How Pandemic Has Reshaped the Luxury Retail Business in India?

Luxury shopping globally has faced its biggest obstruction to date. Shifting to e-commerce has become a necessity, which gradually is growing into shaping the habits of the customers as well as the potential customers.
How Pandemic Has Reshaped the Luxury Retail Business in India?

Luxury is more about storytelling rather than selling. It’s about what story does a product portrays to consumers about its authenticity and heritage, the commitment of the brand to its potential and existing customers. How the quality, details, and uniqueness of a product charms the shoppers. However, is the charm of the product alluring enough only when it’s seen in a store? This question has been a challenge for the luxury brands and retail departments as we sit amidst the Covid-19 pandemic. Unique minds of the established brands have been challenged to figure out how to adapt to this global change and retain their customer interests, where the future of the physical stores is quite uncertain. 

Luxury shopping globally has faced its biggest obstruction to date. Shifting to e-commerce has become a necessity, which gradually is growing into shaping the habits of the customers as well as the potential customers. Adapting to these changing trends has become the key to survival. Consumers in India have overcome the various effects taken place over the past few years, such as demonetization and cash-related purchase restrictions followed by the implementation of the GST regime in the country. These incidents have acted as a great hindrance in the growth story of the Indian luxury business. However, in spite of all these obstacles, the Indian luxury market continues to meet a high growth rate compared to all other nations. 

Established firms like Darveys in India have become the new luxury haven for fashion consumers, as traveling has been restricted and offline shopping lost its sheen. Online platforms have taken over and now are like personal shoppers, which play the role of finding the best prices available on every luxury product for their shoppers as they source it directly from hundreds of authorized brand stores globally. With this safe and hassle-free method, consumers can browse and shop from hundreds of luxury retailers, experiencing the comfort of buying luxury without stepping out of their spaces with just a click of a button. The online space provides a vast collection to their purchasers, as they provide products from various stores across the globe, unlike the retail stores which have a restriction of limited space. This gives the shoppers complete access to all international luxury brands from various retailers all under one digital platform. 

This switch from offline to online shopping space has led to a growth in the sales of luxury online players, even amid these uncertain times; people are still looking forward to trying new ways to get their hands on luxury and exclusive items. This era is reshaping the way people think, behave and shop luxury, and this trend shall not only shape the present but should irreversibly shape the shopping habits of customers for the future of luxury as well. The customers have now got time in their hands with restrictions of travel, which is being converted into an opportunity by these platforms. Many such firms are seeking this opportunity to enter into the online luxury business in India which might lead to a growth in the competition in this sector for the existing firms. 

As the consumers are the greatest investors of the luxury sector, it is very important for online luxury platforms to personalize their attention and keep the focus on their client engagement by using innovation and unique communication strategies. Currently, the financial markets are under pressure, affecting consumers’ confidence in expenditure and willingness to invest in luxury. Therefore, firms like Darveys introduce luxury at affordable prices for Indian buyers to bridge the gap between clients and the luxury brands, by promising the availability of these products at the lowest price available. This allows consumers to sit at the comfort of their homes and still buy luxury at prices available abroad only.

Uplifting the market strategy and studying consumer behavior is the first and foremost step to adapt to the change. Followed by how companies approach their audience with their online strategies to give them an in-store feel online. Creating a brand image for clients to help them picture their brand uniquely. Not everyone might be in a state to invest currently, but creating an impression by making the clients trust you would help them make a natural choice and remembering your actions and communications leaving a long-lasting impression acting as a positive aspect for the future market of the brand. The least that can be done is to show your presence in the market having an effective impact on the buyers by creating meaningful support. Times have changed the situations around, affecting everything and everyone. However, how you make your clients see your brand is the game-changer.
 

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