Luxury e-commerce is very different to regular mass market online retail that sites like Amazon and Target provide. Obviously, the number of website visitors for the former is much lower due to the financial barriers that prohibit many consumers to shop for luxury items on a regular basis.
But affluent consumers are also more difficult to convert online because they usually prefer to personally check an item before buying it. Just think of buying a Rolex watch online. However, for repeat purchases, such as of upscale perfumes and cosmetics, online retail is more suitable.
Improving the luxury e-commerce website
Creating and operating a luxury e-commerce site comes with specific challenges. Visitors expect a tastefully designed site that fits the image of a luxury brand or retailer. Naturally, no element of the site can look cheap; for example, flawless photography is a must.
Since many e-commerce sites now also embed videos to increase conversion rates, choosing the best video player for the site is one of the many important decisions that have to be made as part of the design process. A smooth checkout experience and best-in-class shipping options are also expected from luxury-level retailers.
Only time will tell which luxury e-commerce sites will prevail and how they will supplement brick-and-mortar luxury retail. While much of mass market retail is shifting online, it remains to be seen to which extend luxury retail will follow this trend.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Digitization of financial services gives wings to fintech companies to reinvent the industry
Creators of increasingly popular solutions such as mobile applications and digital payments, the leaders of the fintech ecosystem will play...
Fellow Funders opens real estate crowdfunding division
The financial company Fellow Funders opens a new line of real estate business with the crowdfunding of $1 million (€870,000)...
Why the FAANGs have led the way upward
The NYSE FANG Index is the subject of our “Chart of the Week.” High tech rules. But will it continue?...
Gold market is holding strong
For the past eight months the bears have been unable to get the price of gold to correct by 20%....
API fintech TrueLayer cashes in on new $70m round lead by Addition
The injection of new capital will be used to accelerate the global expansion and development of premium open banking services,...
Crypto7 days ago
Ethereum is more similar to a real currency than Bitcoin, says Mark Cuban
Featured7 days ago
Why are chart trends for cocoa futures still down
Crowdfunding7 days ago
CrowdFundMe places clothing brand distribution 3A Sport’s minibond
Featured6 days ago
Wendel integrates ESG into the financial terms of its undrawn syndicated loan