Archive for August, 2016

What Luxury Brands Can Learn from Amazon

Monday, August 29th, 2016

If the retail industry was a beach and fashion retailers were splashing around in the surf, then Amazon would be the shark ominously circling just off shore, waiting to crash the party.

And why is that? Because Amazon appears to be making a push to enter the retail fashion sector, one of the few remaining retail industries that has yet to be disrupted by the “Amazon Effect”.

But there’s no need for fashion retailers to live in fear if they understand what underlies much of Amazon’s success and learn to adopt some of those practices.

And it’s all about the data! Data is what allows Amazon to make a personalized connection with customers and keep them engaged and loyal.

Savvy marketers with the right data at their fingertips can do exactly what Amazon does: craft a personalized and highly targeted customer experience by speaking to customers in a language that is relevant and appealing to them, at the right time and through the right channel.

As important as this is in ALL marketing strategies, it goes double for luxury consumers who pay a premium and want to know that they are valued by the brands they support. In the end, that kind of personalization pays off, because happy customers don’t just keep buying, they are also that much more likely to spread the good word about your brand.

Wealth Window data allows luxury marketers and fashion retailers to take a page out of Amazon’s playbook by bringing into focus the complete picture of each customer as an individual. We can supplement transactional data with all kinds of insightful and actionable attributes – including demographics, ethnicity, net worth, spending habits, interests and hobbies, family information, auto ownership, professions, political persuasions and more.

With the ability to understand more about the consumers they’re talking to, fashion retailers can provide the kind of inclusive and intimately personalized shopping experience that will only help to strengthen brand loyalty and increase customer retention. So take note Amazon, we’re catching on to your ways – and we’re on the offense!

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