By Charles Whiteman, SVP Client Services, MotionPoint
Historically, the luxury retail industry has been slow to adopt e-commerce. And who can blame these reputation-savvy companies? The web can often lack the civility most premier brands covet -- to say nothing of e-commerce’s mass-market sales approach, which lacks an intimate, consultative sales experience.
But things are changing. About 60% of luxury brands now sell online, far more than in years past. Indeed, luxury retailers “have come to believe that the future of their business and a route to global expansion lie online,” a 2015 New York Times business feature said.
What’s with the industry-wide pivot? Brands are learning that today’s new generation of luxury customers are younger, digital-savvy, pressed for time -- and above all, very practical. As a result, the luxury e-commerce industry is seeing much larger growth than many other sectors. (In fact, e-commerce has been called “the ‘next China’ for luxury in terms of opportunity,” one analyst recently said.)
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