I read an article from The Business of Fashion, written by its Editor in Chief, Imran Amed about why Fashion companies don’t belong today in the “unicorns” group (term created in Silicon Valley for a $1 billion company), and he relates it to the lack of understanding between Fashion and Technology.
In this post, I want to make obvious to any person that works at a luxury company, or to digital entrepreneurs, that technology is entering in the fashion world like a strong tsunami, and the topic I’ve chosen this time is the emerging new social shopping apps.
Google Think’s case study How Affluent Shoppers Buy Luxury Goods proves that 70% of the consumers research online before purchasing a luxury product, while shopping in a physical store still represents the 75%. However, we all now that the last figure is every day decreasing more and more. Natalie Massanet, founder and CEO of the Net-a-Porter Group, said “The rise of social media and style blogs has shown that women around the world are inspired by each others styles and closets”, and I’d like you to learn this sentence by heart, because social media has fallen in love with e-commerce and they are creating a bomb.
Here is where fashion has to embrace technology, and stop thinking about implementing e-commerce on the site. Leave your official websites for beautiful branding and nice experiences for the users, and invest on technology as the future of online shopping, by being where the consumer feels comfortable and positive about clicking on the buy-now button.
Last May 13 the Net-a-Porter group launched The Net Set – The first mobile social network that enables consumers to buy luxury goods through the app. The user can share, like and comment pictures like on Instagram but with the plus of being able of buying the items (as long as they are available at Net-a-Porter, of course). Isn’t it great? The company has created a comfortable environment for the user, where they build their own space and where they get inspired, and has introduce there the buy-now button… in my opinion, it’s brilliant.
Sorry android users… it’s only available at the AppStore!
The Net Set has already found some competitors already in the market. Like To Know It is an online tool that enables fashion bloggers to profit from their Instagram accounts, and users to buy their favorite Intagramers’ outfits. However, this online tool embeds from an existing social network, which means sharing a % of the sales with the bloggers who insert links to Like to Know It – Vogue and bloggers like The Man Repeller use it to get commission on goods featured in their pictures – Like To Know It influencers strategy has to be very strong, but on the other hand, they don’t have to wait until the platform gets an audience to start selling – Instagram has 300 Millon monthly active users and many of them are willing to buy their daily inspirations.
Love List shares the same philosophy as Like To Know It, and embeds from an existing social network, Pinterest, but doing something different – It enables the user to fuse physical and online shopping by linking the items they see on real stores, where still the majority of sales still occur. In my opinion, it’s the more realistic approach, taking into account the actual shopper journey.
Here the link to download it – Love List App
I hope it helped you getting some inspiration for reinventing your e-commerce strategy. Now, you might do some creative and business thinking about the way that suits better your brand, convince some technology investors, and I’m sure you come with great ideas!
Have a nice week ❤