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Luxury 3.0- a new Retail Scenario for Product Mass Customization and On Demand Retail in Luxury Fashion

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ELSE Corp offers a new solution for luxury fashion retail: "Luxury Product Customization and Virtual Retail". Introduction to New Trends & New Principles, The Perfect Product and The Virtual Retail. Luxury 3.0 scenario

For more info: http://www.else-corp.com/

Published in: Retail
  • It's incredible how in 2019, this is becoming the norm. From augmented reality assisting in the purchase of furniture to artificial intelligence fueling customer service, the future is now for retail. How luxury retailers adapt and adopt these technologies will likely determine their success in a changing economy and societal climate.
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Luxury 3.0- a new Retail Scenario for Product Mass Customization and On Demand Retail in Luxury Fashion

  1. 1. Exclusive Luxury Shopping Experience Luxury Product Customization & Virtual Retail © 2016 ELSE Corp S.r.l. 1
  2. 2. © 2016 ELSE Corp S.r.l. Index 2 • The Perfect Product • Scenario: New Trends & New Principles • Why Virtual Retail?
  3. 3. www.else-corp.com THE PERFECT PRODUCT © 2016 ELSE Corp S.r.l. 3
  4. 4. HAVE YOU EVER FOUND THE PERFECT GARMENT? © 2016 ELSE Corp S.r.l. The Question 4
  5. 5. IT DOESN’T FIT YOU IT IS OUT OF STOCK YOU WANT IT “A LITTLE BIT DIFFERENT” BUT YOU DON’T BUY IT BECAUSE © 2016 ELSE Corp S.r.l. The Complication 5
  6. 6. ADAPTBLE TO YOUR TASTE SUITS YOUR STYLE ALWAYS AVAILABLE FITS YOU PERFECTLY © 2016 ELSE Corp S.r.l. The “Perfect” Garment: Customer View 6
  7. 7. The new definition of luxury doesn’t eliminate class and style, but does require absolute uniqueness & deeper experiences. © 2016 ELSE Corp S.r.l. The New Luxury Customers 7
  8. 8. www.else-corp.com SCENARIO: NEW TRENDS & NEW PRINCIPLES © 2016 ELSE Corp S.r.l.
  9. 9. © 2016 ELSE Corp S.r.l. Types of Millennial Shoppers (RCE, 2016) 9 Social Shopper The Bargain Hunter Elite Shopper Impulse Buyer Frugal Fannie Around 50% fo consumers are influenced by friends and family when making a purchasing decision. 7.4% of consumers are more likely to buy from retailer’s site when they get a discount code. 47.6% feel more valued when the retailer rewards them with loyalty points. Almost 50% of consumers have made a purchase based on “Suggested Items”. 37.2% are motivated to shop when they need something.
  10. 10. 25% are willing to pay a premium price (+20%) (Deloitte, 2015) 45% spend money on personalization (Forrester, 2015) 45% are comfortable waiting longer to get a personalized product (Deloitte, 2015) 216% more likely to be influenced by in - store deeper experiences (Honigman, 2013) © 2016 ELSE Corp S.r.l. Trends: Millennials / HENRYs 10
  11. 11. OMNI CHANNEL COMMERCE 45% spend on average 1 hour a day browsing retail oriented websites (Honigman, 2013) COMMERCE RELEVANCY 78% do online research before purchasing an item (Google, 2013) Experience through different platforms 48% 52% © 2016 ELSE Corp S.r.l. Target Customer & Commerce Relevancy 11
  12. 12. Products Delivered on the Right Time TAILORING TECHNOLOGY SPEED Luxury 3.0 Deeper Experiences Tailored Products & Services © 2016 ELSE Corp S.r.l. What does the New Luxury Consumer Want? 12
  13. 13. CUSTOMER & TECHNOLOGY Luxury brands preferred to steer away from technology, fearing it synonymous with mass media, and t h e r e f o r e m a s s - m a r k e t communication and perception. Luxury brands are acknowledging the role that social media and a d v a n c e d , s e n s o r y - l e d technologies play in consumers’ everyday lives, and adapting them to their own purposes with a smart, upscale twist. PAST PRESENT © 2016 ELSE Corp S.r.l. Trend Evolution of the Customer & Technology 13
  14. 14. Technology as an Experience Enhancer © 2016 ELSE Corp S.r.l. The Approach 14
