Tailoring customer segmentation strategies for luxury brands in the NFT market – The case of SUPERGUCCI
This study navigates the intersection of luxury fashion brands and Non-Fungible Tokens (NFTs) in the digital realm. By examining customer segments within the luxury NFT market, this study unfolds insights into changing market trends, consumer behaviors, and brand strategies. Employing data mining approaches, XPath analysis and the k-means clustering algorithm, this study examines user characteristics and behavior on the OpenSea platform, the largest NFT marketplace, with a specific focus on the SUPERGUCCI NFT collection by Gucci. This study identifies three distinct clusters, namely, speculators, casual collectors, and cryptocurrency natives, as well as their characteristics and behavior. The findings illustrate the significant impact of NFTs on customer segmentation and engagement, offering strategic insights for luxury brands navigating technological advancements. As the luxury sector evolves, this study enhances understanding of NFTs' role in consumer engagement and retail strategy within the digital age.
Authors
- Beomjin Choi (ORCID: https://orcid.org/0000-0002-4578-8538)
- Sang-Joon Lee (ORCID: https://orcid.org/0000-0002-0526-3614)
- Qiuying Chen
Institutions
- Chonnam National University (KR)
- California State University, Sacramento (US)
Publication Details
- Journal
- Journal of Retailing and Consumer Services
- Published
- 2024-10-13
- DOI
- https://doi.org/10.1016/j.jretconser.2024.104121
- Citations
- 17
- Primary Topic
- Consumer Behavior in Brand Consumption and Identification
- Type
- article
- Field-Weighted Citation Impact
- 7.46