AI, LVMH and TikTok: Fashion’s $Trillion Role in the Customer Experience

$ 3 Trillion 

Size of global fashion industry in 2022 

95 % 

The number of customer interactions by 2025 using A I technology 

36 % 

Annual Growth, Social Media platforms in Fashion last several years  

With responsibility for some 2 % of the entire world’s Gross Domestic Product (GDP), the Fashion Industry – materials, design, manufacturing, retail sales – is formidable. And new technologies are having an impact on the customer experience in many ways. 

LVMH, or Louis Vuitton Moet Hennessy www.lvmh.com , is one of the world’s leading luxury brands and they embrace technology wholeheartedly to help deliver a world class experience to their customers. 

From their live coverage of the upcoming Milan Design Week to a constantly-refreshed landing page on their site, LVMH sets the standard for a forever-engaging brand out in the marketplace. 

Ditto one of their close rivals Hermes www.hermes.com.  

So, there are several points to be made here about Fashion and the new Customer Experience: 

1.Fashion is an “emotion-driven” business and plays directly into the new “customer disruption economy” ( the subject of my newest book, The Coming Customer Disruption Economy ). And researcher Paul Ekman’s discovery of the basic human emotions – like “joy”, “surprise” and others – in the 1970s shed a lot of light on the major role emotions can play in the customer experience of tomorrow.  

2.”Emotions” along with value and permanence are key components in the “new customer disruption economy” replacing the traditional customer experience where the “wow” fades quickly. Plus emotions are much deeper “hooks” into a customer making for a bigger difference in long term loyalty. 

Now, as I usually do about this time, let me give you some Business Tips to consider as you mull over fashion’s possible play in your customer strategy going forward. 

Business Tip #1. Examine your own business for a possible “fashion” play whether it be fashion-oriented video on your website Landing Page or other “visuals” where the latest fashion colors might attract more eyeballs. 

Tip #2. Where can A I make a difference in your company? The power of A I in predictions, attractive business targets and the like is large and can be a “game changer” when applied for best results. Spend some time understanding how it best applies to your business. 

So, there you have it!  A trillion-dollar industry making big waves in the world and a powerful new technology for everyone to consider. 

Until we get together again around the table to discuss the latest and greatest, see you later! 

Ciao.