L2's Prestige 100 China IQ Report: Digital Competence Critical For Luxury Success
This week, the New York-based L2 Think Tank released its new Prestige 100 China IQ report, ranking 100 prestige brands operating in China on their adoption and use of digital platforms to reach China's ascendant luxury consumers.
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Contents
- Only Three Brands Qualify As Digital "Geniuses" In China; 36 Rated As "Feeble"
- Ranking
- Audi, Burberry and BMW are the only brands ranked as "Geniuses"
- Nine brands, including seven automakers, rank as "Gifted"
- 20 brands, including seven fashion labels and five cosmetic brands, rank as "Average"
- 31 brands, including 13 watch and jewelry brands, rank as "Challenged"
- A whopping 37 brands rank as "Feeble"
- The highest-ranked Chinese domestic brand is cosmetics maker Herborist
- Key Findings
- Two of 2010’s five Genius brands, Audi and BMW, kept their positions
- brands that scored best in this year's report have developed transaction-oriented sites
- Automakers account for nine of the top 12 spots on this year's list
- The number of e-commerce enabled brands doubled this year, and one-fifth now sell online
- nearly 60 percent of brands still accept cash on delivery
- just over half of Chinese-language sites have a U.S. and European store locator
- Luxury brands continue to grapple with visibility on Baidu
- Traffic to Sina Weibo is up more than 490 percent in the past three months
- Brands continue to miss an opportunity in the mobile space
- Jing Daily Observations
- Luxury automakers, buoyed by strong sales, have been among the most motivated proponents of Chinese digital platforms
- The poor performance of watchmakers and jewelry brands perhaps indicates that they're still not entirely comfortable with the democratizing effects of digital outreach
- Recommended
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