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Luxury E-Tailing Market to Grow by USD 32.48 Billion from 2024-2028, Driven by Online Spending and Smartphone Use, with AI Powering Market Evolution – Technavio

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NEW YORK, Sept. 30, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Global Luxury E-Tailing Market size is estimated to grow by USD 32.48 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.12%  during the forecast period. Rise in online spending and smartphone penetration is driving market growth, with a trend towards multichannel marketing  However, strict competition from offline channels  poses a challenge.Key market players include ASOS Plc, Authentic Brands Group LLC, Bed Bath and Beyond Inc., Burberry Group Plc, Chanel Ltd., Charms and Chains, Compagnie Financiere Richemont SA, Crate and Barrel, Harrods Ltd., Hennes and Mauritz AB, Hermes International SA, Hudsons Bay Co., Inter IKEA Holding B.V., Kering SA, Luxuryperfume.com Inc, LVMH Group., Moda Operandi Inc., Nordstrom Inc., Ralph Lauren Corp., and SDI (Brands 2) Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Luxury E-Tailing Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.12%

Market growth 2024-2028

USD 32483.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.15

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 51%

Key countries

China, US, Japan, Italy, and France

Key companies profiled

ASOS Plc, Authentic Brands Group LLC, Bed Bath and Beyond Inc., Burberry Group Plc, Chanel Ltd., Charms and Chains, Compagnie Financiere Richemont SA, Crate and Barrel, Harrods Ltd., Hennes and Mauritz AB, Hermes International SA, Hudsons Bay Co., Inter IKEA Holding B.V., Kering SA, Luxuryperfume.com Inc, LVMH Group., Moda Operandi Inc., Nordstrom Inc., Ralph Lauren Corp., and SDI (Brands 2) Ltd.

Market Driver

The luxury e-tailing market for premium cosmetics is thriving due to the significant impact of social media on consumer behavior. Consumers increasingly rely on social networking sites and blogs for product information. Vendors leverage platforms like Facebook, Twitter, Instagram, and YouTube to boost product awareness and engagement. Successful campaigns, such as Nykaa’s influencer marketing initiative for its clay it cool mask range in February 2023, underscore this trend. The expanding internet and smartphone penetration, along with increasing customer engagement practices by vendors, are key growth drivers for this market. 

Title: Luxury E-Tailing Market: Trends, Growth Drivers, and Competitor Landscape Introduction: The historic luxury e-tailing market has witnessed significant growth, driven by increasing online spending, smartphone penetration, and social media influence. In this report, we provide an overview of key trends, leading manufacturers, cost structure, sales and revenue analysis, price analysis, and supply chain analysis. Competitor Overview: Major players include Huda Beauty (Internet-native), LVMH Moët Hennessy Louis Vuitton SE (traditional luxury firm), and Kering (designer goods business). We profile these companies based on footprint expansion, supply chain optimization, and M&A activities. Market Dynamics: Growth is high due to consumer experience, digital engagement, and multichannel marketing strategies. Regulatory framework and reimbursement scenario are essential considerations. Table of Contents: 1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Competitor Profiling 5. Cost Structure 6. Sales and Revenue Analysis 7. Price Analysis 8. Supply Chain Analysis 9. Trade Type Analysis 10. Product Type Analysis 11. Research Findings 12. Conclusion 13. Appendix 14. Methodology 15. Data Sources Primary Data Sources: Surveys, interviews, and focus groups with industry experts, executives, and consumers. Secondary Data Sources: Company annual reports, financial statements, industry reports, and databases. Analysts and Consultants: Our team of experts includes industry veterans, market analysts, and consultants. Key Trends: Online spending, smartphone penetration, social media, celebrity endorsement, product design, and innovation. 

