Expert view: How luxury brands should engage customers in the post-pandemic era
To adjust to the new normal of working from dwelling house, some people purchase ergonomic chairs, while others gear up extra computer screens. Gianfranco Casati, chief executive office of Accenture in growth markets, "made an investment" in a large backdrop depicting Singapore's stunning Marina Bay skyline which he sits in front of during video calls.
"This gives my colleagues the perception that I am sitting on my terrace overlooking Marina Bay, which is non actually the case," he said with a chuckle. This glitzy backdrop, which separates his desk from the rest of his habitation, is non merely a conversation starter for online meetings; it has allowed Casati to keep his business running efficiently during these challenging times.
"I did this to ensure I take work and personal space to keep the residuum because we're doing this for months," said the Singapore-based Casati, who has direction oversight for all industries and services of Accenture's business organisation in the Asia-Pacific, Africa, the Heart E and Latin America, which accounted for US$eight.v billion (South$11.8 billion) in revenues for the fiscal year 2019.
Similarly, smart pivots – whether on a small-scale scale similar what he has done or on larger manufacture-broad scales – beyond all fields volition be essential for businesses hoping to stay afloat in these times. This is especially important for luxury companies that pride themselves on offering customers an experience that is a cut above the norm, he added.
Casati shared his insights on how the luxury industry should be transforming their businesses.
HOW Have LUXURY SPENDING PATTERNS BEEN IMPACTED BY THE PANDEMIC?
We did a specific deep-dive in Singapore every bit we see Singapore every bit quite a proxy of consumer behaviours when it comes to the way consumers regard luxury goods in this situation. We have seen an increment of luxury goods purchases online in a fashion which has been actually quite fabric but these haven't been able to offset the loss of sales in the traditional channels.
Also traditionally, there used to be a straight correlation between luxury appurtenances and travel because a substantial role of sales is associated with tourists who spend when they have leisure time. That is a big driver of sales in big malls in Hong Kong, China, Nippon and Singapore. This has completely decoupled. It is something that luxury brands have to reflect on going forward.
READ> Why were consumers in Asia buying luxury handbags during the lockdown?
SHOULD THE Manufacture Be PLACING HOPE ON THE CONCEPT OF "REVENGE SPENDING"?
When living in a difficult situation, some people may wish to pamper themselves such as by ordering food from premium restaurants or past gifting somebody something they would normally not consider. It is a way of reacting to the "misery" of the [circumstances].
So yep, there may be some revenge spending. But in my opinion, we should not overplay that because it is not going to be an enduring chemical element and companies need to think of something else to sustain spending.
"In that location may be some revenge spending. But… we should not overplay that considering information technology is non going to be an indelible element and companies demand to think of something else to sustain spending."
READ> Revenge spending? Hermes store in China hauls in S$3.8m a day later reopening
Every bit Prophylactic DISTANCING RULES GRADUALLY RELAX, Volition THIS BE A DRAW FOR PEOPLE TO Caput OUT MORE OFTEN?
Forty per cent of consumers we surveyed afterwards the easing of circuit breaker rules say they are still uncomfortable to get back to the traditional retail experience.
We believe it will take time to return to normal, so omni-channel experiences will be vital to luxury brands, because they will have to complement the physical and digital in order to continue to fulfil their customers' expectations.
HOW CAN LUXURY INDUSTRIES BETTER CATER TO CUSTOMERS IN THE DIGITAL Space?
Customer date is going to exist crucial to many sectors in the luxury space and combining the offline and online customer experience will be of fundamental importance.
For example, the health industry could have contiguous sessions followed by virtual sessions to continue their level of engagement with customers in an extended way. Through this development of dialogue and relationship, companies can provide the luxury experience that customers are looking for.
"Client date is going to be crucial to many sectors in the luxury space and combining the offline and online customer experience will be of fundamental importance."
ARE There Any FORMS OF Cut-EDGE Engineering science THAT CONSUMERS Tin can LOOK Forwards TO?
Virtual reality is something that will become part of the broader fix of tools that companies will take to invest in to build relationships with their clients.
For example, in the sector of piece of furniture and piece of furniture design, augmented or virtual reality could give you an idea of what your room or apartment would look like with a new particular.
Or y'all might exist able to "try" on wearing apparel in different styles and colours without leaving your room and in the space of minutes instead of hours. These developments would drive incremental sales, so it is likely that this applied science may evolve more rapidly.
"Virtual reality is something that will become part of the broader set of tools that companies will take to invest in to build relationships with their clients."
WHAT ELSE WILL LUXURY BRANDS Desire TO FOCUS ON TO STAY RELEVANT?
It is not necessarily just digital investments simply also investments that create a sense of purpose and identity to plant themselves as responsible businesses.
Consumers are condign more sensitive to values such as being environmentally friendly and socially responsible, especially after the pandemic. So how brands will evolve in this space and how fast they can practice it would determine how much success they will enjoy in the about time to come.
Another aspect that luxury brands may want to do is to increment the visibility of their iconic products. For instance a Chanel or Hermes bag are iconic products only they are iconic typically to only a express number of consumers. And so telling the story of these products and making these stories bachelor to a wider range of people can aid to create a amend awareness of the brands.
"Consumers are becoming more sensitive to values such as existence environmentally friendly and socially responsible, particularly after the pandemic."
READ> COVID-19: How the pandemic could help push us into a greener way of life
Source: https://cnalifestyle.channelnewsasia.com/people/how-luxury-brands-should-engage-customers-247736
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