Appealing to the luxury retail customer is simply a smart business move. Luxury customers are some of the most valued customers in the retail industry. These are the customers that simply purchase items at full-price rather than wait for offers and sales. While luxury customers are highly valued, they only make up about 30% of consumers.
However, they account for nearly 50% of retail sales and 70% of gross profit margins. This is why appealing to this group of consumers is so important for many brands whether they sell apparel, accessories, or premium glasses or sunglasses. Appealing to luxury retail customers boils down to the little details that make it worth their time. Here are some ways retailers can appeal to the luxury retail customer.
Trendy Interiors with Elegance
If you want credit to flow freely in your store, you have to set an example first. This means you need to keep your store looking fresh and trendy. You can’t hold back on periodic updates in decor. Your interior must lead from the front. Many luxury brands are incorporating green and organic trends into their store designs. However, it is important to also maintain the elegance and style your brand embodies.
Current trends are heavy in glass, steel, wood and green materials, which can easily be incorporated into luxury designs. For example, in a store that sells premium eyewear displays made of glass and natural woods can highlight the high-quality craftsmanship of each pair of Ray-Ban, Prada, Burberry, and other luxury frames.
An Effortless Experience
When it comes to appealing to the luxury retail customer, the customer experience has to be unfailingly frictionless. Your clientele has their mind made up about only the best of the best. Luxury retail customers often shop for the sake of convenience and pleasure. They are less inclined to wait until an item is discounted so that their product choice is not limited. Luxury retail customers will buy expensive glasses just to look cool or to make a fashion statement. This is true whether we’re talking about Bottega Veneta frames, Louboutin shoes, or a Birkin bag.
You want their experience as pleasant as possible, which often equates to making it easy to see the products being offered easily in an environment that is comfortable and pleasing. The space should be created in such a way as to highlight the products. Displays should be minimal and inventory layout should be spread out. Using an open layout can help create a feeling of spaciousness, even if space is limited.
Additionally, you’ll need to have adequate lighting. Natural lighting is best but often is not sufficient. Therefore, you’ll want to have energy-efficient lighting highlighting individual products. For instance, you may have a separate display, with special focused lighting, highlighting the latest pair of Gucci frames launched. Keep your displays minimal with extra inventory in the back.
Once the inventory layout is sorted, you want to focus on the customer’s actual shopping experience. You want to create a shopping experience that is as peaceful as possible. This is also their moment away from the stressors and the pressures outside your oasis of a store, and not just at the cheap big box stores. Think about incorporating slow, soothing music which again induces people into letting go, living in the moment, and opening their wallets. That is just what you want, while you transport them through their aspirations.
Make the Most of Technology
Part of what sets luxury brands apart from the rest is the customer experience. Technology can help you maximize the customer experience. This technology stores a variety of information about your customers, helping you enhance their overall experience. A good CRM system can store basic information about your customer, as well as information regarding their shopping habits, their preferences, dislikes, etc. This information can then be used to further the personal relationship with the customer. It can also be used to personalize their shopping experience.
There are many CRM systems available in the market from free to quite expensive. The most important thing to make sure is that the system 1) has a track record of working and 2) can be used to keep records of the important details required for your customers. It is better to go with a system that is more costly if it will give you more benefits and help you personalize the customer experience.
Sure you could dress your employees in dapper suits or buy smart looking glasses to get customers in the door. But to truly impress your clientele, there has to be a heart somewhere inside. Your sales clerks have to do everything in their power to be the most genuine best friend that your shopper never had in the small amount of time they engage. This appeals to the ethos and pathos in a client, resoundingly improving your chances of closing the sale!
However, this customer service goes beyond the time the customer is in the store. Customer service is continuous as long as the customer has a relationship with your brand. This means using a CRM to keep track of purchases, reaching out personally when a new item comes in that is similar to one that they indicated liking in the past, and doing everything in your power to ensure they have a pleasant experience when interacting with your store and its luxury offerings.
The experience you give to the customer is a major factor in whether they feel pleasure shopping at your store. Therefore, in order to appeal to the luxury retail customer, efforts must be made to give them the best customer service and experience possible to set yourself apart from the crowd. Perfect the customer experience and you’ll draw in luxury retail customers.