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Imagine the luxury ecommerce market – specifically ecommerce sites for personal luxury goods—as “the world’s largest luxury market, after China and the United States”. This impressive hypothesis was made in a mid-2015 McKinsey luxury ecommerce study, which also predicted that by 2020, luxury’s share of online sales would double from 6% to 12%.
To take advantage of the anticipated luxury fashion ecommerce boom, brands will have to overcome any lingering reticence to etailing – overcoming resistance to change, reconsidering the anachronistic credo equating luxury with exclusivity, and most importantly, accelerating their investment in ecommerce.
Using detailed social media analytics, this report provides:
- Predictions and statistics of how ecommerce is increasing the growth rate for luxury fashion brands
- A detailed analysis of how top luxury fashion sites, including Net-a-Porter, Style.com and Farfetch, are achieving ecommerce success and overcoming obstacles
- What brands need to do to “bridge the millennial gap,” addressing the shifting requirements of Millennials over Boomers