The ecommerce market continues to thrive, with remarkable growth over the past few years. This year, global ecommerce sales are projected to increase 10% year-over-year, as they pass $6.3 trillion. Once that happens, ecommerce will officially represent a fifth of all retail sales.
The convenience of online shopping has significantly changed consumer behavior and made ecommerce an indispensable part of the modern shopping experience. The luxury goods market has historically been more cautious about transitioning to ecommerce, valuing the in-store experience that often accompanies high-end purchases. However, this trend is rapidly shifting.
As we look ahead to the Black Friday/Cyber Monday weekend, we take a look at the current state of the luxury goods market, and share tips for standing out during the crowded holiday season.
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The growth of luxury ecommerce
According to a recent report by Bain & Company, online sales of luxury goods are outpacing the rate of growth for ecommerce more generally.
In large part, we have younger, digital-savvy consumers to thank for this ecommerce trend. The growing purchasing power of these Millennial and Gen Z consumers will only continue to propel this trend forward. They’re ready to shop for and purchase luxury items, but they expect the same level of service and experience online they would get in a physical store.
Luxury brands across the spectrum, from fashion and furniture to automotive and beauty, are ready to deliver. They’ve made the investments in the latest technology, such as augmented reality (AR) and virtual reality (VR), so they can offer the immersive online experiences their customers expect with just the right amount of exclusivity.
Black Friday marketing strategies for luxury ecommerce brands
As Black Friday and Cyber Monday approach, luxury brands need to be strategic in their marketing efforts. There’s a fine line between offering a discount, and becoming a discount brand. And for some luxury goods, a discount may not be appropriate—but you still need a way to attract shoppers during this time period.
1. Create a sense of exclusivity
Luxury brands thrive on exclusivity, so make it a cornerstone of your Black Friday/Cyber Monday strategy. You can still offer exclusive deals or limited-edition product bundles, but only make them available to VIP customers or to those who sign up for early access.
This kind of marketing strategy elevates your brand and offers something to your most loyal customers, without cheapening your brand.
2. Enhance your digital shopping experience
Luxury brands must offer an online user experience that feels as luxurious as shopping in-store. This starts with a sophisticated yet easy-to-navigate website and app that incorporates high-quality product and lifestyle imagery.
But, luxury brands must go beyond the basics. How can you integrate AR/VR technologies to allow customers to visualize products in their own space, whether it’s virtually trying on jewelry or placing a piece of furniture? Can you use chatbot technology to offer a personal shopping experience?
Pro Tip: Mobile commerce is on the rise, with around 60% of shoppers making a Black Friday purchase from their mobile device. Make sure your website loads quickly and is easy to use for these mobile shoppers.
3. Leverage personalization to elevate your customer service
Speaking of personal shopping, luxury shoppers expect top-tier customer service. They also expect the same personal touch they would receive in-store. Customer data can help you on both fronts, boosting sales during the Black Friday/Cyber Monday weekend.
Personalized email campaigns and curated product selections invite more browsing, leading to higher conversion rates. Offering white-glove services, such as personalized styling advice or virtual consultations, can also add value to the online shopping experience.
4. Invite influencers into the mix
Social media platforms, especially Instagram and TikTok, are powerful tools for luxury brands to showcase their products. Collaborating with influencers who your target audience admires can help you reach more customers while reinforcing your brand’s prestige.
Ahead of the Black Friday/Cyber Monday weekend, partner with influencers to share behind-the-scenes content and exclusive previews to engage followers and build anticipation before the sales begin.
5. Maximize reach with targeted advertising
Launch Google Ads campaigns to reach high-intent shoppers who are actively searching for luxury items. Use keywords related to your luxury products, as well as Black Friday/Cyber Monday. Also consider bidding on brand-specific keywords to capture shoppers looking for luxury alternatives.
You can also use social media ads to reach users who match your ideal luxury consumer profile. Platforms like Instagram and Facebook offer detailed targeting options that can help you reach affluent users based on interests, behaviors, and past purchase data. Use eye-catching visuals and elevated ad copy to draw attention and invite clicks.
Capture more sales this season
The above strategies are designed to boost sales during the Black Friday/Cyber Monday weekend. But, they also strengthen your brand presence and customer loyalty, which can boost sales year round.
Connect with your customers via creative marketing that elevates your brand experience online. Talk to the experts at Your Marketing People.
