Let’s Get Real (in real time)

Movies, songs and MTV first made “get real” and “keeping it real” street buzzwords in the distant ‘90s. Now, the same notion of getting real perfectly describes what consumers want this decade. Impatient, short of time and technically savvy, today’s affluent spenders are accustomed getting what they want, when and where they want it.

• “What” they want. Virtually anything can now be custom designed or built to any customer’s requirement. The term “bespoke” is magic to these ears. And it’s everywhere these days. As we reported in a previous newsletter, the consumer is king. Online, they now help create what they buy: Nike shoes, wallpaper, handbags, wedding dresses. The list is endless.
• “When” they want it. Anticipation is out. Few companies, except possibly Apple, can get away with the traditional big buildup of excitement for their new products. Millennials, otherwise known as Generation Y, do not enjoy awaiting product releases. Fashion is one example setting this torrid pace. As Natalie Massenet of Net a Porter predicted last year, clothiers may soon debut spring collections in spring and fall clothes in fall.

  Consumers want instant product information when they see something cool online or on TV. Touchscreen technology enables this. Imagine Fashion, an interactive digital publication, lets users view, share and buy what they see. Just tap clothes, accessories, jewelry or cosmetics and get links to sources, cost and 360? images.

  Advertising-starved media companies could generate life-saving revenue with the same touchscreen technology hyperlinked in editorial content. The Wall Street Journal and The New York Times are already selling wine to their readers, becoming direct merchants.

• “Where” to get it. Online buying goes on 24/7. Yet, most luxury brands and retailers still lack mobile sites (see our previous newsletter: “Luxe Mobile Commerce Still Lacks Some Savvy”).

What about bringing it to consumers?  Convenience is huge. Luxury food trucks are already reaching new markets this way at a fraction of the cost of restaurants. I have long advocated merchants tapping the urban high-rise markets with their wares. Fresh fish? Gourmet foods? Wine? Why not? Fitness trainers, masseuses, botox sellers and beauty parlors have long done home sales. Wouldn’t it be fabulous if other tradesmen made regular building visits? We all have small needs we would like addressed.

Hotel boutiques sell branded spa products, beds and linens, but they could easily sell more. What do people do on vacation? Shop. The captive markets in resorts are relatively unexploited. But London’s Savoy Group is one step ahead with menus of shopping experiences, exclusive products and luxury goods collections that change quarterly. To create this, they hired Change Retail, experts in luxury brand development, hotel management, marketing, finance and interior design. Hotel guests now get shopping days with itineraries such as Vintage Fashion, Scent Safari and Shoe Fantasia.  Bespoke London brings craftspeople directly to hotel guests.