Things are changing fast in the luxury retail sector. The industry, which has been historically reluctant to use e-commerce to serve customers, is now investing heavily in online shopping experiences—particularly in emerging markets, writes Charles Whiteman in Retail Merchandiser.
What has caused the pivot? Whiteman, MotionPoint's SVP of Client Services, explains: "Brands are learning that today's new generation of luxury customers are younger, digital-savvy, pressed for time-and above all, very practical. As a result, the luxury e-commerce industry is seeing much larger growth than many other sectors."
With luxury e-commerce sales poised to hit $21 billion by 2020, brands would be wise to engage emerging markets, Whiteman suggested.
Read the full story, and discover four emerging global markets worthy of luxury e-commerce expansion, at Retail Merchandiser.