Artificial intelligence and the luxury sector: a new alliance
Luxury is no exception to the use of AI. Develop new services or predict the most buoyant segments for each product: almost everything passes. Adopted early in the relationship with the client, it allows data collection, testing solutions and repairing errors. No brand, even the most prestigious, can do without it today.
Digitization and expansion of data
Like everywhere, in the era of digitalization, luxury brands have to face growing data, always denser and faster. The intelligibility of data has become a priority. And artificial intelligence makes it possible to collect, manage and measure countless information in order to extract trends that bring added value. Thus, decision-making in product developments is accelerating. Data crossing allows companies to better understand the expectations and behaviors of each client.
AI: ever more personalization
In the luxury world, personalization is a sign of excellence. The use of artificial intelligence optimizes customer engagement. Marketing managers use IAE, "narrow artificial intelligence", to precisely target the right consumer segments. They can process, collect and analyze customer data and behavior. In this way, they can predict which products will be sold, in what quantity and in which geographical area.
Of course luxury products like Rolex, Cartier or Vuitton are slowly renewing themselves and producing far less data than a consumer product. That doesn't stop artificial intelligence from helping them anticipate future purchases and increase the average basket. By creating a product or an experience especially for its customers, Luxury stands out. Practiced as a high-end service, personalization seduces the customer.
Innovation in power
Tech champions like Google and Apple aren't the only ones innovating in AI. Many luxury brands partner with specialized start-ups. LVMH presented an "Innovation Award" to Heuritech, a Parisian company launched in the detection of trends thanks to the recognition of images on social networks. For a company, this is a Grail allowing to predict trends to guide the creation of new collections and anticipate sales.
Entrupy, an American start-up, invented an application to authenticate luxury bags. A small connected object scans the material of the bag and indicates in twenty seconds whether the product is authentic or not, with a guaranteed reliability of 98%.
Chanel has taken a stake in the Farfetch e-commerce platform. Chanel is thus enriching its range of services and experiences for its customers. By being able to identify their habits, it offers them a unique and highly personalized experience during their visit to the store.
In luxury hotels, concierge robots are multiplying, like Pepper, created by a French company. He welcomes and guides clients at Mandarin Oriental Las Vegas.
In terms of beauty, Shiseido Americas has invested in Giaran to find personalized makeup solutions. Estée Lauder has adopted facial analysis (ModiFace technology) in its e-commerce platform to offer buyers the possibility of viewing makeup on their face in real time.
Luxury houses have long kept a distance from new technologies, favoring the quality of materials and that of craftsmanship. However, with artificial intelligence, it is different. It already plays an important role, led to develop. In the near future, AI will be able to aggregate and replicate endangered skills and may well become the keeper of the memory of the most illustrious houses.
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