Content thumbnail Seeking sustainable growth - The luxury and cosmetics financial factbook

DCF and vIndustry oaluation pverview arameters PPage 51age 51 I Points of view from EY’s global sector Managing performance improvement of luxury stores specialists and outside experts Then, CRM should be accompanied by customer As a result, to fully exploit stores’ performance and to • Enforce CRM by using new technologies: the sales satisfaction analysis: today, only 10% of luxury drive more customers and more profit, luxury brands staff sees on iPad all the track records and statistic brands measure customer satisfaction, huge will need to: of the customer they are serving (without improvements can be realized by properly • Ensure a made-to-measure customer experience interfering with sales process or bothering the implementing customer satisfaction analyses. along with a coherent brand image worldwide customer) Not less relevant is store’s efficiency, new for the • Tailor the store concept and customer experience • Promote efficiency in order to decrease lead time luxury sector, which is driven by margin reduction, to meet local needs during customer service by implementing lean increased competition, improved consumer maturity • Activate specific training and coaching modules for principles into the in-store processes w and awareness: a lean organization can deliver the sales staff in order to continuously improve the ervie benefits to a variety of services or processes. capability to communicate brand values v A luxury handbags retailer in-store’s lean • Analyze competition through mystery shopping, try o reorganization regards service lead time reduction: in and implement customer satisfaction measurement Indus the past, salespeople counseling customers would • Omni-channel approach through adoption of all the vanish into storerooms when goods weren’t available possibilities made available by technology such as a on the shop floor. Now, at each store, a few specific iPad app to be used either from home by employees are assigned to the storeroom to convey the customer alone (in order to generate interest in goods not available. At a large store in Paris, items the products and encourage customers to buy or are sent via a service elevator from the storeroom to move to the nearest store) or as a support (not the cashier, already wrapped to be sold. replacement) of sales personnel The luxury and cosmetics financial factbook 2015

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