Despite an overall drop in sales in many categories of luxury, Bain research shows that, in 2020, the online channel increased its sales by 50%, nearly doubling its share to reach 23% of luxury sales globally (up from 12% in 2019). The same research suggests the online channel influenced 85% of luxury transactions globally.
Key to this is social media, as a sales and a service channel, according to Sophie Quy, Executive Vice President of Brands at Threads Styling; and Cassandra Gowing, Head of Social Media and Marketing at Radley London. They spoke to Econsultancy's Rebecca Sentance during a recent ‘Future of Luxury Ecommerce’ panel session at Econsultancy Live. Here are some of the highlights.