E-commerce with Luxury Brands
The movement to e-commerce with luxury brands has been a slow growth. Brands are reluctant to transition to selling online for a variety of factors. However, that doesn’t mean that online sales for luxury brands aren’t happening. An article from JCK Online, which reports on the top North American online jewelers by sales, reveals that several American e-retailers are making hundreds of millions of dollars online. So what are they doing right?
The fact that retailers and brands, which have transitioned to e-commerce, are seeing growth online is proof that success can be had for luxury retailers in a digital world. Many retailers think that e-commerce minimizes the luxury experience for the consumer. However, in-store luxury and e-commerce luxury are not mutually exclusive. You’ve worked many hard years to establish a luxurious experience for your consumers. You can set that same experience online. Does your website function well? Is it fast? Are you products current? Do you have multiple photos and extended details on each product? Are the images are your website reflective of your brand image? Everything must cohesively work together in order to create the online luxury experience for your customer. If everything works fluidly and the website is modern and impressive, your customer will feel the same satisfaction they would if they purchased in your store.
Trust is another factor you must achieve if you want to grow you e-commerce sales. Any retailer or brand who has had success has established credibility and trust on their website. How do you establish trust? Today’s consumer is looking for several checkpoints on your website prior to purchasing. You need to have security badges for customers to feel secure in purchasing from you online. You need to use trusted payment platforms like Paypal and Authorize.net. You also need to clearly outline your policies, such as your privacy policy, return policy, exchange policy, and refund policy. Reviews and testimonials are also very beneficial. Consumers today consistently check against peer reviews prior to purchasing.
In-store sales are influenced by your online presence. Today’s consumer has been trained to view a retailer’s website prior to walking into the store. If your online presence is reflective of your brand image, is luxurious, and is credible, it is more than likely that the customer will come into your store when they’re ready to purchase. If you’re not willing to put in the work to establish credibility and the proper brand image online, it’s not worth going into e-commerce. However, consumers are becoming more and more comfortable with purchasing online and you’re soon to miss out on new and returning customers. Don’t try to play catch-up once you’ve realized you’re behind the other luxury brands. You’ll be too late.
Sources:
http://ecommerce-platforms.com/ecommerce-selling-advice/why-are-so-few-luxury-brands-sold-online
http://www.mckinseyonmarketingandsales.com/the-opportunity-in-online-luxury-fashion
https://www.checkfront.com/building-trust-on-your-ecommerce-site
