4 Emerging Luxury E-Commerce Markets to Watch This Year
Historically, the luxury retail industry has been slow to adopt e-commerce. And who can blame these reputation-savvy companies" The web can often lack the civility most premier brands covet — to say nothing of e-commerce?s mass-market sales approach, which lacks an intimate, consultative sales experience.
But things are changing. About 60% of luxury brands now sell online, far more than in years past. Indeed, luxury retailers ?have come to believe that the future of their business and a route to global expansion lie online,? a 2015 New York Times business feature said.
What?s with the industry-wide pivot" Brands are learning that today?s new generation of luxury customers are younger, digital-savvy, pressed for time — and above all, very practical. As a result, the luxury e-commerce industry is seeing much larger growth than many other sectors. (In fact, e-commerce has been called ?the ?next China? for luxury in terms of opportunity,? one analyst recently said.) Selling online is paying off. Luxury e-commerce sales will reach $21 billion by 2020, says a recent McKinsey report. Much of this growth will unfold in emerging markets.
Based on our research and experience localizing luxury and premiere brand websites for global markets, we?ve identified four markets that are largely untapped by the online luxury industry, have strong economies and a demonstrated appetite for online shopping.
India
Recent economic growth has bode very well for India?s consume...
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