How to create value with the integration of technologies in omnichannel strategies in the luxury market

Abstract

The rapid evolution of technology and the rise of emerging technologies have impacted how consumers shop and interact with brands. Challenges are intensified in the luxury market, not only due to this segment's exclusive and aspirational nature but also because of the high expectations of luxury consumers. In this highly competitive market, customers have a wide range of brands, companies, and businesses from which they can choose to buy whatever they want. Therefore, luxury experiences must be increasingly captivating, different, and unique. In this context, this dissertation aims to examine how integrating technology in omnichannel strategies can contribute to value creation in such experiences. This dissertation explores the growing importance of omnichannel strategies and the power of technology in creating seamless experiences for luxury consumers. It investigates the integration of technology into luxury omnichannel strategies to understand how technology can be harnessed to create value in the luxury industry. Additionally, this study examines the challenges and opportunities associated with integrating technology into the luxury customer journey, such as the need to balance accessibility and exclusivity, meet customer expectations, and leverage consumer data effectively. Data collection was conducted through semi-structured interviews, following a qualitative research approach. Thirteen experts from the luxury and technology industries were interviewed, providing valuable insights for this dissertation. The interview guide and analysis were developed based on this study's research question and specific objectives. These elements were carefully crafted and structured around the following pillars: * understanding how experts perceive the power of technology when integrated into luxury omnichannel strategies * exploring the opportunities and challenges related to technology integration * showcasing successful cases of technology integration in luxury shopping experiences The study findings reveal that technology significantly impacts value creation within a luxury omnichannel experience. It can transform how customers interact with brands, create memorable experiences, and exceed high-end consumers' expectations. Further, it indicates that technology can enhance the shopping journey via data and the brand's essence, leveraged by emerging technologies. Finally, this research demonstrates how vital the brands' resources and the technological evolution concepts are to deliver more value to the customers.