6 pages/≈1650 words
Business & Marketing
Online and Offline - Differences for Luxury Apparel Brand Owners (Research Paper Sample)
I need to have a paper to understand what current luxury apparal brand owners are doing online that enhances the experience of consumers. Please focus major brand owners such as Louis Vuitton, Gucci, Celine, Marc Jacobs, Prada, Ralph Lauren, Armani, Burberry, Valentino and Micheal Kors. Please explore the above brand owners and see if all of them are following what 7 Cs of Luxury as defined by Uche Okonkwo in his book called "Luxury Online." source..
ONLINE AND OFFLINE - DIFFERENCES FOR LUXURY APPAREL BRAND OWNERS
Date of Submission
Online and Offline - Differences for luxury apparel brand owners
Luxury customers are increasingly utilizing the net to dig into and purchase brands and also for connections. Equally, the luxury industry is extensively figuring out ways to effectively exerting the online sphere. The aberrant growth of the luxury industry, whose value is estimated at over 500 billion USD and predicted to grow by an extra 10 percent in 2013, has been occasioned by increasing demands from the south Eastern nations. New mode of luxury consumption and customers embracing e-channels are also fundamental growth factors. It is authoritatively projected that 65 percent ultra-affluent customers buy brands online, further, 68 percent of these ultra-affluent customers take part in social networking sites, half of who use social media to connect with brands. (Scholz 2012)
The customers of luxury goods and services are becoming more active online, and equally becoming more instrumental in the creations as well as recreation of brand of brand meaning, and continuously taking control over brands. Simultaneously, the traditional or conventional marketing strategies for luxury goods are being reassessed. Going by a study carried out by a NYU Stern School of Business, two-thirds of luxury brands have presence in the online and social networking. (Kapferer and Bastein , 2009)
However, very few of these luxury companies have gone a step further top establish open online interactive engagement platforms, where they can bring in the customers as partners in the co-creation process. Most of these companies are still vigorously trying to strengthen exclusivity of their luxury brands and their ambitious vigor in a selective manner, putting up online events only for their VIP customers for instance through runway shows or instituting invitation only communities like Burberry and Mercedes Benz.
With many luxury companies being disinclined to set up online interaction with their customers, and others who may want to participate in such, customers are utilizing engagement platforms like those contrived by Web2 technologies and have gone ahead to establish independent online communities centered on the luxury brands that they own or admire. This has enabled them to conduct many online activities, which when repeated, they become â€˜practices`. (Kapferer and Bastein 2009)
Customers purchase luxury brand for a number of reasons whether it`s entertainment, status or reward. Before they embark on such an investment, most of these customers feel compelled to want to see the product up close. If the option of touching the product is not feasible, the customer will want to visualize the product from various angles, and where appropriate, see a demo. (Kapferer and Bastein 2009)One of the ways that luxury customers are embarking on to satisfy th...
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