TRATATECH

Sustainability is a major these that affects decision making by Brand and their customers alike. It is doesn't mean that brands should not use synthetic products or animal derivates, etc., it means that the end customer should have all the information, readily available in her hand, to be able to make an informed decision. Eco-design for Sustainable Products Regulation (ESPR, in action, June 2024) mandates that brands and manufacturers should issue Digital Product Passports (DPPs). The DPP gives the greatest possible details of the product in the hands of a customer. Additionally, product storytelling is emerging as a differentiator in luxury from a downstream perspective, DPPs can help drive new direct revenues by enabling a more comprehensive product storytelling and deeper brand experiences. When deployed with the right communication strategy to properly convey the value to customers, product storytelling is seen to lead to a significant price upscaling for luxury products: Providing Traceability and Sustainability information before the selling ceremony helps influencing the purchasing decision and increases conversion rates Enabling transparency after the selling ceremony boosts customer confidence, trust and loyalty with the brand. After purchase, DPPs can enhance the product itself and foster ongoing customer engagement, by providing unique opportunities and experiences that augment the value of the product for the verified owner.