Luxury brand equity building in the digital age
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School of Business |
Bachelor's thesis
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Authors
Date
2021
Department
Major/Subject
Mcode
Degree programme
Markkinointi
Language
en
Pages
28 + 6
Series
Abstract
Luxury brands have been slow to embrace digitalization, partly due to their traditional history and the inherent brand identity challenges of the online environment. In the year 2020, the luxury industry faced a shock in demand due to COVID-19. The pandemic affected their core of brand experiences and sales negatively when in-store retail faced restrictions. Recently, consumers have moved to online channels to fulfill their luxury needs in large numbers, so providing satisfactory luxury online experiences is now more important than ever. The main objective of this literature review is to understand the current academic discussion pertaining to luxury branding, and by doing so, offer managerial implications for luxury brands in their journey towards integrating online channels. Fully integrated brand communications have the power to create even more unique customer experiences that lead to enhanced brand equity. The findings of this paper reveal that the online environment provides massive opportunities for luxury brands in the long term. Online channels enable luxury brands to create lasting consumer relationships through unique experiences in the different touchpoints, building lasting brand equity. This literature review discusses the main requirements needed for succeeding in this online transformation in terms of communications and sales. The results imply that it is, in fact, possible to transfer superior luxury experiences of physical stores and events to the digital form.Description
Thesis advisor
Blakaj, HedonKeywords
brand equity, luxury, e-commerce, digitalisation, customer journey