Premium and high-end brands shouldn't be tempted to undersell themselves by overusing voucher codes and heavy discounting. Consumers are willing to commit to higher prices as long as the shopping experience and customer service is as premium as their purchase.
A tough economy notwithstanding, 61% of UK consumers who buy premium products and services online will not reduce their online spending in 2012, according to a new study. But, they expect superior service for premium prices, and luxury goods and services providers need to prioritize customer service during the online shopping experience.
Price certainly counts, even among luxury brands: 39% of respondents say that lower prices encourage them to shop with a premium brand, but 21% of consumers cite quality of product and great service as enough of a pull to encourage a luxury spend.
Premium brands need to know their customers inside out and consider every angle of the shopping experience from the perspective of the consumer; this should be a core aspect of retail marketing strategy for high end brands. Premium retailers need to make the whole consumer journey easy, from start to finish, not overlooking the importance of offline interactions such as delivery options and of course post-purchase customer care.
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