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2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
2014 Luxury Ecommerce Market Research Survey Results
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2014 Luxury Ecommerce Market Research Survey Results

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WBR Digital: Luxury Ecommerce Market Research Survey Results from late 2013

WBR Digital: Luxury Ecommerce Market Research Survey Results from late 2013

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  • 1. 2014 Luxury Interactive Benchmarking Study
  • 2. 2 TABLE OF CONTENTS Introduction ..................................................2 Research Findings..............................3-11 About Luxury Interactive.....................12 About WBR Digital..................................12 Introduction Creating digital brand awareness, and adapting to consumers’ preferences continues to be at the forefront of marketing campaigns for luxury brands. The C-suite at luxury brands is finally acknowledging it is imperative to survive by offering more product online to compete in the global eCommerce space. Luxury brands must connect digitally with their consumer via personal touch as the consumer continues to turn to their “online” peers for opinions. As such, now more than ever, dollars are being poured into technology to cater to—and target—the online consumer. Luxury Interactive has created the 2013 Benchmarking Study to further evaluate current online retail and digital opportunities for luxury brands and professionals. This report contains evaluations and insights of the 150 participants from the annual Luxury Interactive conference held in September 2013. Professionals from companies such as Saks Fifth Avenue, David Yurman, Viceroy Hotel, and more contributed to the survey’s results. To Your Success, Megan Kessler Event Director, Luxury Interactive @LuxInteractive 2014 Luxury Interactive Benchmarking Study
  • 3. 3 QUESTION 1: 83% said <50 million QUESTION 2: What are your online revenues annually? Looking at my online business in 2012-2013... Conversion rates: 84% Increased 12% Decreased 4% Stayed the same 3% >150 million annual online revenue 14% 50-150 million annual online revenue 83% <50 million annual online revenue Customerrepeatvisits: 73% Increased 15% Decreased 12% Stayed the same Average order value: 88% Increased 0% Decreased 12% Stayed the same 84% 0 20 40 60 80 100 12% 4% 73% 88% 0% 15% 12% 12%
  • 4. 4 QUESTION 3: Please pick all the areas where you plan to invest in ecommerce tech within the next 12-18 months: QUESTION 4: What percent of the marketing budget at your company is spent on eCommerce, online and digital? 0 20 40 60 80 100 83% 77% 63% 63% 83% 47% 60% 33% 57% 63% 53% 50% 53% 60% 50% 63% SEM SEO Display Advertising Personalization/Website Email Mobile (apps) Mobile (site design) Global Solutions Social Engagement Online Video Multi-Channel Initiatives Content Management/eCommerce Platform Merchandising and Visualization Web Analytics/Data Management Usability/Testing/User Experience CRM Systems “With luxury brands’ interest in building seamless, correlating CRM touchpoints, it is evident brands want to take CRM data and build a targeted approach with e-mail and SEM communications.” – Megan Kessler, Event Director, Luxury Interactive *Percentages not meant to add up to 100%. Respondents may select more than one option. 46% said More than 10% 0 20 40 60 80 100 27% 0-5 % 19% 5-10% 46% More than 10% 8% We are an eCommerce only retailer
  • 5. 5 QUESTION 5: Has your investment in digital initiatives increased or decreased in the last 12 months? QUESTION 6: For you mobile strategy, which of the following do you have in place (or plan to have in place this year)? 97% said Investment in digital initiatives increased. 0 20 40 60 80 100 97% Investment in digital initiatives increased 3% Investment in digital initiatives decreased 82% Mobile Optimized Website 46% Mobile Application 50% Mobile Optimized Email 0 20 40 60 80 100 82% 46% 50% Renaud Dutreil, former chairman of LVMH, recently said he sees a desire among the wealthy to be seen as “billionaire nomads.” If luxury brands are mobile-ready, they are able to be in the hands of the consumer anywhere, at anytime. *Percentages not meant to add up to 100%. Respondents may select more than one option
  • 6. 6 QUESTION 7: Are you satisfied with the results of your mobile initiatives (to date)? QUESTION 8: How are you using social media? 54% said YES 0 20 40 60 80 100 54% Yes, they are satisfied with the results of their mobile initiatives 42% No, they are not satisfied with the results of their mobile initiatives 4% NotSure,iftheyaresatisfiedwiththeresultsoftheirmobileinitiatives 93% Engagement 87% PR 53% Customer Service 0 20 40 60 80 100 93% 87% 53% 50% 60% “[Social Media] bring benefits because we are speaking directly to our customers in real time. People believe they’re talking to the [Tommy Hilfiger] persona, not the brand.” – Tommy Hilfiger, Principal and Founder, Tommy Hilfiger Group (Financo, 2014) *Percentages not meant to add up to 100%. Respondents may select more than one option 50% Sales 60% Advertising
