With so much conflicting information on customer technology innovation being fed to premium and luxury brand executives, it is no wonder many are confused. Understanding and prioritizing new consumer tech tools is an essential skill that all customer-centric organizations must master.
Luxury Institute shares five key recommendations for technologies, in order of priority, and how brands and e-trailers should approach each for maximum financial performance in 2022 and coming years.
1. Social Selling TechThe future of e-commerce is personal and human. Imagine the power of a global social selling community powering the brand’s e-commerce. Social selling is the act of empowering every sales associate with their own “storefront”, or microsite, with complete brand oversight. Associates can creatively curate and personalize for each customer. They can post favorite products, curate boards of products, list services, and integrate with social media such as TikTok and Instagram. Social selling tech integrates and optimizes…
emotionally intelligent digital retail with social media. LVMH and L’Oréal have invested heavily in social selling leader Replika Software and are rolling out to all brands globally. Whatever social selling tool brands select they need to make this the top priority in customer tech beyond a basic e-commerce website.
Social selling can improve average cart size 50-200% and conversion rates by 8-10 times. Game-changing results are the main reason most premium and luxury leaders are putting social selling at the top of the list. 2.
Short Video and Livestream Shopping The second most powerful consumer technology brands starting to execute right now is short video and livestream shopping technology.
While operating on TikTok and Instagram is valuable, the most valuable video move is to focus resources on bringing static, brochureware sites to life with short videos for every product, and especially the best sellers…
Members-only article
Unlock the rest of this story
Join free to keep reading RetailBoss ecommerce coverage, industry analysis, and market intelligence.
- Full article access
- Industry analysis
- Free account
Free access. No credit card required. Your account is created after you verify your email.
Discussion
0 Comments
No comments yet
Start the conversation
Share your take on this story and help shape the discussion.
Sign in to join the discussion.