Luxury customers who didn’t use e-commerce platforms before were forced to do so.
COVID-19 has hit many industries, even the luxury e-commerce market has not been spared from the impacts of the pandemic. It has highlighted the urgent need for all brands in Asia-Pacific and China to accelerate their digital transformation drastically, said Linkbynet Asia CEO Luc Moulin.
“From faster and more accurate stock management technology allowing more efficient omnichannel strategies to live-streaming e-commerce platforms, IT and digital teams are under the spotlight to utilise the latest technology in facilitating the faster ‘go-to market strategy’ required in an even more unpredictable market than normal.
“These strategies, combined with a surge in demand in the domestic market, generated by the entire luxury travel customer population grounded by the pandemic, have made some brands' performances in several markets in Asia see higher sales in 2020 than in 2019,” added Moulin.
Changes to customer behaviour have considerably accelerated, too. Moulin remarked that those who didn’t use e-commerce platforms before have been forced to do so.
Brands are also constantly improving the online customer experience and have invested an enormous amount of money in their digital visibility, noted Moulin.
“If you look at the top luxury brands, their experience in their point of sales will continue to attract their customers,” he added.
Digitalisation amongst luxury retailers
As the crisis has served to be a catalyst for digitalisation acceleration, Moulin noted that Linkbynet has seen many luxury retailers “wanting to accelerate their transformation.” Stable e-commerce sites are a must, he added, as otherwise a brand may lose its reputation and suffer a significant financial blow.
“It is paramount for a luxury e-commerce site to have relevant cybersecurity policies in place with effective enforcements such as processes, an organizational structure with well-defined roles and responsibilities (i.e. security incident response team), as well as productive security solutions and services to monitor, anticipate and resolve real-time cyber-attacks (e.g. phishing, ransomware, social engineering, rogue staff, amongst others),” said Moulin.
“Linkbynet helps its clients with many initiatives ranging from cybersecurity consulting to managing security services to provide real-time protection of our client's environments through our various security operations center solutions and services,” he added.
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