How to add value to products: the experience economy perspective : A research on how companies could add value to their products using the experience economy

• Main Authors: Ordenov, Pavel, Abu-Sbiekh, Lina, Boiarshinov, Anton
• Format: Others
• Language: English
• Published: Linnéuniversitetet, Institutionen för organisation och entreprenörskap (OE) 2020
• Subjects: Experience economy; Types of experience; Co-creation; Gamification; Digitalization; Retail industry; Clothing; Nike; Benetton Group; Louis Vuitton.; Business Administration; Företagsekonomi
• Online Access: http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96312

Nowadays the world is on the verge of another significant migration of value, the value for corporate world is shifting from providing services to staging experiences for customers. Since it is vital to understand the main characteristics and components of the impending environment, this research is carried out. It is aimed at determining the main elements of the experience economy that could add value to products and the way modern retail companies apply these instruments within their strategies. The purpose of this paper is sufficiently fulfilled by qualitative analysis of three companies from the clothing industry - Benetton Group, Nike, Louis Vuitton. In the paper co-creation, gamification and digitalization are identified as the main instruments of the experience economy that could lead to greater value of the products and additionally contribute to other companies’ brand performance criteria as brand loyalty and brand awareness. Furthermore, the study provides discrepancies between retail companies from the clothing industry in terms of implementing experience economy instruments depending on their market segment, strategy and specialization.