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.
What is the future of airport screening?
From impossibly long lines to intrusive searches by humorless agents, today’s airport screening process is a hassle for many fliers.
Why millennial homebuyers should take their parents’ advice with a grain of salt
When buying a home, advice coming from people of another generation may be biased and not useful based on your...
This is what could happen after the next market correction
Earnings per share have grown 119 percent faster than corporate profits.
The untold story of Nixon and the $35 gold peg
One gold standard fact known to all is that it was terminated by President Nixon in August 1971.
5 forex trading tips to help you find success in the market
Forex trading provides investors an immense opportunity to earn money. Here are some things to keep in mind when you're...
- Economy3 days ago
Why port funding is now in the critical category
- Featured2 days ago
4 reasons why even the most experienced executives need advisors
- Business3 days ago
5 movies about financial markets that are actually accurate
- Commodities4 days ago
The impact of lab-grown diamonds on the jewelry market