Wavestone, one of Europe’s leading independent consultancies, has released a report in which promising startups for luxury brands were named. The report mentions the main trends predicted for luxury brands including sustainability, consumer experience, excellence in execution, authenticity and traceability, design, and creation. Cappasity is proud to announce that our company has been listed among the most promising startups in the area of consumer experience.
In the report, Wavestone analyzed the main challenges that the luxury industry is currently facing. They include:
- Adaptating to a new generation of consumers. GenZ and millennials are already becoming the most active buyers of luxury items and by 2025 Generation Z will be responsible for over 40% of sales in the luxury industry, meaning that luxury brands will have to adapt to the values that these generations hold in high regard. Selling to tech-savvy customers, who value sustainability, diversity and inclusion in the brands that they buy from, will require a major change in consumer experiences and a high degree of transparency from luxury brands.
- Investing in sustainability. New ethical standards require companies to redefine their businesses in order to stay sustainable. This means that every step of the production chain has to be designed in a sustainable manner.
- Bridging the gap between online and offline and creating an exceptional experience for consumers. Besides providing customers with excellent and timely service, the analytics pointed out that a strong digital presence is necessary for brands to succeed in the luxury sector.
- Living with the virus. The pandemic forced brands to rethink retail and put a strong emphasis on e-commerce, while continuing to provide consumers with an exceptional experience. The analytics showed that new ways of interacting with consumers, including creating immersive experiences, such as AR fitting rooms, or integrating VR content, will become a strong competitive advantage in tomorrow’s landscape of luxury retail.
More than 115 startups founded in the last nine years that already have an MVP on the market, were evaluated for the radar. Cappasity is very proud to announce that our company was included in the consumer experience sector of the radar as an innovative company, providing cutting-edge 3D and AR solutions for e-commerce in the luxury segment.
As a company, we believe that immersive content is the future of fashion retail and we are happy to have experts, such as Wavestone, supporting us in our vision. Stay tuned and follow us on Instagram, Twitter or Facebook for more news on immersive content!