Up to 95 percent of all luxury purchase decisions are formed during the digital journey, making all digital brand touch points the new moments of truth.
In my Luxury Strategy MBA program at Pepperdine University in Malibu, I regularly invite the who’s who in the luxury industry as guest speakers. One of the recent highlights was Megan Quinn, cofounder of Net-A-Porter, the pioneer in luxury online retailing.
In a recent discussion at a flagship store of a luxury watch brand, this was confirmed. Practically all its customers already know what they want when they walk in. The physical experience, if still part of an individual purchase journey, is only to confirm and further shape the brand perception. It is not anymore the brand- and preference-defining touch point.
While many luxury brands are strategizing on how to get ready, the tech platform companies are already making significant market moves that will impact the future significantly.Microsoft’s game-changing $75 billion move to acquire Activision, the game company responsible for blockbusters such asWhat Microsoft, Facebook, Tencent and other platform players are doing with their significant metaverse investments is to “own the customer access” to the metaverse.
Brand storytelling is a traditional weak spot for luxury brands. Équité Research estimates that up to 90 percent of today’s luxury brands lack internal and external clarity on their brand positioning.
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