Summary of Digital or Die

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Rating

7 Overall

8 Applicability

6 Innovation

7 Style


Recommendation

Today, more than ever before, consumers use digital tools to shop, research products and interact with brands. So why haven’t luxury brands fully embraced this trend – and what are they losing by staying on the sidelines? Consultants from the Boston Consulting Group explore why luxury brands need digital initiatives and outline how these brands must evolve if they wish to reach new consumers and retain present ones. getAbstract recommends this report to CEOs and marketers of luxury brands who want to revitalize their companies’ digital strategy.

In this summary, you will learn

  • Why luxury brands need digital initiatives,
  • How digital initiatives appeal to current and future luxury customers, and
  • Which eight areas offer brands opportunities to digitize.
 

About the Authors

The Boston Consulting Group is a global management-consulting firm and a business strategy adviser.

 

Summary

Many luxury brands have failed to embrace digital initiatives with the swiftness other consumer goods divisions manage. If luxury brands wish to gain new customers, they must embark upon a digitally-focused “transformation.” Eight areas offer opportunities where businesses can strike the digital match:

  1. "Strategy" – Customers’ needs change quickly. Businesses must shake off traditional mind-sets of “control” and stay “agile” if want to serve their clients. At fashion label Burberry, customers can enjoy a “rich experience” in shops and online. Burberry tells stories, ...

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