Should large brands make their presence felt on a social platform? Can the social media work for luxury brands? Let’s find out how social platform can help the brands expand their reach, forecast trend and know their clients better.
There was the time when the movie stars introduced luxury fashion trend and viewers used to be like wow about the clothing. But now the time have changed. People now have a high income with a combination of the extensive use of social media. Both of the factors have pushed the fashion industry to change its line and become more accessible to a global range of customers.
The industry of luxury used to have a control of the brand image, but when the social media sprang up all around, they have become more focused to the voice, trends, opinions and outlook of the customers. Now, the customers are controlling the online dialogue.
Is social media has become a threat to luxury brands?
With so many social websites available, it has been seen the rise of influencers in various industries despite being unknown to the celebrity have so many followers who are interested in reviewing the products. This has also given all the customers the confidence of talking to each other and even commenting on top luxury brands on the popular social platforms with the greater reach.
According to the report of Deloitte, the social media has leveled their playing field putting more power in the hands of the clients with the platform that enables them to shop on their conditions like when and where they want, providing price transparency.
The report also states that increasing information about brands has boosted the expectation of the customer regarding the price and value. Elizabeth Canon, the founder, and president of Fashion’s Collective said that the luxury brands had scrutinized the larger impact on social media. Should a high luxury brand have a Facebook page and how they should collaborate with the bloggers? How the brands translate their offline store experience to web store? Canon added all this.
All around the world, the customers are increasing because of the presence of social media. Luxury brands can also use the same channel to roll out the new products worldwide. This will easily attract the desired customer who is loaded with visuals, and this also makes the social app a great place for all the luxury brands.
According to the report of Deloitte, Michael Kors first used Instagram in the year 2013, and they saw their followers increasing 16 times. Gucci, Nike and Louis Vuitton all have their pages on Instagram with millions of followers. Other brands that have marked their presence on social media platform are Tory Burch, Kate Spade, and Coach. The reason that the social media cannot be ignored is that the people also go for online shopping and the luxury brands have to be the part globally for its growth and expansion.