As the lockdown measures greatly accelerated the digitalization of the luxury industry, the question now arises of how to sustain this hyper-acceleration. Yann Rivoallan, co-founder of the e-commerce agency The Other Store, shares his observations and ideas for development during the 2020 edition of the Salon du Luxe Paris, which was conducted entirely online.
One of the main challenges faced by luxury brands is reinventing the in-store experience. With the reopening of physical stores, it is crucial to provide an enjoyable and unique experience for the 70% of consumers who still prefer to shop in person. Rivoallan suggests drawing inspiration from innovations seen in other sectors, such as the concept of reservation. The timing of in-store shopping has changed, with fewer spontaneous visits due to the pandemic. Therefore, transforming the point of sale into a showroom, implementing drive-through options, click and collect services, and live streaming can help bridge the gap between the real and virtual worlds. Proximity is key in this reinvention of the customer journey.
Additionally, Rivoallan discusses the need to imagine a new form of luxury that aligns with the changing consumer behavior. There is a shift towards responsible consumption and the idea of “less is better.” Therefore, working on profit margins and reducing waste through better stock management and logistics becomes crucial for the industry’s sustainability. Unified commerce, where all channels seamlessly integrate, is emphasized as a necessary reality.
To fully grasp all the insights and recommendations by Yann Rivoallan, his complete intervention can be found on the Salon du Luxe Paris website.
Useful links:
1. Salon du Luxe Paris
2. The Other Store
