Technology has evolved rapidly over recent years, and has influenced just about every area of modern life, from the way we work and socialise to the way we shop and enjoy entertainment.
Just ten years ago, it would have been almost impossible to imagine the advances that have been made today, and when it comes to the luxury products and services industry, the extent of the impact of these latest technological innovations is becoming particularly apparent.
From luxury gaming to shopping and investing, the future looks incredibly bright as businesses capitalise on tools ranging from social media to augmented reality to continue to appeal to an affluent, high-net-worth customer base, as well as engaging new and younger segments of society.
With the development of virtual world the Metaverse now well under way, by 2030, our world could look even more advanced still. Here, we take a look at how digital trends will shape the future of luxury commerce and living.
Virtual and augmented reality
Virtual and augmented reality technology is beginning to revolutionise the gaming industry, but this isn’t the only space in which it can provide a fresh new burst of innovation. Luxury shopping will benefit from this digital trend massively, and in many ways, already is – with examples ranging from German fashion designer Philipp Plein’s crypto concept store to Gucci’s virtual collection of fashion NFTs.
High-end brands like these are increasingly looking to roll out augmented reality in their physical shops and online stores, and as the Metaverse continues to gather momentum, virtually trying on clothing before you buy could soon become the norm.
If you’ve ever struggled to choose the perfect luxury watch online, for example, then augmented reality makes it possible for you to see exactly what each one would look like on your wrist, without the need to be physically present in store. Soon, it seems, shopping for luxury goods will have changed in ways we never could have imagined before, and ultimately, it will never be the same again.
Social media
Looking at global social media statistics is an eye-opening way to gain a better understanding of just how integral to success it has become for brands and businesses not just in the luxury sphere, but universally. According to Taktical Digital, one of the leading TikTok marketing agencies, more than half of the world’s population now uses social media in some way, with 4.76 billion users as of January 2023 – and it’s a number that is only expected to continue to grow.
Social media is now one of the most efficient ways for luxury brands to reach their customers. Marketing campaigns using high-profile celebrities and so-called ‘influencers’ have changed the way that awareness of luxury products and services is spread, and has served as a valuable platform through which brands can build longer term relationships and increase loyalty by keeping them continuously engaged.
You need only look at the success of things like Rihanna’s Fenty beauty and lingerie lines as a prime example of the power of social media in today’s world. There are next to no conventional advertisements for her products, yet they sell by the bucketload. The reason? Rihanna has recruited numerous social media stars to post about and endorse her products. It’s the future of luxury brand advertising.
Online gaming
Online gaming has already provided luxury casino enthusiasts with a new outlet through which to engage with their passion. Nowadays, you can play a whole host of exciting games from the comfort of your own home, including luxury live dealer games that are live streamed to your screen.
The emerging world of Plinko gaming is a prime example of players having a consistent array of new and exciting games to enjoy thanks to the latest technological advancements.
Appealing to players seeking something a little different from the usual games, Plinko is inspired by the Japanese game, Pachinko, and revolves around a ball dropping through a 3D pyramid of pins. There are various multipliers at the bottom of the screen, and players must hope the ball lands in the largest ones.
Luxury brand authentication
Counterfeit designer clothing has been an issue marring the luxury fashion world for decades, and while you can generally tell that the cheapest knockoffs are fake just by looking at them, some of the higher-quality varieties have become increasingly convincing. But thanks to the emergence of blockchain technology – which is perhaps best known for its underpinning of cryptocurrencies like Bitcoin and Ethereum – it’s now becoming more difficult for criminals to create and disseminate counterfeit goods, and easier for buyers to determine whether or not a product is genuine.
Start-up companies such as Red Points and Entrupy are increasingly leveraging powerful AI technology to identify fake goods using mobile apps, too, which will have a powerful impact on the luxury fashion industry, and could potentially eradicate fakes for good.
Blockchain and cryptocurrencies
Blockchain technology, which both cryptocurrencies and NFTs run on, is one of the most significant digital trends revolutionising luxury industries at present. A growing number of luxury brands are discovering the possibilities of blockchain to help with various aspects of their businesses beyond authentication alone, and are now able to use it to track their product life cycles and use the rising popularity of NFTs to their advantage by creating bespoke non-fungible tokens inspired by their classic products.
