Today’s global retail and luxury industry faces two primary challenges: increased competition and a greater need to stay relevant and engaged amidst changing consumer expectations. As new digital-focused brands enter the marketplace with legacy luxury brands, it is imperative for businesses in the industry to create innovative branding strategies and utilize technology to its full potential.
To remain successful through these shifting trends, hiring experienced leadership in the global retail and luxury industry is more crucial than ever. The evolving industry demands executives who can align the brand’s message with consumer expectations and expand reach and revenue through online platforms. Recruitment agencies can help luxury retail brands find the executives needed to succeed.
Using Digital and Technology as an Advantage
Luxury brands have been historically slow to adopt digital advancements. However, the trend toward increased online engagement and heightened ecommerce sales is changing the way luxury brands connect with and sell to their customers. The relatively recent success of digital sales models is a primary reason for this shift—luxury sales are growing almost three times faster online than in physical retail stores, according to Euromonitor International.
To keep up with higher online sales numbers, luxury retail recruiters should find potential executives with targeted technical expertise to create strong ecommerce platforms with user-friendly shopping features. Hiring chief technology officers, IT professionals, and developers with experience in adapting a brand’s message to a digital sales platform is necessary for a luxury brand to remain competitive.
Personalizing Brands with Targeted Marketing
In addition to embracing technology, the luxury retail industry must emphasize the humanization, personalization, and connection that digital innovation allows. The most successful luxury brands in 2019 are creating targeted marketing campaigns that highlight a personal relationship between the brand and the consumer.
Millennials will have the most spending power by 2020, providing more incentive for a company’s marketing team to build personal connections with a younger generation. A recent study found that 81% of modern consumers’ idea of “luxury” is shifting, possibly because they value experiences more than material status symbols—traveling to a high-class shopping district may be more important to younger demographics than the items they buy there.
It’s imperative for luxury retail brands and recruiters to find and hire smart marketing executives that know how to connect with consumers on an intimate level. A successful marketing executive in the retail luxury business must be an excellent listener to identify the wants of consumers, possess a strong sense of authenticity to align marketing strategies with a personalized brand voice, and be social media savvy to create engaging digital campaigns that resonate with the younger generation of customers. A great retail and luxury marketeer will be able to create the personalized status experience that modern audiences crave.
Stay Competitive in the Global Retail and Luxury Market
CFR Global Executive Search can help you hire experienced executives in marketing, technology, and other fields with the specific leadership skills you need to grow your luxury retail sales. Drive lasting success and stay ahead of the competition with an expert leader vetted for the consumer-minded qualities that are transforming the way luxury brands connect with their target audience. Learn more about our services or find a CFR Global Executive Search partner near you today.