Retail distribution in personal accessories has undergone upheaval in recent times. The evolving landscape has internet retailing as a rising star, gaining ground in both developed and emerging markets. This report analyses the geographical shifts in consumer spending and new innovations in retailing that comes with the digital age. The race to omnichannel retailing is also underway, as retailers adapt to modern consumers who shop across platforms and multiple screens.
Developed markets embraced the digital retailing revolution years ago, but growth can still be found as many brands, especially in the luxury segment, are still in the infancy stages of e-commerce. Meanwhile, emerging markets are catching up, spurred by m-commerce and continued urbanisation.
Costume jewellery, bags and quartz analogue watches record a higher proportion of internet sales as consumers have fewer reservations about buying non-luxury goods online. Size and suitability continue to hinder internet retailing in luggage and fine jewellery, while consumers are concerned about authenticity and warranties in high-priced watches.
E-commerce has revitalised concepts such as second-hand luxury, while turning third party merchants such as Asos and Zalando, and online marketplaces such as Tmall, into highly lucrative alternative platforms.
Engraving, monogramming and self-design applications offered through brand-owned e-commerce are making it easier than ever for brands to consolidate and streamline the production process of customised accessories.
Most brands have embraced multichannel, but few are able to boast omnichannel status. However, omnichannel retailing provides the flexibility, convenience and constant availability that consumers expect from brands in the digital age.
With footfall in physical retailing falling, retailers look into bringing consumers back into stores by improving the in-store experience using technology such as VR. Meanwhile, pure play internet retailers look to establish physical presence.
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