LUXURY BEYOND 2020
With the precipitous arrival of the second decade of 21st century, we are where, we assumed will be by mid of 21st century.
From child labor to waste free environment, to sustainability to environment friendly initiatives and so on. And now, we stand at a threshold of technology advent with AI and 5G opening doors to a multitude of innovative directions we choose.
The question is to where and how?
We already discussed personalization, transformation from Experience to Expression in my previous notes. Let’s explore involvement of new entrant, TECHNOLOGY into our jigsaw puzzle of Future of Luxury.
Key to personalization is the ability to choose what suits ‘me’ rather than what’s available. In every buying behavior, our choice is the combination of several past and current factors impacting our personality. We are influenced by the flow of communication, exposure to the global market, celebrities, influencers, marketing & promotion campaigns, high tech gadgets and one touch buying. All of this has impacted our choices to a large extent.
I believe TECHNOLOGY will change all this forever.
Our tastes, choices and preferences are driven by information, trends and one’s stretch of imagination. We tend to opt what facilitates or inspires us to look or do better within our capacity of taste and finances.
What if, we are exposed to infinite options that not only satisfy us but are made to perfection for us? What if, we are offered to curate as per our own choice at the time, place and price at our terms? Artificial intelligence can make this happen and beyond.
So, the core phenomena of buying behavior is at stake, isn’t it? When buying behavior will shift on its axis, what will happen to the current marketing techniques, advertising, promotion and especially branding jargons? All of this heading to redundancy?
I don’t have answers to all but have questions that are thought provoking and lays a foundation to initiate a dialogue from & between well informed marketers and technology experts.
Let’s welcome the second decade of 21st century with surprised learning for all of us. Happy Holidays and Happy New Year.