Doing an issue focused on luxury got me thinking — what do I view as luxury?
It can be easy to take luxury for granted in this industry, especially for those who get to travel and see the most amazing gemstones and striking creations.
When you are playing around with luxury items and trying them on with different settings on Instagram, it can be easy to forget how much time the end consumer will spend deciding whether to purchase the piece, and all the different aspects which form part of that decision.
Selling luxury is a 360 degree experience for customers and it goes beyond what some people would even imagine.
First of all, most buyers looking at luxury goods will begin their search online. This could be a month long project in itself — scrolling through different product options; reading reviews; checking the brands website, social media and celebrity following; price comparing across a variety of sites; researching not only the product but the brand and the retailer as well.
Most likely the online researching stage will be coupled with word affirmation — talking to friends or family or colleagues about your options and their opinions before even seeking expert advice in store.
For some the journey will end online and they will feel confident with their decision and the product and simply purchase it with a click of a bottom. For many, they will then set about going into stores for further research.
At this point when they’ve walked into store, they are already equipped with a lot of knowledge about most probably the retailer, the product, the brand and furthermore, the competition.
So when they walk through your doors they need to be so wowed by the store environment and customer experience that the research, which can at times feel endless, ends with you. At the very least this stage is about acknowledging what the customer already knows, answering any further questions, letting them touch and feel the piece and helping them come to a place where they are ready to depart with the cash in the flesh that they have already departed with in their minds.
For the July issue we spoke to luxury retailers to find out how they go even further to create a luxury environment and experience, and asked industry millenials what luxury means to them.