Untitled Deck Flashcards
(20 cards)
What is the definition of luxury in the course?
The alliance of rarity, know-how, and excellence, offering exclusivity, emotion, and timeless desire.
How is digital defined in this context?
An ecosystem where all data is digitized – connected, interactive, and data-driven.
What is the main contradiction between luxury and digital?
Luxury is rare and refined, while digital is abundant and standardized.
What is the key point of convergence between luxury and digital?
Creativity.
Why is digital transformation necessary for luxury brands?
To align with hyperconnected consumers and societal expectations of innovation.
What are two main reasons luxury and digital are forming a close relationship?
- Evolution of consumer behavior toward transparency and proximity. 2. Digital adds emotional and personalized dimensions to the luxury offer.
What famous quote by Maya Angelou is highlighted in the document?
“People will forget what you said, people will forget what you did, but they will not forget how you made them feel.”
What shift did Antonio Carriero describe regarding e-commerce in luxury?
E-commerce shifted from being ‘the cherry on the cake’ to being ‘the cake’ itself after COVID.
What is the definition of omnichannel in luxury?
A seamless and unified brand experience across all customer interaction channels.
Why did luxury brands initially reject e-commerce?
They believed it was incompatible with luxury and left it to multi-brand platforms.
What triggered luxury’s shift toward embracing e-commerce?
The COVID crisis and the need to understand customer behavior.
Why is the online-offline distinction obsolete for younger generations?
Millennials and Gen Z see digital as a culture, not just a sales channel.
How is digital entering physical luxury stores?
Through animations, interactive terminals, and virtual experiences.
How are humans entering the digital space in luxury?
Via live events, consultations, co-created products, and remote interactions.
What are the ‘assets of tomorrow’ for luxury brands?
The brand’s space of expression, customer data, and control over internal processes.
What does DNVB stand for?
Digitally Native Vertical Brand – businesses born online, often evolving to include physical spaces.
List the 6 challenges of omnichannel transformation.
- Real-time diagnostics and personalized recommendations.
- Personalized marketing and content.
- Quick Commerce optimization.
- Reinventing the purchasing journey.
- Product/service customization.
- Unified customer support.
What is Farfetch’s ‘Private Customer Experience’?
A luxury service for wealthy consumers offering a personal shopper, exclusive items, and same-day delivery.
How does Farfetch encourage loyalty?
Through a tiered membership program offering exclusive services and products.
What is the goal of omnichannel customer journey exercises in class?
To identify friction points and design seamless, multichannel luxury experiences.
