There is a great deal of mythology and lack of expertise in digital transformation tech at all consumer brands, not just luxury and premium brands. But luxury and premium brands are different. They are in the unique products and deep customer relationship business; at least the best ones are. They rely partially on scale, but mostly on share of customer relationship. Using those benchmarks is how we designed the luxury and premium customer tech priorities list outlined in our May 2022 white paper, How to Prioritize Customer Tech's Top 5 in 2022 and Beyond.
Milton Pedraza, Luxury Institute CEO, is an independent and active investor in a few of the recommended technologies mentioned. Unlike VCs, we cannot afford to have only one unicorn out of seven investments. We strive for unattainable perfection. We identify game-changing, scale or fail technologies, and the best players within these categories.
We believe that brands that develop the skills to profitably scale the top 5 technologies recommended, in order of priority, are serving the best interests of their shareholders and are aligned to serve the best interests of their customers.