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How has the internet and social media affected the development of luxury brands and how can you measure it's effectivity - Assignment Example

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How has the Internet & social media affected the development of luxury brands and how can you measure its effectivity? Authors note: The author has knowledge about luxury…. Etc… Abstract Initially, the concept of luxury brands venturing in the online platform to conduct their transactions seemed as an impossible mission not only to managers but also to consumers who had the same view…
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How has the internet and social media affected the development of luxury brands and how can you measure its effectivity
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"How has the internet and social media affected the development of luxury brands and how can you measure it's effectivity"

The aspect of E-commerce has managed to expand the luxury companies from what they were initially, before the introduction of social media. Luxury brands for many people are not just flashy items worn by those in high social classes but unique and also more common to those in lower social classes. Those items hold an identity that occurs as a culture or a philosophy. At the inception of E-Commerce in the late 90s, there were still mixed opinions regarding the luxury sector. Managers from luxury firms held the opinion that luxury would never sell online and consumers shared this same view (Geerts, 2013). The reasons are seemingly straightforward. First, use of the internet was still not yet that common and for that reason people were not willing to spend fortunes on the web. Furthermore, it is also hard to feel and more importantly to evaluate a luxury product while sitting in front of a monitor. Let’s begin by establishing a definition of luxury and the type of products defined as such... Fashion and accessories are the focus of this paper. Then, there are leather goods, wines, jewellery, watches, cosmetics, cars, types of air transport and also hospitality and concierge services. These are only a few examples of industries that produce luxury high end products or services. Luxury comes from the Latin word luxus, which stands for indulgence or glory (Maisonrouge, 2013). History would view these products as any that would be used to show respect to one’s god or used by a King to demonstrate power. It is something very unique that only a limited number of people are able to afford or possess. Lastly, and this applies particularly to the contemporary world, luxury can also be about appreciating time, about being alone or about having the opportunity to explore new things. For that reason, shopping online is very practical. It is fast, always accessible and open for business, permanently adds new items to stock and finally makes it much easier to manage time that remains for more important things than shopping (Maisonrouge, 2013). In today?s world, where everything is changing very quickly, there are numerous daily interactions with new people and I believe that the interest in buying luxury items as well as having a feeling of security wearing them is increasing drastically. The feeling of being a part of the trend and also the feeling of buying luxury online as well as offline, is contributing to luxury being more accessible to the public. Most luxury merchandise revenues globally have augmented from 173 billion € in 2010 to 212 billion € in 2012 (Altagamma, 2012). In this case, I would plan to investigate the manner in which websites or social media change both the buying power and people’s perception concerning luxury products. I would only achieve this on a profound point of view when I integrate statistics of how many consumers now purchase luxury items through social media or other internet platforms. In addition, I intend to look on what aspect of a luxury brands is lost when corporations decide to integrate social media (Seringhaus, 2005). This is by deeply looking on how many companies that deal with luxury items have embraced the internet as a major platform for selling most of their products. For instance, Seringhaus claims that the Read More
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