Don’t Be A Digital Laggard

Photo via PEXELS (jeshoots.com)

According to projections from the Boston Consulting Group, 7% of personal luxury goods sales are made online. However, digital retail will eventually represent 12% of the luxury market by 2020.

Let that sink in for a second. As the years go by and Millennials start really making money, they are on track to become your newest clients. They are firm believers in the “treat yo’ self” mantra, and probably use Uber or Lyft less than you think. When we go out with our friends, we want to make the outing something to tweet/post/Instagram about.

But here’s the rub: if it takes us longer than tapping a few buttons to set up a reservation, we give up and move on to something else. Millennials prefer everything be done digitally. We might be willing to pay the price of renting a limo instead of using a TNC if it were just as easy. It doesn’t even have to be on-demand (believe it or not, we do plan ahead sometimes); it just has to be simple and not require much unnecessary interaction.

It’s not that we are afraid of talking to people. Whether you’re introverted or not, the bottom line is time is money and convenience, and that’s time we could be using to get ready for a night on the town or a special date.

The study from the article goes on to say “about six out of every 10 luxury purchases currently are influenced by digital channels, as social media, a brand’s website, and mobile presence feed into buying decisions, whether the transaction is completed online or in-store.”

Even if we decided to walk into your office or call you up, what are you doing that makes us want to? I can almost guarantee you the average person spends more time on the Internet a day than on any other activity. How are you advertising your services to capture the attention of netizens?

In the upcoming October issue, the LCT staff has put together a bundle of information to help you stay up to speed in a world where people are so devoted to the web that they can’t head to the restroom without bringing their phone along (gross, but true).

Read it. Learn from it. Implement it. For, as the article puts it, “The business models of digital laggards will no longer suffice in today’s market.”