Luxury shopping is more than just a transactional experience. For luxury shoppers, it’s about creating a memorable experience that elevates their shopping journey beyond the ordinary, with a hybrid of online and in-store touch points. This customer segment expects exclusivity and personalized service, with the desire to have their individual needs and preferences met throughout the shopping journey. The level of attention and service provided by luxury retailers is often the primary differentiator between a standard shopping experience and a luxurious one.
The opportunity for retailers is massive, with luxury shoppers ranging across all age demographics and slated to spend over $75B globally in 2023 alone. Therefore, how businesses adopt and tailor their experiences to the luxury shopper requires strategic consideration and insight.
Worldpay, a leading payments technology company with a strong presence among luxury fashion retailers, has partnered with Firework, the world’s leading video commerce solution built for brands and retailers and CommerceTools, a leading commerce solution built on modern MACH principles, to discuss how to curate a shopping experience that can drive both loyalty and increased spend for luxury retailers.
Recently, Worldpay sat down with friends at Firework and Commercetools to unwrap why an exquisite shopping experience is so important to shoppers and how getting this right can drive both loyalty and increased spend for retailers. Here are a few highlights covered in the webinar on what retailers should know about the luxury shopping experience:
- What digital native shoppers care about when it comes to connecting with and buying luxury brands.
- New payment methods like one-click checkout experiences that they are open to.
- The trends causing a stir in retail (including new shopping channels like livestreaming)
- The steps needed to build a seamless omnichannel experience
- The innovations retailers should have at the heart of their transformation programs