Heritage Meets Innovation

Heritage Meets Innovation

Gone are the days when we used to say that the world is changing because it already has! 

The pandemic has forced brands to innovate, come out with creative solutions, to put it succinctly, completely transform themselves digitally. The intention was always there but the pandemic accelerated the entire process. 

In this day & age you either innovate or die trying. Hence it’s high time that Heritage Meets Innovation as that’s where the future lies today. 

Millennials & Gen-z’s are driving around 85% of the global luxury sales. Luxury consumers today are younger, healthier, sophisticated & tech savvy. Brands ought to find a way to make technology trendy as traditional tech look is no longer an option for these consumers. 

Brands can however radically influence luxury retail by embracing AR, AI & Voice enabled shopping. Luxury brands, in combination with their retail stores have started using AR in order to enhance the shopping experience. Eg- Gucci introduced watch AR technology on its app which allows users to virtually try on items. Through this users can experience what Gucci watches might look like to wear!

Another key area to focus here is that of Voice Commerce. Voice search shopping is the latest trend shaping the future of e commerce. With Amazon Echo, Google Home etc. consumers are now buying luxury products without going to the website or the store!

As we are well aware that a major part of luxury shopping is the entire experience, the selling ceremony hence brands have to continually figure out solutions in order to make the entire experience more interactive, seamless & at the same time make the consumers feel important & special. 

Hence I believe that the future of luxury retail relies completely on the wonderful marriage of Heritage & Innovation. Brands have to form right partnerships, involve technological firms, startups etc in order to give the users that immersive experience that they are looking for. 

“It’s not a faith in TECHNOLOGY. It’s faith in PEOPLE.”

-Steve Jobs

By Shivansh Lodha