Luxury is all about the heritage, quality and experience of the brand and the products or services associated with it. In the age of Information and Technology, brands have to be certain before making any claims about their products. New age customers are likely to 'Google' every bit of information before making a purchase. One misplaced claim can catapult into a bad reputation with an adverse impact on the brand identity and the inherent trust.
First things first; as a responsible brand you need to be aware of trends. Some trends can change with seasons while some are cyclic in nature. Market trends specific to the products offered by you can help you strategize your manufacturing or marketing plan efficiently. Innovation, exclusivity and excellence are the pillars of luxury products and ensuring these aspects need the fuel of a detailed market research.
Similarly, no business can be an island unto itself. For a successful enterprise, you will need the services and expertise of manufacturers and raw material providers to name a few.
Mr Harsh Mann, founder of HM Luxury Consultancy, has been an active participant of premier international trade shows, exhibitions and fashion shows. A known face in luxury conferences and well networked within the Luxury industry professionals, his pin-point accuracy in delivering a bespoke Product Sourcing solution can be challenged by but a few around the world.
In earlier times, before the advent of internet, businesses would thrive due to their knowledge and adaptability to specific cultures and societies. However, geographical location and cultural diversity seem to be losing importance due to a seamless flow of information over the World Wide Web. People now want to own luxury products from around the world from the comfort of their homes. The exclusivity that was experienced when customers visited the stores has to be delivered through the internet or the products themselves.
This has enormously increased the importance of up-to-date and superior quality products for luxury brands to do business. One important aspect of staying ahead of the game or at least being on par is by analysing competition. We help you do Competition Shopping to understand how your products stand in the current market. Customers are researching and researching well. If they know more about what your competition can offer them, then you are sure to lose their business.
Luxury will always have a place in people's lives despite the adversities faced by them. What is luxurious to one may not be so-luxurious to the other. By researching the market and trends and analysing competition, we can help you develop a product sourcing stratagems that work!