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Bain & Company has conducted a study for the Comité Colbert, which looks at the adoption of new technologies by the French luxury industry.
According to new analysis published by Bain & Company for the Comité Colbert (the French luxury goods trade association) the luxury industry is accelerating its adoption of new technologies. These technologies serve key objectives such as increasing the fluidity and transparency of customer relationships, improving operational excellence and reducing the carbon footprint.
The study is based on data from 75 companies, members of the Comité Colbert, and interviews with business leaders, consortia and technology partners.
Bain & Company reveals that luxury goods companies backed by a large group have a head start over independent players in terms of adopting or testing the most emerging technologies.
Adoption of new technologies
According to the report, technological adoption in the luxury industry will require three essential levers: a cultural and organizational revolution within luxury companies, a pooling of forces and an openness to technological advances observed in other sectors.
On average, the members of the Comité Colbert surveyed have adopted 2.3 new technologies among the 16 selected for the analysis. These include technologies that are still emerging or more mature: blockchain, metavers, NFT, biotechnologies, molecular recycling, 3D printing, artificial intelligence and machine learning for process optimization or customer engagement, augmented or virtual reality, automated optical inspection, scanning, 3D imaging, holography, radio frequency identification, neural analysis, haptic gloves and screens.
But on the other hand, luxury houses are also testing (or planning to deploy in the next three years) an average of 3.2 additional technologies. Unsurprisingly, houses backed by a larger group have adopted twice as many technologies as their independent competitors. But for the most mature technologies, independent companies have now caught up.
The rise of the digital-savvy Chinese market, followed by the Covid crisis, has accelerated the deployment of technologies that enrich remote sales experiences, promote omnichannel experiences and enable immersion in the world of brands.
The French luxury sector is itself moving from being a follower to a leader in certain areas. For example, Yves Saint Laurent Beauté, which is very advanced in the field of neuroscience, has developed a technology to analyze neuronal reactions to different scents. This will enable hyper-personalization of recommendations to its customers. Subject to compliance with the General Data Protection Regulation (GDPR).
NFT and metaverse are the technologies that are generating the most interest in the future among luxury players. Although adopted by only 5% of pioneers to date, NFTs could be deployed massively in the coming years. Indeed, 51% of the luxury industry is already in the testing phase or plans to launch before 2025.
Sustainability
New technologies are not yet fully perceived as catalysts for reducing the carbon footprint of companies. However, experiments are multiplying at different stages of the value chain with, for example, the use of biotechnologies to create new materials.
The adoption of operational excellence technologies is also helping to accelerate the eco-responsibility efforts of luxury goods. Anticipatory technologies to forecast demand and better manage inventory have an effect on the environmental footprint by avoiding overproduction, overstocking, overconsumption and waste. For example, companies are using artificial intelligence integrated with sales forecasts to produce as lean as possible.
“The adoption of new technologies in the luxury industry is still in its infancy. They can play a central role in the profound transformation of the sector: serving customers, operational excellence and sustainable development. The fields of application to be explored are still numerous and promising. Pooling the strengths of the entire sector will be a powerful gas pedal,” said Mathilde Haemmerlé, partner in charge of the luxury practice at Bain & Company in Paris.
Read also > Luxury: The outlook for the sector remains encouraging according to Bain & Company
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Bain & Company has conducted a study for the Comité Colbert, which looks at the adoption of new technologies by the French luxury industry.
According to new analysis published by Bain & Company for the Comité Colbert (the French luxury goods trade association) the luxury industry is accelerating its adoption of new technologies. These technologies serve key objectives such as increasing the fluidity and transparency of customer relationships, improving operational excellence and reducing the carbon footprint.
The study is based on data from 75 companies, members of the Comité Colbert, and interviews with business leaders, consortia and technology partners.
Bain & Company reveals that luxury goods companies backed by a large group have a head start over independent players in terms of adopting or testing the most emerging technologies.
Adoption of new technologies
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Bain & Company has conducted a study for the Comité Colbert, which looks at the adoption of new technologies by the French luxury industry.
According to new analysis published by Bain & Company for the Comité Colbert (the French luxury goods trade association) the luxury industry is accelerating its adoption of new technologies. These technologies serve key objectives such as increasing the fluidity and transparency of customer relationships, improving operational excellence and reducing the carbon footprint.
The study is based on data from 75 companies, members of the Comité Colbert, and interviews with business leaders, consortia and technology partners.
Bain & Company reveals that luxury goods companies backed by a large group have a head start over independent players in terms of adopting or testing the most emerging technologies.
Adoption of new technologies
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