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 Market Challenges

Consumers’ preference for seeing and touching luxury items before purchasing, such as personal care products, wine, spirits, home décor, home furnishings, and furniture, keeps the offline market for these products thriving. High-value transactions for infrequently bought items like furniture require consumers to explore various options and address queries on the spot, which offline stores provide. Security concerns hinder consumers from making significant online purchases. The offline home decor market benefits from an increase in product-specialty and brand-specific stores, which consumers trust for credibility and personalized attention. These factors pose a significant challenge to the growth of the luxury e-tailing market in the forecast period.Luxury E-tailing, or the sale of high-end and premium goods through digital platforms, presents unique challenges for tech-savvy firms. Small and medium businesses in this sector face hurdles in developing mobile apps for Windows, iOS, and Android platforms to cater to diverse customer preferences. Macroeconomic indicators and demand-side dynamics influence the luxury E-tailing market, with fashion, accessories, beauty, jewelry, watches, home décor, lifestyle products, business management, information technology, luxury food, and wine being popular categories. Personalization is key, requiring advanced business management and IT tools. B2B and B2C models use various e-commerce websites, mobile apps, and online marketplaces to reach exclusive and prestigious brands. Effective communication backbones, payment mechanisms, order fulfillment, and logistics are essential. Porter’s five-forces analysis can help understand the competitive landscape and regional market share.

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Segment Overview 

This luxury e-tailing market report extensively covers market segmentation by  

Product 1.1 Personal luxury1.2 Food and wine1.3 Home accessoriesChannel 2.1 Multibrand2.2 MonobrandGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Personal luxury-  The luxury personal luxury market encompasses watches, jewelry, accessories, shoes, bags, fragrances, cosmetics, glasses, headphones, and other premium items. The trend toward online shopping is escalating due to increasing Internet penetration and smartphone usage. Manufacturers broaden their distribution networks by collaborating with third-party e-retailers and launching their own websites. Tier-1 and tier-2 cities are significant targets for professional skincare product vendors, offering access to logistics and e-retailers for successful online distribution. Popular online retailers, like Amazon.com and Alibaba Group, provide a vast selection of luxury skincare products, including anti-aging, acne control, and pigmentation solutions. With the retail landscape evolving, online shopping offers opportunities for professional skincare product companies. Vendors, including LVMH, Kering Inc., Procter and Gamble Co., and L’Oreal SA, sell their products through their websites, contributing significantly to their revenue. Online platforms offer personalized shopping assistance and product comparisons, making them preferred channels for purchasing luxury personal luxury. Consumbers value secure transactions, cash-on-delivery options, convenient return policies, integrated consumer service, and 24-hour accessibility. Although the online distribution segment’s market share is low due to consumer preference for offline channels, it is projected to witness growth during the forecast period. Major cosmetics manufacturers, such as Beiersdorf AG, expand their professional skincare e-retail businesses through partnerships with distributors, like NetEase Kaola, to gain a competitive edge and increase online sales.

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Research Analysis

The luxury e-tailing market has experienced significant growth in recent years, driven by increasing online spending, smartphone penetration, and the influence of social media. Consumers are now able to browse and purchase designer goods from anywhere, at any time, using their mobile devices. Product design and innovation continue to be key differentiators in this market, with tech-savvy firms leveraging digital engagement and personalization to create unique shopping experiences. Publisher and designer goods businesses, as well as traditional luxury firms, are adapting to this new reality by launching mobile apps on platforms like Windows, iOS, and Android. Multichannel marketing and consumer experience are also critical factors, with small and medium businesses using macroeconomic indicators to navigate this dynamic market. Celebrity endorsement remains a powerful tool for driving sales, while the role of digital platforms in shaping consumer preferences and trends cannot be overstated.

Market Research Overview

Luxury e-tailing, or the sale of high-end and premium goods online, has seen significant growth in recent years. Driven by increasing online spending, smartphone penetration, and digital engagement, the market is witnessing innovation and multichannel marketing strategies from both designer goods businesses and traditional luxury firms. Social media and celebrity endorsements are also playing a crucial role in driving sales. The luxury e-tailing landscape is diverse, encompassing digital platforms such as e-commerce websites, mobile apps, and online marketplaces. Exclusive and prestigious brands in fashion, accessories, beauty, jewelry, watches, home décor, lifestyle products, business management, information technology, luxury food, and wine are all embracing the digital shift. Key components of luxury e-tailing include business management, information technology, B2B and B2C models, e-tailing components, micro environment analysis, and Porter’s five forces. This report delves into the macroeconomic indicators, demand-side dynamics, and electronic retailing trends shaping the luxury e-tailing industry. The report covers leading manufacturers, cost structure analysis, sales and revenue analysis, price analysis, supply chain analysis, trade type analysis, product type analysis, research findings, conclusion, appendix, methodology, and data sources. Stay tuned for a comprehensive overview of the luxury e-tailing market, including regional market shares, historic market data, competitor overviews, entry strategies, regulatory framework, reimbursement scenario, and more.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductPersonal LuxuryFood And WineHome AccessoriesChannelMultibrandMonobrandGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Ricoh Asia Pacific Establishes Malaysia Hub for Digital Transformation

