The Paradox of Luxury in Digitalization

Abstract

Seeing the success of digital platforms and advancement, social media marketing has strengthened the relationship between buyer and seller from a mere commercial transaction to a personal connection. The outcomes of this interaction are meticulous, and like other industries, it has also revolutionised the luxury products industry. It has become pertinent for the luxury brands to participate in the online visibility for customer awareness, customer engagement, customer acquisition, and customer retention. Though certain challenges are there, there is a need to develop strategies to mitigate them for better positioning, building online trust and online value.