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Key Takeaways From Post-Covid Fashion Consumers Webinar

The key takeaways from MaxMara, DOLCE&GABBANA, London Fashion Fund, MY WARDROBE HQ, Intelistyle and Skywire panel discussion.

Understand the 6 emerging Post-Covid fashion and luxury consumer profiles.
Craft a winning strategy to navigate the Covid-19 recovery landscape and get your customers shopping again.

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Key Takeaways From Post-Covid Fashion Consumers Webinar

  1. 1. The Ethical Shopper The Avenger The Anti-Consumptionist The Nostalgist The Balanced Optimist The Digital Convert FASHION SPENDING READINESS SCALE HOT FOR SHOPPINGCOLD FEET
  2. 2. Will cut down on non-essential shopping significantly Less product - Lower transaction value Drop some existing brands - will not be open to trying new ones Mostly Millennials + Some Boomers The Anti-Consumptionist
  3. 3. Will invest in sustainable, timeless pieces Prioritises ethical-environmental company values Less product - Higher transaction value Mostly Gen Z + Some Millennials The Ethical Shopper
  4. 4. Burnt out from choice fatigue More mindful - drop brands with no personal connection Less product - Higher transaction value The Balanced Optimist Millennials
  5. 5. Loyal to the brick and mortar experience In-store innovations to create low-contact brand experiences Mostly Boomers Not Adopting Digital + Some Millenials The Nostalgist Same product - Same transaction value as Pre-Covid
  6. 6. Switch to digital-only shopping - won't resume Pre-Covid behaviour More product - Higher transaction value Boomer Digital NewComers + Millennials + Gen Z The Digital Convert Expects exceptional customer service pre, post and during purchase
  7. 7. Revenge shopping on multiple touchpoints More product - Higher transaction value Increased transaction frequency The Avenger Boomers + Millennials + Gen Z
  8. 8. Which changing or emerging shopping habits of the post-covid fashion & luxury consumers should retailers be paying attention to right now? Pay attention to all consumer profiles - look for 'Hybrid' Consumers who span multiple profiles Move past “product catalogue websites” - Address the lack of storytelling Omnichannel user experiences will be a key differentiation point AI and big data are key in personalising to different customer profiles KEY TAKEAWAYS - QUESTION 1
  9. 9. With the majority of consumers expressing hesitance to go back into a regular physical shopping behaviour for at least the next 6 months to 1 year, how can retailers create that in-person customer experience in the digital space? Focus on getting the core technology basics right first Clienteling software will be key in scaling customer service and building relationships Great online customer service will be a key brand adoption driver Personal shopping services will scale from VIP customers to all segments KEY TAKEAWAYS - QUESTION 2
  10. 10. How can fashion and luxury retailers add value to their proposition as a retention and acquisition strategy to increase Customer Lifetime Value ? SCIENCE (Data) + ART (Creativity) + CRAFT (Operational Ability To Execute & Scale) is the winning formula Ensure the brand value proposition is aligned with customer values Don't wait for the customers to come to you - actively engage with them Utilise data to put the individual customer at the heart of all retail operations KEY TAKEAWAYS - QUESTION 3
  11. 11. How can retailers support customers with online services in a digital space at the same high quality of the customer service in physical stores Invest in mature technologies that are proven to work Combine AI technology and Human resources for exceptional service Upskill your customer service teams and retail frontliners cost-effectively Invest in the tools that give you the information on your customers and help your teams up-sell and cross-sell KEY TAKEAWAYS - QUESTION 4
  12. 12. The one advice that you would give fashion and luxury retailers during recovery KEY TAKEAWAYS - FINAL THOUGHTS This is the time to innovate instead of being frozen Authenticity is key: Be genuine Ensure you are covering your core tech basics Consider everything from the customer's perspective Take risks and be bold now: Innovate with your teams and customer at heart