The Value of Ecommerce to Niche Markets
The impact of Ecommerce on niche markets, the luxury market for example, highlights the value of a global audience reach on the bottom line. It was once believed that selling luxury goods online diluted the exclusivity of the brand. The luxury market brands were very slow to actually offer online transactions. The fear was the elimination of essential personal service, and the dilution of exclusive appeal of their products.
The luxury market brands are quickly learning that to compete they must offer sales through the website. If you can afford a Gucci bag you are part of the exclusive group that can own a Gucci bag. Exclusivity inherent in luxury merchandise comes from the ability to afford the merchandise. Luxury goods companies are working hard to offer exclusive service capabilities. Services like online personal shopping by appointment or same day delivery of merchandise are services that combine the best of in-store and online shopping. During this highly unusual time when the public is reacting to a pandemic, the brand’s services are quickly becoming more noticeable in grabbing the consumers’ attention.
As younger generations continue to replace Baby Boomers who traditionally shop in stores, the web will more emphatically be the primary source of information and consumerism.
The social action of shopping in a store will always serve that purpose in our culture. Town centers will never die out. But the need to go to the physical store is greatly diminished by the ease of Ecommerce. The Spring of 2020 has changed everything. The bloated market of shopping centers is going to slim down considerably. Shopping Centers will be offering experiences only available on-site: eating, movies, amusements and augmented reality. Digital shopping and browsing is going to be the norm.
Throughout the book we will focus on specific branding elements that reflect the brand personality or character. They are introduced in this chapter and mentioned throughout. These branding elements are all interconnected and describe the creative process used to define what a brand represents. This book will give the reader the direction needed to use creativity and innovation in building brand recognition.