales channel—and are achieving great success.
"A new generation of global luxury customers has emerged," wrote Whiteman, MotionPoint's SVP of Client Services. "They're younger, digital-savvy, and don't have the same entrenched retail expectations of past shoppers. ... As a result, about six in 10 high-end brands now sell via the web; the luxury e-commerce sector is growing faster than many other e-retail sectors."
As luxury brands expand their e-commerce endeavours, emerging markets present especially compelling opportunities: they're underserved, have growing economies (and appetites for luxury goods), and ever-increasing Internet penetration rates. That's an ideal recipe for luxury e-commerce, Whiteman wrote.
Whiteman shared four ideal emerging markets in the article. Read more at RetailNext.