IDEAS home Printed from https://ideas.repec.org/a/eee/joreco/v82y2025ics096969892400417x.html
   My bibliography  Save this article

Tailoring customer segmentation strategies for luxury brands in the NFT market – The case of SUPERGUCCI

Author

Listed:
  • Chen, Qiuying
  • Choi, Beom-Jin
  • Lee, Sang-Joon

Abstract

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.

Suggested Citation

  • Chen, Qiuying & Choi, Beom-Jin & Lee, Sang-Joon, 2025. "Tailoring customer segmentation strategies for luxury brands in the NFT market – The case of SUPERGUCCI," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:joreco:v:82:y:2025:i:c:s096969892400417x
    DOI: 10.1016/j.jretconser.2024.104121
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S096969892400417X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jretconser.2024.104121?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Park, Hyejune & Lim, Rachel Esther, 2023. "Fashion and the metaverse: Clarifying the domain and establishing a research agenda," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    2. Miguel Alves Gomes & Tobias Meisen, 2023. "A review on customer segmentation methods for personalized customer targeting in e-commerce use cases," Information Systems and e-Business Management, Springer, vol. 21(3), pages 527-570, September.
    3. Kayalvily Tabianan & Shubashini Velu & Vinayakumar Ravi, 2022. "K-Means Clustering Approach for Intelligent Customer Segmentation Using Customer Purchase Behavior Data," Sustainability, MDPI, vol. 14(12), pages 1-15, June.
    4. A. Koohang & J.H. Nord & K.-B. Ooi & G.W.-H. Tan & M. Al-Emran & E.C.-X. Aw & A.M. Baabdullah & D. Buhalis & T.-H. Cham & C. Dennis & Vincent Dutot & Yogesh K. Dwivedi & L. Hughes & E. Mogaji & N. Pan, 2023. "Shaping the Metaverse into Reality: A Holistic Multidisciplinary Understanding of Opportunities, Challenges, and Avenues for Future Investigation," Post-Print hal-04292613, HAL.
    5. Jean-Noël Kapferer & Vincent Bastien, 2009. "The specificity of luxury management: Turning marketing upside down," Post-Print hal-00493180, HAL.
    6. Matthieu Nadini & Laura Alessandretti & Flavio Di Giacinto & Mauro Martino & Luca Maria Aiello & Andrea Baronchelli, 2021. "Mapping the NFT revolution: market trends, trade networks and visual features," Papers 2106.00647, arXiv.org, revised Sep 2021.
    7. Phuc Hong Huynh, 2021. "“Enabling circular business models in the fashion industry: the role of digital innovation”," International Journal of Productivity and Performance Management, Emerald Group Publishing Limited, vol. 71(3), pages 870-895, June.
    8. Jung, Jaesuk & Yu, Jihye & Seo, Yuri & Ko, Eunju, 2021. "Consumer experiences of virtual reality: Insights from VR luxury brand fashion shows," Journal of Business Research, Elsevier, vol. 130(C), pages 517-524.
    9. Prentice, Catherine & Loureiro, Sandra Maria Correia, 2018. "Consumer-based approach to customer engagement – The case of luxury brands," Journal of Retailing and Consumer Services, Elsevier, vol. 43(C), pages 325-332.
    10. Dowling, Michael, 2022. "Fertile LAND: Pricing non-fungible tokens," Finance Research Letters, Elsevier, vol. 44(C).
    11. Lauren Haaften-Schick & Amy Whitaker, 2022. "From the Artist’s Contract to the blockchain ledger: new forms of artists’ funding using equity and resale royalties," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 287-315, June.
    12. Dowling, Michael, 2022. "Is non-fungible token pricing driven by cryptocurrencies?," Finance Research Letters, Elsevier, vol. 44(C).
    13. Christian Doerr & Norbert Blenn & Piet Van Mieghem, 2013. "Lognormal Infection Times of Online Information Spread," PLOS ONE, Public Library of Science, vol. 8(5), pages 1-6, May.
    14. Luong, Van Ha & Tarquini, Annalisa & Anadol, Yaprak & Klaus, Phil & Manthiou, Aikaterini, 2024. "Is digital fashion the future of the metaverse? Insights from YouTube comments," Journal of Retailing and Consumer Services, Elsevier, vol. 79(C).
    15. Rodrigues, Mariana Berga & Loureiro, Sandra Maria Correia & Romero, Maria Inês Relvas, 2024. "Luxury fashion games are so cool! Predicting awareness, perceived quality, and loyalty," Journal of Retailing and Consumer Services, Elsevier, vol. 77(C).
    16. Sharma, Purva & Srivastava, Ankur & Sharma, Veenu & Singh, Nidhi & Nijjer, Shivinder, 2024. "Understanding consumer repurchase intentions towards luxury retail brands: Evidence from an emerging market," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).
    17. Tchai Tavor & Limor Dina Gonen & Uriel Spiegel, 2023. "Customer Segmentation as a Revenue Generator for Profit Purposes," Mathematics, MDPI, vol. 11(21), pages 1-20, October.
    18. Bian, Qin & Forsythe, Sandra, 2012. "Purchase intention for luxury brands: A cross cultural comparison," Journal of Business Research, Elsevier, vol. 65(10), pages 1443-1451.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Proelss, Juliane & Sévigny, Stéphane & Schweizer, Denis, 2023. "GameFi: The perfect symbiosis of blockchain, tokens, DeFi, and NFTs?," International Review of Financial Analysis, Elsevier, vol. 90(C).
