Harnessing Customer Data to Unlock the Luxury Market

Retailers now understand that customer information is a competitive asset, and when used effectively can make a huge difference in attracting luxury buyers. Trusted, valuable information that gives insight and guidance is necessary for navigating and succeeding in the heterogeneous luxury market. For example, research from Epsilon and Luxury Institute indicates that brands that use information about an individual consumer’s buying habits and preferences during in-store visits can create a stronger buying relationship. Luxury businesses gain a competitive advantage when they become better at gathering, developing and leveraging a single trusted version of information about a customer and her or his relationship with the organization.