Luxury fashion brands could be missing out on sales via m-commerce with new research suggesting that there is an appetite for buying luxury goods via mobile phones.
According to research carried out by consultancy company CoSkill, 81% of those surveyed said they would shop via a mobile app for luxury goods if they had the chance, compared with 67% saying they would shop for generic goods.
A VIP service and dedicated apps were top reasons for why the respondents would shop via their mobiles.
The research, which took a panel of 200 ‘high net worth’ individuals and quizzed them on their attitude towards and appetite for mobile purchasing, found that 75% use their mobiles until midnight. Over half of the 77% of those surveyed that own a smartphone said they make purchases using their mobile “lots of times”.
Of the 200 individuals surveyed 56% said that m-commerce is a market for either luxury alone or both luxury and generic buying.
CoSkill managing consultant Eve Morris said: “Luxury fashion brands have always valued their in-store shopping experience, its part of their USP, their DNA. But typically, high net worth customers are on the move more often than your average consumer, they value the mobile market as a place for luxury brands, they’re already making lots of mobile purchases, and as a audience segment they have one of the highest percentages for owning smartphones”
She added that there is no reason why luxury brands cannot make a mobile offering that is as exclusive and special as the offline experience.”
“The potential missed revenue for those brands not embracing mobile will be enormous,” said Morris. ”The customer behaviour is already there, and brands need to adapt to that, and quickly. It doesn’t need to be a case of de-valuing brands and disengaging their affluent customers by going ‘out to the masses.”
British luxury brand Burberry have already been embracing m-commerce and offer an exclusive mobile app to just their existing core customer group.