    2. Choi, Jaeseo, 2024. "A Study on the Applicability of NFT in the Entertainment Industry: Application of the Means-end Chain analysis and Laddering," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302456, International Telecommunications Society (ITS).
    3. Horky, Florian & Rachel, Carolina & Fidrmuc, Jarko, 2022. "Price determinants of non-fungible tokens in the digital art market," Finance Research Letters, Elsevier, vol. 48(C).
    4. Wesley Joon-Wie Tann & Akhil Vuputuri & Ee-Chien Chang, 2022. "Projecting Non-Fungible Token (NFT) Collections: A Contextual Generative Approach," Papers 2210.15493, arXiv.org, revised Feb 2023.
    5. Zhang, Wenting & Liu, Tiantian & Zhang, Yulian & Hamori, Shigeyuki, 2024. "Can NFTs hedge the risk of traditional assets after the COVID-19 pandemic?," The North American Journal of Economics and Finance, Elsevier, vol. 72(C).
    6. Lin, Min-Bin & Wang, Bingling & Bocart, Fabian Y.R.P. & Hafner, Christian M. & Härdle, Wolfgang K., 2022. "DAI Digital Art Index : a robust price index for heterogeneous digital assets," LIDAM Discussion Papers ISBA 2022036, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    7. Ghosh, Bikramaditya & Bouri, Elie & Wee, Jung Bum & Zulfiqar, Noshaba, 2023. "Return and volatility properties: Stylized facts from the universe of cryptocurrencies and NFTs," Research in International Business and Finance, Elsevier, vol. 65(C).
    8. Bao, Te & Ma, Mengzhong & Wen, Yonggang, 2023. "Herding in the non-fungible token (NFT) market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 39(C).
    9. Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2022. "Dynamic dependence and predictability between volume and return of Non-Fungible Tokens (NFTs): The roles of market factors and geopolitical risks," Finance Research Letters, Elsevier, vol. 50(C).
    10. Nobanee, Haitham & Ellili, Nejla Ould Daoud, 2023. "Non-fungible tokens (NFTs): A bibliometric and systematic review, current streams, developments, and directions for future research," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 460-473.
    11. Fakhfekh, Mohamed & Bejaoui, Azza & Bariviera, Aurelio F. & Jeribi, Ahmed, 2024. "Dependence structure between NFT, DeFi and cryptocurrencies in turbulent times: An Archimax copula approach," The North American Journal of Economics and Finance, Elsevier, vol. 70(C).
    12. Di, Kaisheng & Chen, Weidong & Shi, Qiumei & Cai, Quanling & Liu, Sichen, 2024. "Analysing the impact of coupled domestic demand dynamics of green and low-carbon consumption in the market based on SEM-ANN," Journal of Retailing and Consumer Services, Elsevier, vol. 79(C).
    13. Shannon, Darren & Dowling, Michael & Zhaf, Marjan & Sheehan, Barry, 2024. "Dutch auction dynamics in non-fungible token (NFT) markets," Economic Modelling, Elsevier, vol. 141(C).
    14. Ki, Chung-Wha (Chloe) & Chong, Sze Man & Aw, Eugene Cheng-Xi & Lam, Magnum Man-Lok & Wong, Christina W.Y., 2025. "Metaverse consumer behavior: Investigating factors driving consumer participation in the transitory metaverse, avatar personalization, and digital fashion adoption," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    15. Barbara Guidi & Andrea Michienzi, 2023. "From NFT 1.0 to NFT 2.0: A Review of the Evolution of Non-Fungible Tokens," Future Internet, MDPI, vol. 15(6), pages 1-23, May.
    16. Umar, Zaghum & Usman, Muhammad & Choi, Sun-Yong & Rice, John, 2023. "Diversification benefits of NFTs for conventional asset investors: Evidence from CoVaR with higher moments and optimal hedge ratios," Research in International Business and Finance, Elsevier, vol. 65(C).
    17. Jinlu Shen & Xiangyu Zhou & Wei Wu & Liang Wang & Zhenying Chen, 2023. "Worldwide Overview and Country Differences in Metaverse Research: A Bibliometric Analysis," Sustainability, MDPI, vol. 15(4), pages 1-25, February.
    18. Urom, C. & Ndubuisi, Gideon & Guesmi, K., 2022. "Quantile return and volatility connectedness among Non-Fungible Tokens (NFTs) and (un)conventional asset," MERIT Working Papers 2022-017, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    19. Urom, Christian & Ndubuisi, Gideon & Guesmi, Khaled, 2024. "Global macroeconomic factors and the connectedness among NFTs and (un)conventional assets," Research in International Business and Finance, Elsevier, vol. 71(C).
    20. Zhang, Luyao & Sun, Yutong & Quan, Yutong & Cao, Jiaxun & Tong, Xin, 2023. "On the Mechanics of NFT Valuation: AI Ethics and Social Media," OSF Preprints qwpdx, Center for Open Science.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joreco:v:82:y:2025:i:c:s096969892400417x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-retailing-and-consumer-services .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.