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On April 5, LBI, the training division of LBG, hosted “2023 Leaders’ Day” in Seoul. This event has invited more than 40 leaders from luxury and retail companies, including Graff, Moncler, Baccarat, Sono International, Chaumet Korea, Shinsegae International, Fendi Korea, Hotel Shilla, ELCA Korea etc.
Mr. Phil Min, general manager of business development at NAVER, a significant Korean search engine company, delivered the lecture on the subject of “How Luxury Brands Create Exclusive Digital Experience.” Based on Naver search keyword data, Mr. Min demonstrated how the luxury market in Korea has expanded recently as well as how brand preferences and consumption categories have changed. For instance, in the Korean market, maximizing digital exposure tends to lead to a significant increase in sales. As a result, luxury brands began to boost domestic sales by opening Naver Brand Stores and live-streaming fashion shows through Naver Shopping Live. In order to maximize the marketing impact, luxury brands are also actively implementing omnichannel strategies when operating offline pop-up stores.
Mr. Min added, “Brands must understand consumption trends through data analysis to establish specific marketing strategies to target the consumer segment. The key is to give customers a seamless experience by using an advanced, multidimensional marketing strategy that combines online and offline activities.”