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KUALA LUMPUR, Malaysia, Oct. 1, 2024 /PRNewswire/ — Ricoh Asia Pacific today announced the official opening of Ricoh Business Services Asia Pacific (RBS) in Malaysia, marking a significant milestone in the company’s transformation journey and commitment to operational excellence across the Asia-Pacific region. The new RBS entity will serve as a central hub for Ricoh’s shared services, accelerating transformation efforts and enhancing the quality of services offered to customers and stakeholders alike.

Malaysia was chosen as the base for RBS due to its strategic location at the heart of Southeast Asia, providing excellent connectivity to key regional markets. Additionally, Malaysia offers a robust infrastructure and a highly skilled workforce, making it an ideal environment for RBS’s operations. These factors, combined with supportive government policies that encourage foreign investment, make Malaysia a compelling destination for multinational companies like Ricoh.

Malaysia offers a unique combination of strategic advantages, from its geographical location to its deep talent pool,” said Masayuki Mori, President of Ricoh Business Services. “This investment reflects our confidence in Malaysia’s potential and is critical to achieving our regional goals.”

The establishment of RBS will enable Ricoh to centralise essential functions such as IT, finance, HR, and supply chain management, allowing for streamlined processes and improved efficiency across the region. By consolidating these operations, Ricoh will reduce costs and drive greater value for both the company and its customers. This centralised approach will support Ricoh’s long-term growth ambitions and help maximise return on investment across its APAC operations.

In addition to operational efficiency, RBS will have a positive impact on the local economy by creating skilled jobs and providing development opportunities for Malaysian professionals. Ricoh is committed to fostering local talent through training programs and regional collaboration initiatives, contributing to both the professional growth of employees and the economic development of Malaysia. This investment highlights Ricoh’s broader vision of empowering its people and driving innovation throughout the region.

“This is just the beginning of an exciting journey,” Mori added. “With RBS at the heart of our operations, we are well-positioned to become the most trusted digital transformation and workplace service partner in the region. We look forward to building a future where innovation and operational excellence lead the way for Ricoh, our employees, and our customers.”

About Ricoh

Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support the digital transformation of workplaces, workspaces and optimise business performance.

Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organisational capabilities nurtured over its 85-year history. In the financial year ended March 2024, Ricoh Group had worldwide sales of 2,348 billion yen (approx. 15.5 billion USD).

It is Ricoh’s mission and vision to empower individuals to find ‘Fulfillment through Work’ by understanding and transforming how people work so we can unleash their potential and creativity to realise a sustainable future.

For further information, please visit www.ricoh.com

© 2024 RICOH ASIA PACIFIC PTE LTD. All rights reserved. All referenced product names are the trademarks of their respective companies.

 

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SOURCE Ricoh Asia Pacific Pte Ltd

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Wondershare Filmora 14 Revolutionizes Video Editing with Advanced AI Features

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VANCOUVER, BC, Oct. 1, 2024 /PRNewswire/ — Wondershare, a global leader in creativity software solutions, is announcing the launch of Filmora 14, the latest iteration of its award-winning video editing software. With the slogan “More AI, Videos in Less Clicks”, this major update introduces groundbreaking AI features that streamline the video creation process for content creators of all skill levels. Filmora 14 harnesses the power of artificial intelligence (AI) to enhance productivity and creativity in video editing. 

