How luxury retailers like Gucci, Stella McCartney and LVMH are embracing digital transformation

 Luxury retailers often rely on the exclusivity of their brands to generate sales. Names like “Louis Vuitton” and “Gucci” evokes a certain sense of craftsmanship and in the eyes of many brands, purchasing luxury goods should be about an unrivaled in-store experience.

The problem for this business model is that more wealthy customers are doing their shopping online. In fact, a recent report by McKinsey forecasts that nearly one fifth of luxury sales will take place online by 2025. The same report points out how nearly 80% of luxury sales today are “digitally influenced”, meaning that consumers hit one or more digital touchpoints in their luxury shopping journeys.

As the competition heats up, it seems that luxury retailers have no choice but to embrace digital transformation. This are how some brands are taking on this challenge.

Read more: https://www.gigabitmagazine.com/ai/how-luxury-retailers-gucci-stella-mccartney-and-lvmh-are-embracing-digital-transformation

Mullan, L. (2019). How luxury retailers like Gucci, Stella McCartney and LVMH are embracing digital transformation. [online] Gigabitmagazine.com. Available at: https://www.gigabitmagazine.com/ai/how-luxury-retailers-gucci-stella-mccartney-and-lvmh-are-embracing-digital-transformation [Accessed 28 Apr. 2019].