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Businesses need to understand their customers in order to succeed. They need to know who their customers are, what kinds of products they appreciate, what they expect in a shopping experience and more. But according to a recent study, there’s one type of business that isn’t really doing this effectively.
A study conducted by Epsilon concluded that luxury brands lose up to 50 percent of their top clientele annually due to misidentified demographic and economic information, as well as failure to create a personalized shopping experience.
For luxury brands, creating an experience is especially important. Since customers have to spend a lot of money to shop there, they want the experience to be more enjoyable than what they’d find at an average store....
Luxury brands need to truly understand who their customers are and what they’re looking for in a luxe shopping experience which is critical in creating a personalized experience for the customer that drives engagement, retention, and satisfaction.
But it appears that they fail in this analysis: according to the Epsilon study many luxury brands think their customers are typically female, about 45 years old, and have a net worth over $1 million. However, according to the study, more than half of high-end shoppers are male and have a net worth over $500,000….
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