First of all, I want to publicly give my condolences to Paris, to France and to each person that has suffered from the horror of November 13. It might seem frivolous to talk these days about Fashion and Luxury, but in my opinion, the only way to defeat radicalism is to continue with our daily life, showing them that we are strong nations, and that we’ll win terror.
As a very close friend has said: “My FRANCE is not this one. My FRANCE is beautiful, my FRANCE always welcomed people through her history. My FRANCE is generous, my FRANCE is and will stay strong.
I am very very sad and heartbroken to see that Humanity does not exist anymore and how some mad people are trying to destroy the values my country is defending : FREEDOM, EQUALITY, FRATERNITY”
But, coming back to our daily beautiful lives, I wanted to make a brief reflection about 3 things that luxury online retailers have to do to stand out in a $243billion global luxury market.
15 years ago the firsts luxury e-tailers started selling on Internet our favorite branded clothes and accessories, but until a few years ago the success didn’t really come. Today, leading department stores and boutiques put in technology their priority for the coming year – Retail executives have identified revenue growth 71% from Web sites and 57% percent from mobile sales.
So now, when the competition is so big, how can My Theresa, Net-A-Porter, Farfetch, Matches Fashion or Santa Eulalia stand out? Like many sites operating in the billionaire global luxury market, they aren’t profitable. To boost growth as it expands, these sites need to offer different services and follow the following rules ;).
- Associate yourself with some influential blogger. Of course, the popularity reach of the influencer has to be aligned with the one from your company. For example, Santa Eulalia, a legendary luxury boutique at Barcelona’s Paseo de Gracia, has recently launched its e-commerce site. To boost it, they have named Blanca Miró, spanish blogger based in Barcelona, as ambassador and personal shopper of the store.
- Make sure that your name appears on well-known publications from the fashion industry. I read on a daily basis The Business of Fashion, and today I’ve participated on a survey just because they were offering a voucher to use at Matches Fashion. How many people have answered just cause of the prize? How many people went to matchesfashion.com even though they didn’t win the voucher?
- Collaborate with a Luxury Brand, better if it’s among the ones that you sell the most on your site. Have you seen the video “Une Incroyable Excuse” by Danny Sangra for Balenciaga and MyTheresa.com? The video is a glamorous, tongue-in-cheek take on the fashion industry, supported with a lively soundtrack from Beethoven. It is also the first foray into film by German e-commerce company My Theresa, Balenciaga’s collaborator on the project, whose name and URL appear at the end of the broadcast. In my opinion, this is a good way to build your boutique image and to drive qualitative traffic to the website… Have My Theresa pay for this collaboration? Or was it an commercial move from Balenciaga to have better position on the retailer?
Figures are growing for e-commerce, but a lot has to be done to replace the real stores. And although boutiques need to keep thinking more digitally, “the physical store won’t go away,” Neves, president of Farfetch says, “Fashion is not downloadable.”
Have a wonderful week.