Ever since 2007, the luxury goods industry has shown a steady slump. But according to reports by Bain & Company, that is about to change in 2010. Its report says that sales in the multibillion dollar market is going to show a small yet encouraging growth of 1 percent in the coming year. The reason behind this rise seems to be integrated digital media and cross-channel strategy. This means that those companies who have developed sound internet strategies, combined with integrated cross-channel marketing campaigns are the ones doing well.
It has now been increasingly realised by companies that online sales are an untapped market which needs to be exploited to its fullest. Hence, consumers are being constantly updated online about the brands’ latest development campaigns. The companies are also trying their best to understand why and how these people shop.
Social media and mobile commerce has also become an important mode of advertising. The consumers can easily be reached on their mobile devices. In addition to the convenience, they are also cost effective and in a short span can develop a loyal customer base.
To offer strategies for campaign development by companies and their successful execution in areas like social media, mobile commerce and marketing, etc., Luxury Interactive 2010, a luxury branding and ebusiness conference is being conducted in New York City on June 28 and 29. The big names speaking this year include: Gerald Barnes, President/CEO, Neiman Marcus Direct; Marisa Thalberg, VP Global Digital Marketing, The Estée Lauder Companies, Inc; Tom Davis, VP of Ecommerce, Kenneth Cole; Milton Pedraza, CEO, Luxury Institute among many others.