Design and innovation from Accenture Interactive
DIGITALIZATION allows more and more people to get easy access to highly personalized and valuable products and services, that were considered luxury not long ago. Devices connected to smartphones, a personal coach to enhance ones’ health or nutrition, an online course from Harvard Business School. Products and services that were reserved for a distinct clientele, with the necessary buying power. We live in a time of liquid expectations and highly personalized services and products accessible to the masses, that fade out the glamour of the past and put high pressure on the industry to keep its distinct position.
Fjord, design and innovation from Accenture Interactive, raises the question how digitalization can impact the luxury business and the consumer to remain what luxury is expected to be: A distinct value proposition. A service or product, that astonishes and comforts the consumer. Luxury brands need to adapt quickly in this fast-evolving digital context, that leads to flattening privilege and unfulfilled expectations.
Source : http://bit.ly/2wucCUh
So what actions can be taken to strongly position luxury brands, where they are supposed to be?
In this context, Fjord highlighted three areas companies need to focus on to stay ahead of the game:
1. LEVERAGING TECHNOLOGY
Integration of new technologies and advanced materials are used by luxury brands to differentiate their products from other offers. A key fact is, what your client values or will value the most and matches the companies’ core values at the same time.
2. DRAWING INSPIRATIONS
To keep the dream of inaccessibility and exclusiveness alive, companies can draw their inspiration from niche artists, to combine their vision of distinct quality, dreams and exclusiveness, with latest disruptive movements to distinguish from other brands and deliver extraordinary products and services to the client.
3. DIFFERENTIATING SERVICES
A distinct characteristic is the service luxury companies need to offer to guarantee the exclusiveness it is expected to offer. This implies hiring and keeping the right skills and competencies in the company, as well as to offer selected stores, private invitation and promised discretion the customer requests.
Source Image à la Une : http://bit.ly/2x0KkVN
Authors: Carlotta von Halem (Accenture Management Consulting) and Kristina Frese (Accenture Technology).