Senior CRM Specialist at LuisaViaRoma The Biggest Customer Retention Challenges for Luxury Fashion Our luxury fashion-specific loyalty program is helping us retain our customers too: the increase in sales we are seeing in this period, indeed, is mainly due to our long-term customers rather than the new ones. In this period of uncertainty in the luxury fashion industry, we needed to re-invent our marketing strategies and we needed to do it very quickly. Entering such a prestigious group requires a high customer lifetime value in exchange for an outstanding status within the community. In terms of gifts, luxury membership programs have a higher tendency of featuring experiential rewards, including designer clothes that are otherwise unavailable for purchase, signed merchandise from famous fashionistas or influencers, as well as partner rewards from high-end restaurants and hotels.Īs for exclusive treatment, luxury fashion loyalty programs offer VIP tiers that are only available to the top 100 highest spenders. Therefore the reward system should focus on gifts and benefits that either hold higher value or only available for the upper echelon of the member base.
Affluent buyers wish to be rewarded just like anyone else, just with the added expectation of higher-class treatment. There’s one word that describes luxury fashion loyalty programs perfectly: exclusivity.
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New to the idea of loyalty program planning, or just wish to ensure that the implementation remains within budget? Download our ebook for valuable insight about all aspects of the process! What Is a Luxury Fashion Loyalty Program? Exclusive loyalty programs and luxury fashion loyalty programs in particular excel in engaging privilege-driven audiences. For instance, they can be geared towards nurturing customers, increasing their basket volume or ensuring they make a second or third purchase, eventually turning them into the new top spenders. Loyalty programs, on the other hand, are used for long-term customer engagement. Some luxury fashion labels such as Louis Vuitton don’t have a loyalty program and instead rely on a third-party agency to deliver reward experiences and services to top spenders. Keeping customers loyal to luxury brands is only possible through an exceptional customer journey, with or without a loyalty program.
Smart Customer Retention Instead of Discountingįollowers of high-class fashion have high expectations when choosing their shopping destinations.5 Inspiring Loyalty Programs for Luxury Fashion Brands and Retailers.Grant Them Exclusive Treatment With a Paid or Exclusive Loyalty Program Keep Members Engaged With Experiential Rewards Create Memorable Moments With Surprise & Delight Offer Membership Tiers Instead of Loyalty Points Best Loyalty Program Features to Stand Out as a Luxury Fashion Company.The Biggest Customer Retention Challenges for Luxury Fashion.What Is a Luxury Fashion Loyalty Program?.
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