India is home to 1,387,297,452 people. More than 564.5 million people have access to the internet. A penetration rate of 28% was observed in e-commerce, with 6% of sales coming from apparel and lifestyle. Global Powers’ 2017 report shows emerging marketers shop online more than in physical retail stores. E-commerce is booming and has overwhelming potential.
The Indian luxury market is one of the fastest-growing markets in the world. Indian luxury market size is expected to increase to more than $200 billion in 2030 from the current $30 billion, but the Covid-19 disruption caused havoc across all industries. Historically, this segment has been well-positioned to see positive growth because of economic development, enhanced connectivity, and policy reforms. This will offer a variety of opportunities to luxury companies serving young, affluent, connected, and confident Indian consumers to shop best!
We all love the finer things in life, and having our favorite brands and premium brands in one place is just the cherry on top. We don’t need to visit 50 different brand boutiques for the most fulfilling shopping session, since e-commerce stores like Iconic India make our shopping easy and within a few clicks, our work is done.
Although online shopping for luxury goods in India is just in its infancy, store hopping and shopping will always be experiences we cherish. There is still a long way to go.
Following are the key trends that will redefine the future of personal premium luxury shopping in India:
We are living in the roaring digital age
Digitally driven spending in India is currently around $50 billion a year and is projected to increase ten-fold to $500 billion by 2025 (as reported in the BCG Report, 2017). Several factors have led to the growth of online shopping in India. These factors include an increase in internet penetration, payment platforms that offer convenient payment options, efficient logistics, and a better value proposition for consumers. Luxury shopping online is taking off and endangering the role of physical channels.
A variety of international luxury brands are collaborating with premium e-retailers to reap the rewards. One such exclusive hub is Iconic India.
Approximately 50 to 60 million Indians buy fashion online, and these numbers are anticipated to double by 2022, according to a BCG report. The digital influence on apparel purchases is forecast to reach 70% in the near future.
A younger generation of luxury buyers
According to the AT Kearney Report, 2016, India has the largest millennial population in the world. Millennials have high purchasing power and are able to drive and control the entire consumer market.
Compared to Gen X and baby boomers, they have a greater preference for luxury items. Social media is usually the first place they check for news. Promotions that are targeted and personalized are important to them. Luxury marketers should be on the lookout for this extremely valuable cohort, which provides great opportunities as well as poses a challenge since this generation is fundamentally different from older generations. Therefore, luxury marketers are required to comprehend this lucrative consumer segment and the values associated with it.
Due to India’s large and growing young population and the assurance that the younger generation has when it comes to buying luxury goods online, it makes Covid times easier since sales can still be boosted through online platforms like Iconic India. Fashion of the future combines digital technology and luxury.
Growing demand for luxury in emerging cities
In emerging cities, consumer expenditures are rising by around 14% per year, while expenditures in top-tier cities are increasing by nearly 12% annually (BCGReport, 2017). Over the last decade, luxury brands have concentrated all their efforts on enticing wealthy consumers into metropolises. Although sales records indicate tier 2 and tier 3 buyers are outpacing their counterparts in terms of their luxury appetite, they are still outpacing tier 1 buyers in terms of their purchase power. Online shopping has added to the trend. In order to capitalize on these huge opportunities, luxury brands must understand the mindset of tier 2 and tier 3 consumers and devise marketing strategies accordingly.
An offer that goes beyond products
In today’s market, luxury brands must provide unique services and exceptional products in order to stand out. Training store associates that aren’t just there to ‘hard sell’ is necessary in order to understand, engage, interact with, and build long-term relationships with consumers. In order to ensure that customers receive the best service, sales representatives should be experts in their domain. Although, this criterion doesn’t only apply to offline shopping, the online platform needs it more than anything else!
To make customers feel special before, during, and after their purchase, “Wow!” shopping experiences should be offered. Companies in the luxury market must invest in the latest technologies and come up with “out-of-the-box” ideas in order to achieve this. Burberry, for instance, offers its customers an engaging and entertaining experience at its Regent Street flagship store in London by providing large LCD screens and live-streaming hubs and Sephora offers beauty lessons as a way to provide a unique experience.
Luxury stores will have to offer more than just shopping to attract the increasingly demanding young Indian consumer. A retail outlet could have its own café, art gallery, or spa in order to enhance the shopping experience. And adding a “special online voucher” can really help to amp up things!
The emergence of e-influencers
Currently, social media influencers have proven to be extremely effective. Consumers today rely on word of mouth more than advertisements. In India, 70% of consumers make their purchasing decisions based on social media references.
About 70% of teenage YouTube subscribers believe in influencers more than conventional celebrities. In light of this, the future of personal premium luxury shopping in India is very much dependent on young influencing minds!
Taking the green route
Several luxury brands have recently pledged to be fur-free, including Gucci, Burberry, and Stella McCartney. Consumers in India, especially millennials, are increasingly concerned about the environment. Mastercard conducted a study suggesting that about 70% of Indian buyers place importance on ‘green’ and ‘ethical’ while making purchases. Thus, luxury brands need to innovate in order to entice Gen Y, who demand sustainable products that look, feel & do good for all!
Style never goes out of fashion and that is an undebatable fact. Developing and furthering your own personal style is a way to ensure you communicate with the world who exactly you are.
“Fashion is the most powerful art there is. It’s a movement, design, and architecture all in one. It shows the world who we are and who we’d like to be.” – Blair Cornelia Waldorf
Paying attention to what you put on your body can do wonders for both your perception of yourself and your image to others. It is art, culture, and history all in one.
The Takeaway
We tend to reach for casual clothing the most and tend to lean towards it even when we have options. Consequently, we typically overlook the styling of the clothing we wear on a daily basis, not realizing that style and function cannot coexist.
That does not need to be the case when you shop from the luxury clothing brands in India. With Iconic India, you have the opportunity to explore all the possible luxury clothing brands in India at once and add to your cart whatever tickles your fancy.
We are the only website in India that understands the importance of fashion-savvy and provides a comprehensive selection of the best luxury brands in India such as Gant, True Religion, Antony Morato, Bugatti, Tommy Hilfiger, Kendall+Kylie, Calvin Klein, Bugatti, Versace Jeans Couture, JUNK de LUXE, Crocs, Forever New, Chicco, and many more.
Users have access to categories and filters based on size, brand, type, and other preferences in the site interface.
Due to its variety, it would be a jackpot for a fashion newbie, while also appealing to veterans as well. No matter what, you’ll be amazed by Iconic India’s store!
They have a growing portfolio of domestic and international brands through dedicated retail outlets at premium locations across India. In just a few years, they’ve grown from 8 brands to more than 130 brands of which 80+ are international brands. Iconic stores offer a luxuriant and contemporary shopping vibe across all their 17 stores in cities like Delhi, Gurgaon, Noida, Hyderabad, Ahmedabad, Bhubaneshwar, Jaipur, Udaipur, and many more.
