Luxury is coming out of lockdown:
Consumers are now shopping IRL for brand quality and prestige, setting up the US luxury retail market to exceed $75 billion in sales by the end of 2023.
Luxury shopping is as much about the experience as it is about the purchase, which means digital has a larger gap to close.
the expansion of luxury retail proves brand experience (even in the form of brick-and-mortar shops) still attracts big spenders.
Physical will go increasingly upscale and experiential (think: The Sphere) as digital eats the rest.
AI/AR/VR-powered customization and experiences will be the next gen of luxury.
The biggest challenge a marketer at a big company faces is the specter of industrial short-term thinking. Going along with the bean counters might be the worst marketing mistake you can make. Beans aren’t the point of the organization, they’re a side effect.
TikTok can get people to spend money in the app, but can they get people to shop?
users sent over $250 million in digital gifts to live-streamers in the app in Q3 alone
I’m still skeptical that The Clock App can pull off an everything app style ecomm takeover in the US (maybe anywhere in the west). Trust and ingrained behavior remain the sticking points for me.
TikTok could overtake Temu, but I think Amazon is safe (at least without the help of antitrust regulation).
Refer-a-friend programs can make relationships feel like transactions, which isn’t ideal. Transparency might be the answer:
disclosing the referrer reward in the invitation message—a not yet widely adopted method—can promote referring by making the referring action seem more compatible with communal norms and reducing the experienced psychological barrier. They also document the potential of disclosing the referrer reward on increasing acceptance, conversion, and sales.