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The Effect of E-Commerce on Luxury Brands, Equivocation Between Exclusivity and Omnipresence

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The Effect of E-Commerce on Luxury Brands, Equivocation Between Exclusivity and Omnipresence The Effect of E-commerce on Luxury Brands, Equivocation Between Exclusivity and Omnipresence Thesis By Anna Yun Submitted in Partial fulfillment Of the Requirements for the Degree of Bachelor of Science in Business Administration State University of New York Empire State College 2018 Reader: David Starr-Glass Statutory Declaration / Čestné prohlášení I, Anna Yun, declare that the paper entitled: The Effect of E-commerce on Luxury Brands, Equivocation Between Exclusivity and Omnipresence was written by myself independently, using the sources and information listed in the list of references. I am aware that my work will be published in accordance with § 47b of Act No. 111/1998 Coll., On Higher Education Institutions, as amended, and in accordance with the valid publication guidelines for university graduate theses. Prohlašuji, že jsem tuto práci vypracoval/a samostatně s použitím uvedené literatury a zdrojů informací. Jsem vědom/a, že moje práce bude zveřejněna v souladu s § 47b zákona č. 111/1998 Sb., o vysokých školách ve znění pozdějších předpisů, a v souladu s platnou Směrnicí o zveřejňování vysokoškolských závěrečných prací. In Prague, 27.04.2018 Anna Yun 2 Acknowledgment: Given work becomes a reality with help of many people. I would like to acknowledge and thanks all of them. Firstly, I would like to express my special gratitude and thanks to my mentor Professor Starr-Glass for sharing knowledge, unwavering support, and patience with the deadlines throughout this project work. I would like to thank my family and close friends for life-long support, encouraging and believing in my abilities. The contribution of every individual mentioned above have been crucial in the carrying out this project. 3 Table of Contents Abstract ........................................................................................................................................................... 5 Chapter 1: Introduction............................................................................................................................ 6 Chapter 2: Theoretical Background of E-commerce ................................................................... 9 2.1 Definition of E-commerce ................................................................................................................... 9 2.2 Development of E-commerce .......................................................................................................... 10 2.3 The Concept of Digital Marketing and E-Commerce .............................................................. 13 2.3.1 Product................................................................................................................................................. 15 2.3.2 Place ..................................................................................................................................................... 17 2.3.3 Price ...................................................................................................................................................... 18 2.3.4 Promotion ........................................................................................................................................... 19 Chapter 3: Concept of Luxury ............................................................................................................ 21 3.1 The Concept of Luxury ...................................................................................................................... 21 3.2 Luxury Brand Management.............................................................................................................. 23 3.3 “Exclusivity” and “Omnipresence” ............................................................................................... 24 Chapter 4: Luxury Brands Online .................................................................................................... 27 4.1 Luxury brands on e-commerce platform ...................................................................................... 27 4.1.1 Louis Vuitton ..................................................................................................................................... 29 4.1.2 Gucci .................................................................................................................................................... 30 4.1.3 Burberry .............................................................................................................................................. 31 4.2 The Luxury Pyramid ........................................................................................................................... 32 Chapter 5: Case Study ............................................................................................................................ 35 5.1 Introduction to Yoox Net-a-Porter Group.................................................................................... 35 5.2 Luxury WebPage ................................................................................................................................. 36 5.3 SWOT Analysis ................................................................................................................................... 39 5.4 Efficiency of the online retailing platform .................................................................................. 42 5.5 Key Success Factors ........................................................................................................................... 44 5.6 Online Brand Communities .............................................................................................................. 46 Chapter 6: Conclusion ............................................................................................................................ 49 6.1 Conclusion ............................................................................................................................................. 49 References .................................................................................................................................................... 52 4 Abstract Given work is focused on the implementation of the electronic commerce on the industry of luxury brands. Nowadays, luxury companies are faced with the challenges of implementing traditional mass marketing strategies on the digital platforms and emphasizing the factor of losing exclusivity of the luxury products. Therefore, is is necessary for businesses to understand the consumer behaviour online as well as ubiquitous factor of the e-commerce. The primary purpose of the study is to analyse how luxury companies overcome the issue of presenting themselves as an exclusive on the omnipresent environment of the digital world. It is achieved by providing key success factors that develops the most suitable approach in the balancing between high social classes and mass classes. Furthermore, Chapter 2 and Chapter 3 are the theoretical parts of the research that familiarize the reader with the e-commerce and luxury concepts while, the last chapter provides the analysis of the case study of the most successful online retail company Yoox Net-a-Porter. Findings clearly demonstrate the possibility to luxury brand companies to maintain the sense of exclusivity by providing the most suitable service on the online platforms. The most appropriate factors that are need to be taken into consideration while operating online are qualified service, return policies, official webpage, effective team, online brand communities, and the product range. 5 Chapter 1: Introduction Luxury has always been symbolized with the elegance, comfort, high price, and excellent quality. The industry of luxury products differs from the everyday goods, as it is altogether another product sector. From the economical point of view, the luxury fashion industry is considered to be one of the most profitable and valuable segments worldwide with more than 249 billion euros revenue in 2016 (Duncan, 2016). The primary function of the high-class industry is to maintain the difference between social classes of royals, aristocrats and past civilizations (Onkonwo, 2009). In all cultures, people have a desire to have a specific position in the society that appears through the lifestyle, clothing, jewelers, expensive cars and other goods. However, concerning fashion industry, it is not only about materialistic aspect. Coco Chanel, most known French fashion designer, and businesswoman said: “Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening” (Griggs, 2011). Therefore, the way we perceive the luxury industry has changed with the appearance of the Internet because it has changed the lifestyle of people and the way people view the world in general. Nowadays, e-commerce is rapidly growing industry in every society, and luxury brands are facing the challenges of using the mass marketing strategies and at the same time accentuates the exclusivity dimension of the goods that make it necessary to companies to change their ordinary rules and behavior in the digital world (Okonkwo, 2010). Luxury brands have always been focusing on selling limited and exclusive goods, only for the high social class. However, the presence of the luxury brands on the Internet platform and availability to buy products online makes the communication between consumer and seller available to a mass base. Brands are losing the
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