Happy Wednesday everyone!✨
At the beginning of the week I had the opportunity to attend a talk between LVMH and SDA Bocconi featuring Chiara Negro Cusa and Antoine VELLA about innovation and retail at Louis Vuitton and LVMH Fragrance Brands.
Here are some of the key learnings that stood out to me🤩:
1. Luxury is undergoing a significant transformation towards hyper #personalization and #loyalty. Nowadays, there are no more segments and no more tears, each of us is addressed as individuals👫.
2. We are experiencing a “#Spotifization of luxury”: just like Spotify develops personalized playlists for you only, luxury brands are increasingly implementing AI to develop one to one personalization.
3. Tech can be #chic 🎀: companies need to leverage on strong tech emphasis to develop seamless omnichannel customer experiences by providing multiple options for the client to reach the brand however they want, wherever they want and whenever they want, in the way that is the most relevant for them.
4. This also presents a challenge for the luxury sector: you have to remain #exclusive and desirable, but at the same time very accessible.
5. #Data 📊is at the base of the relationship between clients and luxury companies, which is why it is important to be transparent and show them the values you can provide when they share their data with you. You have to build relevancy for them. This gives you room to explore personalization in data.
6. Even if COVID-19 🦠has hyper accelerated the rise of e-commerce, people still prioritize the physical experience in store, which is why the metaverse can only be a complementary approach that will never substitute the physical boutiques.
7. Finally, Chiara and Antoine’s precious advice: be open, passionate but especially #curious 🧐, always welcome new travels ✈️, new experiences, new opportunities because you don’t know where they might take you. The best solution might not be the one you have in mind 🌟.
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1mothis is amazing