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Forrester study: luxury brands conquer the internet

 
 

Forrester Research, the group specialized in market studies, has just published the study “Benchmark: Luxury Sector eBusiness Adoption”, the first document of the series”Online Luxury And The Global Affluent”. This study tries to answer the question: do luxury brands have to set up online sales strategies?

Formerly, luxury brands were hesitant to take on the web. Why? Because it didn’t fit into their marketing strategies, it didn’t fit their brand image and generally they were convinced that online sales did not have a real future.

Today, only 30% of 178 interviewed brands have an internal division dedicated to internet commerce, and most of them find the results disappointing. One of the reasons for this named in the study is that these luxury brands did not think of creating and optimizing an online business plan to better estimate their target’s needs. Forrester predicts that in the next five years luxury product sales will rise by 110%. This significant growth is most of all due to the fact that buying luxury products online has become a conscious act. It is often the deliberate result of online comparisons, and helps consumers save a lot of time. This is why many of the main luxury actors in the market have been toying with the idea of increasing their web presence (without true action being taken).

We should also not forget that the leaders of the luxury e-commerce market are often "just" product retailers. Consequently, the classic luxury market actors like Frette, Louis Vuitton and others have changed their minds, what needs to be noted though is that in comparison to these "retailer" market leaders, they offer consumers added value by offering better customer service.

This study by Forrester confirms the ongoing online commerce strategies of many luxury brands, it even goes so far as to offer them recommendations in order to better succeed with these strategies.

The study is also available on the website Forrester.com.


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Comments

1. Tuesday 10 June 2008 attime 17:07, by Seneca

the moment online customer service is better than the store, you understand why they are going e-commerce and why thier appartenence to the "Luxury" level is destined to become first an illusion and than history.

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