Luxury Brands Still Struggling with Mobile
According to the Luxury Retail’s Digital Moment report, even though 82 percent of luxury brands have mobile capabilities like a mobile optimized website, many brands are still struggling with integrating mobile technology with their in-store experiences. In fact, 63 percent of the surveyed luxury brand executives are still working on a roadmap to integrate store with mobile, while 31 percent are working with third-party vendors to enhance their multichannel initiatives.
“Luxury brand executives' 2014 initiatives showed the emergence of just the tip of the iceberg for media such as mobile,” said Eric Bader, CMO of RadiumOne. “We’ve reached a new era in digital marketing where communicating with consumers in-store is just as important, if not more, than reaching them online. Consumers are hungry to engage with retailers and in order to increase brand awareness and customer retention in 2015, marketers must deploy sophisticated technologies that enhance the consumer experience at a range of locations between home, office and retail.”
It is also important to note the data shows that digital marketing spend continues to rise, with 92 percent of respondents increasing their investments in 2014. Perhaps the most surprising stat, however, showed that brand awareness is seen as a more critical marketing goal than increasing conversions. In fact, 77 percent of survey respondents reported that brand awareness is their primary goal and just 60 percent cited trackable conversions as their primary goal.