  15. 15. Technology will play an essential role within the luxury landscape, becoming fundamental to provide hyper - personalisation, necessarily remote connections and deeper brand experiences. © 2016 ELSE Corp S.r.l. The Future: Technology for Customer Experience 15
  16. 16. MORE ENGAGING EXPERIENCE BETTER BUYING DECISIONS INCREASED CUSTOMER SATISFACTION SENSE OF UNIQUENESS IN THE PRODUCT & SERVICE CUSTOMER EMPOWERMENT WIDE RANGE OF CUSTOMIZABLE PRODUCTS © 2016 ELSE Corp S.r.l. Benefits from the Customer Point of View 16
  17. 17. © 2016 ELSE Corp S.r.l. Are we Ready for “Virtual Commerce”? 17
  18. 18. www.else-corp.com WHY VIRTUAL RETAIL? © 2016 ELSE Corp S.r.l. 18
  19. 19. Now 25% are willing to pay a premium price (+20%) (Deloitte, 2015) 45% spend money on personalization (Forrester, 2015) 45% are comfortable waiting longer to get a personalized product (Deloitte, 2015) “By 2020, 15% of the clothing Americans buy will be customised. That is $35 Bn worth in sales in apparel alone.” Merjin Helle VP SAP America The Future “Hyper-personalisation has started to grow in 2015 and will become a more important part of the customer experience over the next couple of years” Craig Cannon IBM Business Development Manager © 2016 ELSE Corp S.r.l. Luxury Products Customisation: Now and the Future 19
  20. 20. “For the next 5 years, I do not see many things happening. In 30/50 years you will be measured by a body scanner, the measurements will be sent to a production facility completely run by computers, the suit will be assembled without any human touch and then it will be sent back for trial. The client will try it on and the suit will be loosen or tighten where the client feels it. The suit will be made using nanotechnology that when connected with the client brain will alter itself without any human intervention. Probably the person that will assist you in store will be just a facilitator totally unaware of fashion trends because, for them, you will look at styles and ideas just from famous bloggers on the social media platforms.” Giovanni Luigi Bordone - SCABAL Brand Ambassador E.L.S.E. is working to reach this scenario many years before this prediction: © 2016 ELSE Corp S.r.l. Made to Measure in 5 to 50 Years 20
  21. 21. B2BB2C Traditional Response - Store closing - Geo presence revision - New processes Sales Tools & Technology - Window displays - On - line store - 3D Body Scanners - 3D Printers - Interactive tailoring mirror - Holograms - Virtual Consoles - In - Store E - Commerce - CRM Systems Current Scenario - Slowdown in openings - Physical stores are not rentable - Decline in sales - Less sales in mature markets - Slow stock rotation (in some products) Current Trends - 45% of shoppers spend money on personalization - 25% of consumers are willing to pay a premium price (+20%) - 45% are comfortable waiting longer to get a personalized product - Millennials are 216% more likely to be influenced by in-store touch screen displays Tech Integration © 2016 ELSE Corp S.r.l. Luxury 3.0 & E.L.S.E. 21
  22. 22. © 2016 ELSE Corp S.r.l. 22 www.else-corp.com KNOW MORE ABOUT
  23. 23. www.else-corp.com Thank You! Andrey Golub, Co - Founder & C.E.O. a.golub@else-corp.it © 2016 ELSE Corp S.r.l. 23
  24. 24. www.else-corp.com © 2016 ELSE Corp S.r.l. 24 Disclaimer Brands’ logos inserted in this presentation belong to their respective owners and ELSE Corp Srl does not claim rights over them. Data and information provided in this presentation belong to public sources of digital access. ELSE Corp Srl has no responsibility for the accuracy of these sources. The pictures that are on this document are copyrighted to their personal owners. The credit is to the owner and in no way we are claiming the right to these photos. The pictures are taken from URL’s on the web and believed to be public.

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