Luxury 4.0 is the consequence in the Luxury sector of Industry 4.0 . Characterized by the exploitation of advanced technologies (Big Data, smart factories, 3D technology, Artificial Intelligence, IoT, robots, advanced algorithms and machine learning), the 4th industrial revolution is unfolding before our eyes. It is disrupting industrial production and reshaping the way customers find, interact and buy. The main driver of Industry 4.0 is the Costa Rica WhatsApp Number List digitization and integration of vertical and horizontal value chains , product and service offerings, business models and customer access.
The expansion of Industry 4.0 is fueled by the desire of companies to digitize as many components of their process as possible using cutting-edge technologies. As anticipated, by enabling companies to digitize and automate their operations , Industry 4.0 reduces the involvement of human workers in actual production processes and increases both productivity and profits. To keep pace with the movement, luxury marketers will also need to take their industry to the next level by ensuring that digitalization becomes the source of a smooth and personalized customer experience. Luxury 4.0: historical context 1950-2000: The Era of Efficiency It all started in the 1950s, when mass distribution was born in physical outlets using an inside-out approach.
Omnichannel Marketing: Integration And Synergy
This period, known as the Era of Efficiency, is characterized by an increased complexity of the customer-retailer relationship . Examples: the first shopping center opened in Michigan in 1954; in 1958, the Bank of America issued the first credit card; and in 1974 the first barcode was created. 2001-2018: Age of Experience The Age of Experience is marked by digitization and a true omnichannel experience that captures and converts across a variety of touchpoints. Examples: 72% of customers use their mobile in-store to search for information on prices or products; 90% of Alibaba’s “Singles Day” purchases were made on mobile in 2017.
2019-present: The Luxury 4.0 Era The Luxury 4.0 Era has only just begun. We cannot yet grasp the scale of the upheavals that await us. We can, however, anticipate that the center of gravity of the change will be the customer and their need to form a strong bond with the brands . In fact, consumers already have an emotional connection with brands and they demand responsiveness, contextual awareness, personalization and empathy . They now refer to their relationships with brands as those with people using words like “love”, “happy” and “worship”.
According To Forbes Insights, 40% Of Marketers Report That The Customization Has A Direct Impact On Maximizing Sales, Basket Size
It is certain that the customer of tomorrow will be interested in more than just products or services: they will have a strong relational need and will demand that their brands share their values and principles. What exactly is Luxe 4.0? Luxury 4.0 stems from technological changes in Industry 4.0, in particular the disruption caused by the currently most precious resource: digitization. Big data and advanced analytics Digitization makes advanced big data analysis possible. Brands are now able to collect information from multiple touch points and analyze consumer behavior to provide more accurate and personalized services.
Flexible production and mass customization A simplified 3D visualization demo designed by luxury brand Lolo Chateney and tech startup Hapticmedia . The data allows companies to connect each stage of the value chain and to transfer information from downstream to upstream and vice versa. This makes flexible production and mass customization possible . This new possibility represents considerable added value for brands because it allows them to meet the enormous demands for personalization generated by the need to feel special. A fluid ecosystem The fast and efficient processing of information made possible by automation allows companies to build a fluid ecosystem.