With reports of store closures on the rise, and many countries on lockdown, luxury retailers need to make sure they’re running as an effective omni-channel business. Shalina Ganatra, Senior Consultant UK at Wunderman Thompson Commerce, looks at what the luxury sector can do to prepare itself for the impact of Covid-19.
The luxury sector, like many others, is facing extraordinary pressures in the face of the COVID-19. With reports of store closures on the rise, as many governments announce border closures to non-residents and lockdowns of their citizens to restrict movement to necessities only, luxury brands will need to ride out this temporary drop in footfall to their stores.
The pandemic signals a change in tide for the luxury industry. It highlights the need for retailers and brands to have an effective omni-channel business where online stores can remain fully operational while footfall to stores is in decline or even non-existent due to store closures.
By investing in virtual catwalks, engaging digital experiences and an effective ecommerce offering, luxury brands can retain their loyal customer base even when they are not able to visit a store. After all, luxury retail store staff know customer needs best and, in the face of depleting footfall, finding more opportunities to virtually connect staff and customers will show consumers remain at the heart of their operations – however they wish to shop.”
By Shalina Ganatra
Senior Consultant UK
Wunderman Thompson Commerce