A tale of two brands: Are you ready to embrace the realities of digital business in 2013?

2013 is going to be a fascinating year for retail in Europe.

When I look at what’s to come this year, I can paint a picture of what Forrester predicts by looking at a tale of two brands. Both are iconic, heritage British brands that have responded to their increasingly digitally enabled consumers in two very different ways. Naturally, this has resulted in two very different levels of success.

1. HMV
One picture says it all . . .

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Luxury Retailers: Wake Up! The Internet is Here to Stay...

The following picture might be a little harsh...

...but I’ve spoken to a number of eBusiness executives in luxury retail companies over the last 12 months or so, and by and large they share a similar frustration. For the most part, their senior management remain resolutely defiant in the face of the opportunity that digital brings.

Which is arrogantly short-sighted, when you consider that luxury shoppers are:

  • Young. Shoppers who buy luxury products online in the US are almost ten years younger on average than regular online shoppers. Globally, online luxury shoppers are more likely to be tech-savvy thirty-somethings rather than brandy-swilling boardroom bumblers.
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