Generative AI (GenAI) personalises shopping with virtual stylists & chatbots, but ethical considerations linger. Dive in to see how luxury brands can win over discerning clients in this new digital age.
The face of luxury retail is changing. While exceptional service has always been a hallmark, customers now expect more than champagne and a friendly face. Digitalisation is surging and GenAI is pushing the boundaries of the shopping experience. From virtual stylists to AI chatbots, luxury brands are exploring new frontiers, but ethical and data security concerns remain.
Our latest report dives into how luxury retailers can cautiously embrace GenAI to deliver the kind of immersive experiences today's discerning customer craves. It's no longer about just selling products; it's about building a community hub and offering meaningful interactions. Customers expect seamless experiences across all channels, physical and digital and GenAI combined with data can make that a reality. As the luxury market evolves, retailers who invest in high-end experiences and leverage GenAI will be the ones to capture the hearts (and wallets) of top spenders.
"With more consumers blurring the lines between online and in-person shopping, luxury retailers must enhance their digital presence and deliver seamless experiences across all channels—moving away from pen-and-paper methods to service the top 1% of their client base.”
-Evan Sheehan, Retail, Wholesale & Distribution Sector Leader, Deloitte Global
"In the realm of AI-driven commerce, innovation must be guided by ethical oversight and robust regulation. From protecting intellectual property to addressing algorithmic bias, transparent governance is essential."
-Ida Palombella, Partner, Deloitte Legal, Global Fashion & Luxury Co-Leader
Luxury retail is using GenAI to create a more personalised shopping experience, but building trust with customers is crucial. While challenges exist, GenAI offers exciting possibilities for deeper connections and innovation. Retailers must carefully implement GenAI, focusing on data quality and transparency to deliver exceptional service and elevate the brand.