16 May 2013
According to a survey by Luxury Interactive, 85 percent of luxury marketers plan to increase their digital media spend significantly this year. The reason? Shoppers spend more time online than ever before. Fashionistas are using their digital devices to discover style alternatives in order to save time and money, and as a form of entertainment.
While digital allows for an unmatched degree of personalisation and chances to build long-term relationships, most brands rely on ineffective paid advertising formulas. The net result of many brands’ digital strategies are generally positive, yet most would be happy to monetise their online efforts more directly.
The great strength of the Internet is its power to democratise communication. Social, paid media and other typical current investments will continue to support brands’ overall success but a hands-on approach is required. In order to benefit most from digital’s true potential, style brands should go beyond seeing the internet merely as an advertising channel, and instead consider it as an arena in which to build their businesses.