Jump on board the retail revolution

Things are changing rapidly in the world of retail, and startup entrepreneurs are capitalizing on this retail revolution that is underway. Have you noticed how traditional bricks and mortar retail environments are continuing to take strain in many key cities, and now it’s all about connecting with customers in ways that work for them - and for many, that is in the digital e-commerce environment. And, this is particularly the case with luxury, niche products. In her book, The Shopping Revolution, Wharton Marketing Professor Barbara Kahn said, “It used to be enough to just have the very best luxury product. But in today’s very, very competitive retailing environment, it’s not OK to just be good at one thing.” The new skill that today’s successful niche, luxury product creators need to master is unique online shopping experiences that are tailored to appeal to their clientele, whilst at the same time ensuring they have global reach from a sales perspective. This is quite a shift from the established ‘white gloves’ notion of luxury retail. But with increasingly affluent younger customers dictating how they want to buy their products online in their discretionary time, smart entrepreneurs are taking notice.