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.
Blockchain technology can help the energy industry be more efficient
BlockApps has entered into a partnership agreement with the consulting firm Optimum to develop block solutions for tracking how energy...
Cannabis oversupply prompts stores to offer huge discounts
The surplus on the Oregon cannabis market is so high that existing stocks may last up to 6,5 years. As...
Pub owners in Germany resort to crowdfunding to cope with the pandemic
The Coronavirus has paralyzed the social life. Those who suffer particularly are those who benefit financially from social activities. These...
Africa’s economy on the edge of plunging into a new crisis
Beyond the health crisis, the economic crisis is already looming in Africa. Regional financial institutions are deploying measures to respond...
The fintech sector is benefiting from the current situation
The fintech sector is one of the areas to benefit from the current crisis. The use of fintech applications has...
- Featured6 days ago
Why should banks and FinTech operators ally?
- Business7 days ago
Half Life: Alyx has thrust VR into the spotlight, XRApplied will bring it into the mainstream
- Business7 days ago
Draganfly, Inc. (DFLY) is fighting the coronavirus with a “pandemic drone” straight out of science fiction
- Crypto7 days ago
How can BTC protect us from the threat of hyperinflation?