The retail world is constantly changing with new technology, evolving brick-and-mortar stores and a greater emphasis placed on experiences over products. These changes will continue to grow over the next 20 years, but will they extend to high-end retail? The answer is an absolute yes.
- Like all retail, luxury retail will experience a dramatic transformation in the next 20 years.
- Luxury brands of the future are platforms for personalization and unique experiences.
- Customers crave personalization and want an exclusive experience.
- Customers will be able to interact with brands in new ways, including online personal styling.
- The power will transition to customers, who will be in charge of what they wear and when they wear it.
Like all types of retail, luxury retail will change dramatically in the next few decades. The future brand isn’t just a brand, but rather a platform that allows for personalized and unique experiences for each customer. High-end retail will shift to allow for more customization and individual experiences tailored to meet each individual’s needs. How one customer interacts with and wears a luxury brand could be completely different than how another person interacts with and wears a brand.
The website will turn into a destination where customers can get personalized assistance. Instead of just seeing fashion items, customers will be able to interact with the brand and get an experience unlike anyone else’s with recommendations and technology-driven communication.
Today, luxury fashion is based on seasons, and customers often have to wait until the next season’s line comes out to get the newest and best items. However, that model is unsustainable and will disappear in coming years. Instead, the customer will determine when they want items and what items they receive. The more sustainable approach will also allow for customers to have more control over their wardrobes and experiences.
With elevated fashion, the customer experience will also be elevated. High-end retailers will turn to new technology to find innovative and customizable solutions that will allow them to tailor the experience for each customer and then scale to meet the needs of a large customer base. Many of these changes will also be seen in mainstream retailers, but they will be heightened with a renewed focus on sustainability and personalization for luxury brands.