Selling on marketplaces is a significant opportunity for companies aiming to succeed online; in fact, these platforms attract 90% of internet shoppers.
This means that brands must contend with consumers’ habit of purchasing on these platforms.
Selling on marketplaces, therefore, can also be a fantastic opportunity for luxury brands, which consider exclusivity and attention to detail as their strengths.
So, what are the strategies through which a luxury brand can dominate the marketplaces?
The luxury brand market: changes
In the past, luxury brands hesitated to use e-commerce as a sales channel due to fear of losing their prestige.
There was a belief that customers, eager to experience exclusivity in physical stores, wouldn’t be interested in purchasing online. This reluctance was also fueled by the fear that consumers might encounter counterfeit products or face shipping-related issues.
Now, with the smart use of technology, it’s possible to blend luxury with the digital world to enhance and reach more customers.
The luxury industry has undergone a profound transformation in recent years. With the advent of e-commerce, online marketplaces have introduced unexpected opportunities for luxury brands.
Today’s consumers seek convenience and accessibility without compromising quality and the luxury experience. Therefore, it’s crucial for luxury brands to seize this immense opportunity while keeping in mind a series of necessary actions.
#1 Choosing the right marketplace for luxury brands
One of the fundamental initial steps to successfully sell on marketplaces is selecting the most suitable platform for your brand.
Every marketplace has its own niche and specific audience. Therefore, it’s important to carefully evaluate the available options, analyzing the reputation, customer base, and alignment with the brand of each platform.
#2 Creating a brand image consistent with the essence of the brand
The secret to success in selling luxury products on marketplaces lies in the consistency of the brand image. This means reflecting the prestige and elegance of the brand within the online store page.
Thus, it’s necessary to ensure that every element aligns with the brand’s essence. The goal is to convey to online customers the same sense of exclusivity experienced when entering a physical store.
#3 Crafting product descriptions and images
Accurate and engaging descriptions of each product are essential to capture the customer’s attention and generate trust in the purchase.
Presenting luxury products in a captivating and aspirational context allows potential customers to envision how these products can fulfill their desires.
#4 Providing a personalized shopping experience
This type of customer expects exclusive treatment and a personalized shopping experience. Ensuring impeccable and personalized customer service is one of the crucial factors that a luxury brand must consider to succeed online.
Delivering an unparalleled shopping experience is essential to maintain customer loyalty and build lasting relationships.
What are the luxury marketplaces?
These virtual spaces offer the opportunity to manage their brand while reaching a vast audience of customers.
- Zalando, one of the most established and well-known fashion e-commerce platforms, has decided to give more space to luxury brands in the Designer section, forming collaborations with renowned names like Alberta Ferretti, Just Cavalli, and Trussardi Jeans.
- Yoox provides customers with instant access to a wide selection of exclusive products from around the world, all at more affordable prices than physical stores, including temporary offers with advantageous discounts on top brands.
- Farfetch represents the ideal marketplace in the luxury fashion segment. It connects brands to millions of potential online customers worldwide, helping to reduce stock and clear products from previous collections. Establishing a presence on Farfetch is essential for a luxury brand.
Choosing the right partner makes the difference!
Selling on marketplaces offers great opportunities for brands, but it also hides numerous challenges, especially for a luxury brand.
Relying on an experienced and competent intermediary like Yocabè is the right choice to explode your sales on marketplaces.
This way, you’ll only need to interface with a team of professionals and together design the ideal path to achieve online success.