The new version introduces an innovative Smart Short Clips feature, enabling one-click automatic extraction and editing of highlight reels from original long-form video footage into multiple refined short clips, streamlining the process of efficient short video creation. Filmora 14 embraces the AI era with over ten new AI-powered tools designed to boost efficiency and quality. These include Smart Scene Cut, AI translation-Lip-Sync, AI Face Mosaic, AI Portrait Cutout, and AI Sound Effect. 

Regarding AI quality enhancement, Filmora 14 offers AI Video Enhancer, AI Voice Enhancer, AI Color Palette, and Voice Denoise, comprehensively optimizing video and audio quality. Filmora 14 also introduces professional features such as Multi-Camera Editing, Planar Tracking, Path Curve, and Magnetic Timeline, solidifying the foundation of professional video editing.

 

Smart Short Clips 

The new feature utilizes AI to automatically extract highlight reels from the original video and transform them into short, vertical clips that are perfect for social media platforms. The final result also intelligently matches subtitles, sound effects, stickers, and transitions, while supporting scheduled distribution across multiple social platforms. This tool meets the increasing demand for short-form content creation, simplifying the process for creators, educators, and marketers while boosting efficiency and professionalism.

AI Video Enhancer

The AI Video Enhancer improves video quality by restoring detail and texture in blurred-focus or low-resolution footage using advanced AI algorithms. This feature significantly enhances clarity, which is particularly beneficial for footage captured on lower-end cameras.

AI Color Palette

Filmora 14’s AI Color Palette feature allows users to replicate the color grading of reference footage and seamlessly apply it to their own projects with a single click, all while preserving natural skin tones. This powerful tool democratizes professional-grade color correction, enabling even novice users to achieve professional, cinematic visuals by emulating the color tones of blockbuster films.

Multi-Camera Editing

Filmora 14 introduces a sophisticated Multi-Camera Editing feature, allowing users to seamlessly edit footage from multiple camera angles on a single timeline track. This feature creates dynamic, professional-looking videos for interviews, tutorials, stage performances, and sports replays.

Planar Tracking

Filmora 14’s advanced tracking technology allows users to seamlessly attach images, graphics, text, or videos to flat surfaces within their footage. This feature ensures that added elements move naturally in sync with camera movements. It’s perfect for overlaying logos or embedding personal videos onto promotional displays.

The video creation industry is experiencing exponential growth driven by AI. Bloomberg Intelligence forecasts that the global generative AI market could reach $1.3 trillion by 2032, with a compound annual growth rate of 42%.

“With Filmora 14, we’re pushing the boundaries of what’s possible in video editing,” said Queenie, the Head of Global Brand Marketing at Wondershare. “Our AI-powered features save time and unlock new creative possibilities for content creators. We’re excited to see how our users leverage these tools to bring their visions to life.”

Wondershare Filmora 14 is a significant milestone in the evolution of AI in the video editing industry. The software is now available for Windows and macOS. For more information about Filmora 14 and to download a free trial, visit https://filmora.wondershare.com. Experience the future of video editing with Wondershare Filmora 14 – where AI meets creativity.

About Filmora

Filmora is designed with its user in mind, featuring smoother performance and an intuitive user interface. With advanced AI features boosting content generation and editing, over 220,000 creative assets, commercially available music, 3D LUTs, effects, and pre-set templates, Empowering over 100 million users worldwide, Filmora stands out as a leader in video editing software. Consistently introducing innovative tools, it enhances video creation and makes the process more efficient and accessible for all skill levels. Filmora is available on iOS, Android, macOS, and Windows. To try it for free, visit filmora.wondershare.com. Follow Wondershare Filmora on YouTube, TikTok, Instagram, and Facebook to learn more.

About Wondershare

As a renowned global leader in creativity and productivity solutions, Wondershare is dedicated to making cutting-edge technology accessible to everyone, fostering increased efficiency and creativity. Our commitment to excellence has been recognized through prestigious accolades from organizations like The Shorty Awards, G2, and GetApp. With a user base spanning over 100 million individuals across 200 countries and regions, we offer diverse software solutions encompassing video editing, PDF manipulation, data recovery, diagram creation, graphic design, and more, all focused on one principle: Creativity Simplified.

