As the retail industry embraces technology, the consumer now has the power to buy pretty much anything on their mobile devices with just a few taps. Luxury stores are also leaning into this shift by creating unique, upscale experiences online for each customer.
"Luxury for us is all in the experience we deliver," Geoffroy Van Raemdonck, CEO of Neiman Marcus, told Cheddar.
As the 2019 holiday shopping season gets underway, Raemdonck reported that the retailer did well online during Black Friday, finding a greater demand than last year, although Cyber Monday "started a little softer."
The "softer" start might have been a reflection of how the retailer promoted its Cyber Monday sale. "We're not too concerned about that. We actually plan on Cyber Monday to be less promotional. At Neiman Marcus Group we focus on profitable and sustainable growth and we're willing not to chase market share," the CEO said.
To carry its well-known brand into the e-commerce space, Neiman Marcus has invested in creating personal experiences not only for in-store shoppers but also for its online users. "We have 55 personal digital stylists that are personal shoppers who will curate assortments to you and potentially come to your home to deliver them," Raemdonck said. The company plans to continue using technology and data to build a better relationship with customers.
"The power of data multiplied by artificial intelligence and machine learning allows us to personalize the experience much better, and I see substantial growth for a company like us," he added.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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