As part of its latest study for the Colbert Committee, the analysis firm Bain & Company interviewed 75 French luxury houses to find out more about their relationship to new technologies. What should be remembered?
2.3 new technologies per luxury house.
A gradual but palpable introduction. Biotechnologies, molecular recycling, 3D printing, artificial intelligence and machine learning for process optimization, artificial intelligence and machine learning for customer engagement, augmented reality and virtual reality, automated optical inspection, scanner, 3D imaging, holography, neural analysis , gloves and haptic screens, radio frequency identification, blockchain, metaverse, NFT: among these 16 fields of innovation, the member companies of the Colbert Committee participant in the study would have adopted 2.3 on average. Here, no leading technology while “only RFID (note: radio frequency identification technology), printing and 3D imaging have an adoption rate of more than 30%” states the report.
This still fragile figure is mainly explained by difficulties in aligning some of these new technologies with the real needs of the sector, as the report studies. But if the question of relevance is at the heart of the start, the other explanation is also to be found on the side of the lack of internal skills. A criterion which also illustrates why houses belonging to a group adopt on average twice as many technologies as independent houses…
Luxury: technological levers serving three major applications.
However, the subject of technological innovation remains in focus. Indeed, according to the study, the houses questioned would test an average of 3.2 additional technologies to integrate into their strategies in a niche ranging from the next few months to the next three years.
Among the priority objectives correlated with these technologies, the houses would essentially base their hopes on the improvement of thecustomer engagement, a key concept at a time when the pandemic has profoundly changed consumption habits. To do this, many of the luxury brands interviewed in this study intend to rely on immersive tools such as augmented reality or virtual reality. Same story for NFTs: according to the report, on average 51% of luxury players surveyed are now in the test phase or planning launches before 2025, a figure that rises to 72% for houses belonging to a big group.
L’operational effectiveness is also asserting itself as a booming field of investigation with strong expectations on the concrete applications of RFID, blockchain or even artificial intelligence and its impact on the overall optimization of the supply chain .
And while the awakening of eco-responsible consciences tends to gain ground in consumers’ purchasing intentions, the last major lever seems to be that of sustainable development. Whether “new technologies are not yet fully perceived as catalysts for reducing the carbon footprint” according to the study, the cases of application would be skyrocketing, in particular on the subject of biotechnologies or even hi-tech solutions making it possible to optimize production flows as accurately as possible in order to avoid problems overstocking and waste management.
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Study: 51% of French luxury houses are planning an NFT project.
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