Figure 1 Most Consumers Will Still Consider A Brand Luxurious If It Avoids Animal-Based Materials This graphic shows how important certain factors are to creating a luxury retail experience. 78% of respondents agree that they associate natural materials such as real marble or down feathers with luxury, 17% are neutral, and 5% disagree. 56% agree that knowing a hotel avoids animal-based materials for ethical reasons would make them view the brand more positively, 33% are neutral, and 11% disagree.

Knowledge graphs, for instance, can be valuable in high-touch, low-volume industries like luxury retail and wealth advisory, while vector databases are more appropriate for applications like large-scale retail (e.g., Walmart). Analytics firms like Tredence are leveraging approaches like Spanner Graph for their clients, reducing compute costs while enabling scalable knowledge graph applications. And some companies find ample success with SQL databases and simple lookups.

Annual Household Income Of Forrester’s Retail Topic Insights Survey Respondents This figure shows the distribution of US online adults’ annual income. This graphic has an associated spreadsheet that includes all data presented. Please access the spreadsheet for details. Figure 1 Around One-Third Of US Consumers Are Luxury Goods Shoppers According to Forrester’s Retail Topic Insights Survey, 2023, one-third of US online adults have purchased a luxury good in the past three months (see Figure 2).

“You had me at indemnity,” says a director of product creation at a global luxury retail company. Using Adobe Firefly custom models, they’re able to successfully generate commercial-ready, on-brand content aligned with brand guidelines. Photorealistic video elevates brand experience. AI-generated video has matured from distorted and photo-unrealistic in quality to lifelike, production-ready content.

Valtech is a good fit for category leaders with global operations in retail, luxury, automotive, and manufacturing seeking to unify their commerce experiences. Evaluation Overview We grouped our evaluation criteria into three high-level categories: Current offering. Each vendor’s position on the vertical axis of the Forrester Wave graphic indicates the strength of its current offering.

B2C and B2B2C companies too often create a digital product strategy that extends legacy products onto digital platforms or enhances them with digital technologies. While these approaches are necessary and useful for most firms, digital and business strategy leaders should use first principles thinking to challenge their organizations to reimagine how digital products can create value for customers and drive growth. This report outlines what constitutes a digital product and helps strategists push for new thinking around new product development and distribution.

Online Retail Is A Shifting Landscape For Luxury Brands, Which Must Act Now Luxury brands continue to press ahead with their digital efforts in a fight to retain their digitally mature luxury consumers and capture the global online luxury sales opportunity. Forrester’s 2022 data shows that, over a three-month period, US online adults who purchase luxury products (“luxury buyers”) spent more online ($1,814) compared to those who shopped in-store ($1,187).

A significant portion of Amazon Ads’ revenue comes from relatively small marketplace sellers who have no history of slotting fees, a luxury most retailers do not have. Brands rarely fund retail media beyond Amazon by adding incremental digital or national ad spend. According to Forrester’s data, 20% say they simply move money from trade budgets as a primary means to fund the retail media and advertising budget, and another 20% fund retail media from the existing shopper marketing budget.

European retail clients include Galeria, Mister Spex, TAKKT, Tamaris, Tom Tailor, Vitafy, and Westwing. Advertima. Retail media is a growing marketing channel. In-store retail media holds the greatest potential for growth, as more than 80% of shoppers are expected to continue shopping in physical stores over the next decade. Advertima tackles the challenge of in-store retail media by creating addressable audiences in physical retail environments, similar to digital advertising capabilities.

It primarily supports fashion e-commerce brands and Shopify merchants, and its clients include Borrow Luxury and Katia. Cookiy AI. In their quest to accelerate time to market in response to external changes, 29% of global business and technology professionals in retail and wholesale said that extending their customer and market research capabilities is a key action their organization is taking.