Overall, the advent of technology marked a new dawn for the entire world. Clearly, the reality of life has never been the same since advancements in technology have become part of our everyday lives. Nevertheless, and on a positive note, it continues to change and evolve for the betterment of mankind. In a sense, technology has developed life into a fine balance of convenience and production. The result being that we now have the ability to complete da-to-day tasks more rapidly and with much less effort.
Luxury fashion houses such as Chanel and Balmain are particularly attuned to this moment, as the progression of technology promises to imbue delivering excellent customer service as well as a luxurious shopping experience. More to the point, popular fashion luxury brands have raked in billions of dollars in revenue with the aide of technological advancements. This is great for business, as it enables expert salesmen (available at the experience centers) to ensure that prospects move forward with respect to consumer purchasing power. Having recently completed the first-ever remote fashion week, I decided to start off this years review with a focus on advancements in technology.
Sometimes industry insiders ask me to help them with on-brand marketing advice. I assure you that when it comes to brand strategy, reaching the right target audience is the most important for obvious reasons – firstly, not everyone can readily afford high-ticketed product offerings. Secondly, luxury fashion brands must continue to utilize today’s various media platforms to communicate their message to a global audience.
Establishing brand awareness is essential for all luxury brands as it allows the brand to speak to a customer for whom the rules of luxury are defined by the sufficiency of technology. Drawing inspiration from the respective brands self-confidence within the international arena, luxury french fashion houses such as Celine are taking comfort in technological advancements in the fashion arena. In short, lending a boost to the products value while simultaneously attracting those with purchasing power.
In recent times, the tourism industry has seen tremendous growth. Overall, the travel industry has seen great interest in the luxury travel vacation experience. At present, people are more open to having a first-hand experience traveling abroad with the finest modified luggage and travel gear by their favorite brands.
These days, the meticulous attention to detail for luxury fashion travel is also in safety. Since the outbreak of COVID-19, road safety is a valid consideration for the fashion cognoscenti seeking to embark on traveling outside of their respective country of origin. The crisis has shown us that people take responsibility when needed. This FW fashion week was all about that. To tackle the problem of security on the road, !important works with car manufacturers, telecom companies, government officials and the jet-set fashion traveler to improve road safety for all. The brand’s vision is to save 1 million lives over the next decade by protecting vulnerable road users (pedestrians, bicyclists, motorcyclists, etc.). Having attended fashion week in Europe for the last 25 years, I had a few close encounters myself on the street through the fashion mayhem. From a fashion travel perspective, Louis Vuitton is recreated their collection by understanding realistically and clearly the needs and requirements of the modified traveler. Consumers are seeking lightweight, durable and tech-savvy luggage – in addition to sustainable.
Bastien Beauchamp, the CEO of the brand had this to say, “This solves the remaining 65% of fatal cases. We hope it will become a regulation for the automotive industry.” His work has been recognized by 29 awards from 4 different continents. According to press release, With the help of technology, road users are better assured of their security.
Technology is indeed making luxury living more expedient with smart and innovative solutions that enrich the luxury lifestyle. The transition to online buying with delivery options allows customers to purchase their choice products at the convenience of their own home. To my point, these days, luxury living has become easily associated with staying trendy. No one wants to be left in the dust; hence people continue to spend on the latest luxury fashion apparel and accessories.
According to Investopedia, people generally perceive non-luxury goods to be inferior simply because these offerings are classified as non-luxury. Consumers move on to conclude that higher priced goods are better in quality and style. Once again, this need is further fueled by technology, which indirectly upholds the conclusion through tools that make it easy for brands to showcase luxury products to as many people as possible; thus, broadening the spectrum of brand awareness. The prestige and (sense of) class that comes with owning a piece of luxury is all part of luxury living experience.
At first, luxury fashion and accessories were not readily accessible. In the past, consumers would visit a luxury brand’s brick and mortar location to catch a glimpse of these luxury items. While this may have added to the luxury experience, the results in terms of income to luxury brands is incomparable to what it is today —with the help of advancements in e-commerce technology.
Luxury brands like Gucci and Louis Vuitton are acknowledging that they must engage with their affluent consumers in new ways. To achieve this, luxury fashion brands have leveraged on social media to gain massive publicity, widespread acceptance, achieve brand loyalty and most importantly reach the millennials and generation Z.
With a bitmoji feature on their website, Luxury Menswear brand Ralph Lauren is deliberately making the brand attractive to millennials and generation Z buyers. Millennials and the generation following them account for the recent increase in luxury buying, making it a wise move for brands to focus their marketing efforts on them.
Technology to the rescue
It would be difficult to imagine luxury living without entertainment. Whether it is luxury traveling or shopping, elements of entertainment are essential to the experience. Entertainment is at the heart of the value proposition of all luxury brands, this is the magic wand that gives them the edge over traditional brands.
The viability of luxury entertainment came under question when wall street journal reported the proposed takeover of Cirque du Soleil by creditors. According to the report, the Montreal-based entertainment group filed for bankruptcy protection in June and began a search for new investments in the global business.
With the help of technology, entertainment companies don’t have to depend on physical meetings to reach their target market and stay in business. This is one of the many way’s technology is making luxury living gain much-needed traction.
Through artificial intelligence, luxury brands can better predict the buying behavior of people. This knowledge helps them determine which line of products to focus on and also aids them in making other core business decisions. I have been teaching about the advancements in social media and artificial intelligence pertaining to the fashion business and finding the path to the future a definitively promising one.
Thanks to technology, luxury brands such as Gucci can now access the right tools SEO tools that enable them to reach the right audience, simplify the production process while also empowering the people who need these luxury items with the means to get them. As technology continues to advance, the growth and sustainability of luxury brands are further enhanced.