  • 7. 7 QUESTION 9: Has your spend on social media marketing increased or decreased? QUESTION 10: Does your company have a CMO that oversees both online and offline marketing initiatives/spend/investment? 0 10 20 30 40 50 60 70 80 74% 67% 56% 59% 48% 52% 22% 19% 15% 19% 11% 15% Overall *Percentages equal number of times each category was selected in total, divided by the number of respondents total, eg. 74% of all of the respondents have increased their overall social media marketing spend whereas 22% of respondents have decreased their overall social media marketing spend 71% said NO 0 10 20 30 40 50 60 70 80 29% Yes, their company has a CMO that oversees both online and offline marketing initiatives/spend investment 71% No, their company does not have a CMO that oversees both online and offline marketing initiatives/spend investment Increased Decreased
  • 8. 8 QUESTION 11: Do you have a VP of eCommerce? QUESTION 12: What percent of your overall sales is done through digital channels? (check only one) 53% said NO 74% said of overall sales is done through digital channels 0-15% 47% Yes, we have a VP of eCommerce 53% No, we do not have a VP of eCommerce 74% 0-15% of overall sales through digital channels 7% 15-30% of overall sales through digital channels 11% 30-45% of overall sales through digital channels 4% 45-60% of overall sales through digital channels 0% 60-75% of overall sales through digital channels 0% 75-90% of overall sales through digital channels 4% 90%+ of overall sales through digital channels
  • 9. 9 QUESTION 13: As an organization, are you trying to adopt more strategies that mimic those of mass market retailers? QUESTION 14: When evaluating new digital tech partners, how long does it take for your company to make a decision? 0 10 20 30 40 50 42% 8% 50% 42% Yes, they are trying to adopt more strategies that mimic those of mass market retailers 8% Maybe, they are trying to adopt more strategies that mimic those of mass market retailers 50% No, they are not trying to adopt more strategies that mimic those of mass market retailers 41% Weeks to a couple of months 48% 3-6 months 11% Longer than 6 months 48% said 3-6 months 0 10 20 30
  • 10. 10 QUESTION 15: What most affects your speed of decision? (check only one) QUESTION 16: Are you currently hiring? 44% said Measured ROI 54% said NO 44% Measured ROI 28% Ease of Implementation 28% Slow internal Management Process for Evaluation 46% Yes, they are currently hiring 54% No, they are not currently hiring
  • 11. 11 QUESTION 17: If yes, areas are you hiring for? (check all that apply) 0 10 20 30 40 50 Strategy/Leadership/Exec Team Marketing Analytics Paid Search Social Media CRM Email SEO Mobile 40% 50% 20% 40% 50% 50% 30% 0% *Percentages not meant to add up to 100%. Respondents may select more than one option. The majority of participants are hiring for Marketing Analytics, CRM and Email positions. “At Luxury Interactive, we found that there was really rich information in terms of digital trends and what is going on in that space for luxury brands.” – Michelle Peranteau, Director, Marketing & Communications, Baume & Mercier “[Luxury Interactive] is a well-organized unique conference that presented insightful topics and good networking opportunities with an alluring cross section of retail brands.” - Stephen Carl, Director, eCommerce, Lafayette 148 New York
  • 12. 12 About Luxury Interactive About WBR Digital Luxury Interactive allows eBusiness and marketing executives to hear speakers openly illustrate risks taken and ideas tested with their brands that has ultimately shown a significant payoff in both customers engaged and profits realized. Luxury Interactive invigorated those who attended 2013, leaving them wanting more, and excited for what 2014 will deliver. By being a part of the Luxury Interactive community, you are able network with your peers and identify strategies to successfully drive and achieve your brand’s objectives. Luxury Interactive is the premier—and only—luxury branding and digital conference. Now entering its 8th year, the annual conference brings together luxury brand marketing and eCommerce executives, innovators and thought leaders, who offer insights and solutions for the most pressing issues facing the industry. WBR is the world’s biggest large-scale conference company and part of the PLS group, one of the world’s leading providers of strategic business intelligence with 16 offices worldwide. Our conference divisions consistently out-perform their industry sector competitors on the quality of the events we produce and the relationships we nurture with both attendees and sponsors. Every year over 10,000 senior executives from Fortune 1,000 companies attend over 100 of our annual conferences – a true “Who’s Who” of today’s corporate world. From Automotive events in Bucharest to Logistics conferences in Arizona to Luxury conferences in New York and Finance summits in Hong Kong, WBR is dedicated to exceeding the needs of its customers around the world. In addition to our industry leading conferences, our professional services marketing division, WBR Digital connects solution providers to their target audiences with year-round online branding and engagement lead generation campaigns. WBR’s marketers act as an extension of your team relieving strain on your internal resources while promoting your brand and solutions to your prospects. Solution providers can target identified accounts or relevant industry/function segments of WBR’s entire global database of over 500K senior-level decision makers. We invite you to join us at the 2014 Luxury Interactive Conference inOctoberinManhattan. Formoreinformation,please visit www.LuxuryInt.com and follow us on Twitter at @LuxInteractive

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