The Latest Trends For 2011 in the Luxury Industry

The Latest Trends For 2011 in the Luxury Industry

First of all, how many of you knew there was a Luxury Institute? Well, now you do and we have some interesting news coming from them.

The Institute has been worrying about the negative impact that the current economic situation of the world would have on the luxury industry, and as expected, things have not been going as well as they used to several years ago. But luxury is a concept that will never die, regardless the trying circumstances, and so we have here a list of the most important trends of 2010 which are expected to continue through 2011.

The Latest Trends For 2011 in the Luxury Industry1. Brand and Service Values

According to the Luxury Institute, luxury firms need to forge a unique identity which should be based on more than “the name, personality and style of the founder”. There should also be a set of values associated with each brand. Studies show that the brands which have promoted a rich luxury culture have enjoyed the biggest financial rewards.

2. No More Toxic, Arrogant Staffs

People still associate fashion and luxury experts with arrogant, patronizing and sometimes even narcissistic attitudes. But the new trend is to hire only those experts who can be genial and client-centered. It becomes more and more obvious that a pleasant attitude towards clients brings more money by increasing sales and determining loyalty. We find this quite obvious, but it seems that the luxury industry needed some time to arrive at the same conclusion.

3. Better Internet and Telephone Communication

“Watch and learn!” may Zappos say. This famous online shoe and clothing site has grasped the notion of efficient communication better than anyone else in the luxury industry. So what do we have to learn about this subject? First, all luxury brands should be aware of the importance of facilitating on-line commerce. Customers don’t only need to have the possibility to buy deluxe items via the Internet, but they also need to do this in a fast and easy way. Telephone assistance is very important as well.

The Latest Trends For 2011 in the Luxury Industry

4. Clienteling Becomes a Must.

When clients have the possibility of establishing  a personal relationship with a sales professional, the sales numbers magically get higher. After all, us humans are a group of animals that need socialization in order to develop healthily. Surveys show that too few luxury brands emphasize the importance of socialization in their sales departments.

5. Luxury Mobile Applications

Laptops were once the most “mobile” Internet could get. Today however e-information mobility is no longer an issue. Small devices such as mobile phones have become a very important part of our lives and even of the way we do our shopping. People purchase products, compare prices and even search for information about the products in front of them on the shelves – all via mobile devices. Luxury mobile applications are definitely becoming a must.

The Latest Trends For 2011 in the Luxury Industry

6. In Store Mobile Devices for Sales Professionals

Less than a century ago, stores were only “equipped” with salespersons and that was enough for everybody. A few decades later any luxury brand that respected itself and its clients had to introduce in the store a computer to give the sales expert assistance throughout the sales process. Today a new trend is becoming more and more popular: mobile devices for in-store use. They prove to be extremely useful when searching out-of-stock inventory, and they can even alert the sales professionals when a customer enters the store.