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The future of luxury driven by artificial intelligence and customer data

The future of luxury driven by artificial intelligence and customer data

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The pandemic has accelerated previously emerging trends such as working from home, virtual working, optimizing business travel and the growth of e-commerce. Aside from the economic difficulties encountered, the luxury industry is beginning to view the health crisis more as an opportunity for innovation rather than an insurmountable obstacle. At least that is what the specialized research, training and consulting firm Luxury Institute says.

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The virus will have transformed the luxury industry in a significant way, while allowing it to surpass itself in the areas it had somewhat overlooked. The mistake would then be to think that the strategies put in place should only last for the time of the crisis. Brands need to look at new opportunities with fresh eyes to determine how to remain competitive in 2021 and beyond.

 

This is what the Luxury Institute has just revealed in its survey on the forecasts and trends that will be necessary for luxury in the 2020s.

 

E-commerce dependent on customer data

 

After a year immersed in the digital world, luxury brands have been able to play the digital game to perfection and have appropriated this channel in a very original way. However, e-commerce cannot function fully and sustainably without customer data. Indeed, there is a growing realization that the missing factor driving digitization is the richness and relevance of real-time customer data. Without it, the luxury goods company will not be able to meet current customer needs or generate critical business information and solutions to win in a hyper-competitive, customer-centric world.

 

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