Regardless of an total drop in gross sales in lots of classes of luxurious, Bain analysis exhibits that, in 2020, the web channel elevated its gross sales by 50%, almost doubling its share to succeed in 23% of luxurious gross sales globally (up from 12% in 2019). The identical analysis suggests the web channel influenced 85% of luxurious transactions globally.

Key to that is social media, as a gross sales and a service channel, in accordance with Sophie Quy, Govt Vice President of Manufacturers at Threads Styling; and Cassandra Gowing, Head of Social Media and Advertising and marketing at Radley London. They spoke to Econsultancy’s Rebecca Sentance throughout a latest ‘Way forward for Luxurious Ecommerce’ panel session at Econsultancy Reside. Listed below are a number of the highlights.