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Luxury retailers more likely to invest in technology: new study

Luxury retailers are more advanced than those in the high street when it comes to investing in new technologies, according to new research.

GENERAL MERCHANDISE

Luxury retailers more likely to invest in technology: new study

The study by digital technology provider PlayNetwork analysed the top ten luxury and top ten high street fashion retailers to find out how they compare in the use of technology in each shopping channel, and how developed those channels were. 

The study reveals that luxury retailers were highly focused on enhancing the store experience, with 90% offering in-store video, compared with only 44% of high street retailers.

While 30% of luxury retailers were found to have trialled transparent screens in stores, no high street retailers had done so. Some luxury retailers were found to be using the screens in shop windows to draw shoppers in-store while others were using them to create state-of-the-art staircases.

The report also reveals that no high street retailers had included RFID microchips in items of clothing for shoppers to interact with, although 20% of luxury retailers had done so.

PlayNetwork looked at how retailers joined up the offline and online channels and found that 33% of high street retailers had offered in-store Wi-Fi compared to 20% of luxury retailers. However, 40% of luxury retailers were found to use tablets in stores, compared to 33% of high street retailers.

The study shows that 80% of luxury retailers analysed had online stores, compared with 90% of high street retailers. 88% of those luxury retailers trading online offered on-site video to show products in action, compared with just 56% of high street retailers.

While 44% of the luxury retailers analysed did not have transactional mobile sites, 56% of those with mobile sites offered product videos across their mobile stores. All of the high street retailers allowed shoppers to purchase via the mobile channel although just 22% offered video.

“Our research has shown that luxury retailers are early adopters of new technology and seem keen on creating unique experiences for their customers,” said Ian Graham, commercial director at PlayNetwork. “High street retailers, on the other hand, are not so eager and are possibly waiting on results of other retailers to find out if it’s worthwhile investing.”

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