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OMP and Bluecrux Announce Joint Value Proposition of Unison Planning and Binocs Platforms to Enhance Life Sciences Supply Chain Efficiency

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ANTWERP and AALST, Belgium, Oct. 1, 2024 /PRNewswire/ — OMP, a global leader in supply chain planning solutions, and Bluecrux, a premier provider of value chain consultancy and technology solutions, are excited to present a powerful combination of their flagship platforms: OMP’s Unison PlanningTM and Bluecrux’s BinocsTM. As the latest evolution in this longstanding partnership, the joint offering marks a significant milestone in the collaboration between the two companies: after a decade working together, this new phase allows their combined technologies to provide unparalleled value to customers in the life sciences industry. 

The combined strength of both solutions will help companies in life sciences to streamline manufacturing and quality operations on both the short- and mid-term horizons, reducing friction and increasing overall operational efficiency. This enables agility and resilience in responding to market fluctuations and operational disruptions, ultimately driving faster time-to-market for critical products.  

A decade of collaboration 

Over the past ten years, OMP has successfully collaborated with Bluecrux’s consulting business unit on numerous projects, driving innovation and efficiency across the life sciences, CPG and chemicals sectors. This next step focuses on the joint value proposition of their respective planning platforms, delivering a powerful, unified solution designed to optimize the entire supply chain for life sciences organizations. 

Integration of “best-of-suite” and “best-of-breed” solutions 

OMP’s Unison PlanningTM is a best-of-suite supply chain planning platform that provides end-to-end (E2E) supply chain planning capabilities. As a “best-of-suite” solution designed to handle everything from strategic network design to detailed production scheduling, Unison Planning is known for its flexibility, scalability, and ability to deliver real-time insights that drive smarter decision-making across the supply chain. 

In contrast, Bluecrux’s BinocsTM is a “best-of-breed” resource management system specifically tailored for the unique challenges of laboratory planning and scheduling in the life sciences sector. BinocsTM excels at optimizing laboratory operations through AI-enabled resource scheduling, advanced capacity planning, and intelligent test management, making it an indispensable tool for labs in highly regulated environments, such as QC teams. 

Greater than the sum of its parts 

“What makes this collaboration unique is that, while both systems handle planning and scheduling, they focus on entirely different aspects of the supply chain,” states Anneleen Tronquo, Managing Partner at Bluecrux. “Unison PlanningTM focuses on manufacturing constraints, whereas BinocsTM specializes in lab constraints, like equipment availability and personnel. Together, they present a complementary offering that delivers more value than the sum of its parts.” 

As elaborated by Jasper Wouters, Global Industry Lead for Life Sciences at OMP: “Our goal with this integration is to enable more fact-based decision-making and reduce the emotional debates that often arise between Quality and Manufacturing teams when priorities shift. With a synchronized view of operations, our joint solution helps resolve such conflicts quickly and efficiently.” 

This powerful combination will allow life sciences organizations to better align their QC and production planning processes, leading to more agile and responsive supply chains.  

To highlight the partnership and further explore the benefits of this joint offering, Bluecrux and OMP have also published a detailed white paper titled “Dissolving Silos with Synergy: a collaborative approach to integrating end-to-end supply chain and QC planning in life sciences”. The full paper can be downloaded from the following sites, or by contacting the organizations directly: 

bluecrux.com/whitepapers/dissolving-silos-with-synergy   

About OMP 

OMP helps companies facing complex planning challenges to excel, grow and thrive by offering the best digitized supply chain planning solution on the market. Hundreds of customers in a wide range of industries—spanning consumer goods, life sciences, chemicals, metals, paper and packaging—benefit from using OMP’s unique Unison PlanningTM. 

About Bluecrux 

Founded in 2011, Bluecrux is a leading value chain technology and consulting company, providing solutions at “the Cutting X”. Bluecrux experts and software help to transform today’s supply chains into smart, efficient, and fully integrated value chains. Bluecrux offers solutions that fit the unique complexities of businesses in life sciences, consumer goods, chemicals, and industrial manufacturing. Their BinocsTM technology is the global #1 SaaS solution for scheduling and planning in Quality laboratories and CGT production. 

OMP: https://omp.com/  

Bluecrux: https://www.bluecrux.com/   

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SOURCE Bluecrux

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