Every detail matters in the realm of luxury. From the pristine craftsmanship of products to the personalized service offered, each element contributes to the unique experience that defines your luxury brand. But in today's digital age, the journey to a customer's heart doesn't begin in a physical store; it starts online.
The Covid-19 pandemic has accelerated the shift to online channels, as consumers have adapted their preferences and behaviour to the new reality. McKinsey's recent findings spotlight a pivotal shift in consumer behaviour, with 85% of luxury shoppers in India exploring digital channels before making a purchase and the majority of luxury shoppers today being tech-savvy millennials and Gen Z.
Despite this, a staggering 40% of emerging brands lack a robust digital presence, missing out on a vast market share. Digital marketing is thus no longer an option for luxury brands, it is a necessity. According to a report by Bain & Company, online sales of luxury goods reached 23% of the total market in 2020, up from 12% in 2019.
However, digital marketing for luxury brands is not the same as digital marketing for
mass-market brands. Luxury brands face unique challenges and opportunities in the digital space, such as:
LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €42.2 billion in the first half of 2023, up 15%. The Fashion and Leather Goods business group, in particular, Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe and all the other brands which gained market share worldwide recorded an increase of 20% as per the annual reports of LVMH.
It was a sign of the times when the luxury conglomerate LVMH appointed former Apple executive Ian Rogers as its new chief digital officer grabbing the first mover advantage at the onset of the paradigm shift. His task was to foster the group’s digital innovation and explore new opportunities as the market showed an increase in e-commerce trends. Rogers’ decades in the digital sector signalled that even the most recognizable luxury conglomerate was finally taking its digital strategy seriously.
The age-old luxury adage “it simply wouldn’t be luxury if everyone had it” applies perfectly to digital strategy as well. The aim of luxury brands is not to attract every shopper but to attract your shopper. But how to ensure that your message is conveyed to the right consumer?
Digital marketing can help your luxury brand create and maintain a strong and distinctive brand image that appeals to its affluent and discerning customers while leveraging the brand as a strategic asset that drives growth and profitability. But curating a digital marketing strategy for luxury brands is not a DIY project, it is a professional service that requires the skills, knowledge, experience and constant exposure to the dynamic market of luxury. A digital marketing agency can help luxury brands with various aspects of digital marketing, such as strategy, channels, platforms, content, and optimization.
If you want to learn more about how we can help you with your digital marketing needs, check out our portfolio of successful projects here.
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