Due to intensive advent of technology the way market has approached customers they have undergone dynamic change, to bring the luxury shopping experience at par the retailers need to invest intelligently.
The luxury retailers should provides better services, so they could reach mass audience.
Luxury producers are laying down enormous efforts to improve prospects by using data mining techniques.
Their main objective is to maintain physical stores and improve e-retail portals across the globe. There are enormous efforts being put to increase luxury goods sales across the globe. Luxury retailers have ensured to improve the overall shopping experience by improving brand and product selection, store atmosphere, and customer services.
The consumption pattern of luxury goods by the customers depended on number of factors such as: liberalization of economic policies, buying habits of the younger generation, financial independence at a young age and increase in media exposure to the people.
The tastes and preferences of the current generation are changing rapidly; changing consumption patterns trigger changes in shopping styles of customers and also the factors that drive people into stores. The eager customer does not mind paying extra for better facilities and ambience. The market for luxury goods is surely climbing at an astonishing rate as compared to what it was a decade ago which was almost negligible.
The challenge here is to provide goods to the high end customers across the globe including regions such as Asia, Europe, United States, Middle East and others countries through web portals.
We are using data mining techniques to understand billionaire‟s segregation in these geographic regions. A retailer on large scale collects huge volume of data. Before actually an e-retailer starts promoting or selling the product online, the brand marketing strategy needs to be utilized.
To achieve the desired goal we recommended data mining practice in order to analyze the huge database with e-retailers and how can they further target the geographical regions for product promotion and sale.
We would be trying to answer two critical questions on
1. how e-retail can gain competitive edge over the existing retailers?
2. advantages of e-retail over conventional retail.
Data mining techniques can be further utilized for the purpose of goods promotion.
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