There is no question that the luxury goods market is booming, with sales totaling $1.2 trillion in 2017. However, most of these purchases still happen in physical stores rather than online. A study by Boston Consulting Group found that only 12 percent of luxury purchases get made online.
There are a few reasons for this discrepancy. Firstly, many luxury consumers prefer the personal touch and experience of shopping in a physical store. They enjoy being able to touch and feel the product before buying it, and they like to get advice from sales associates about what would suit them best. Additionally, many luxury brands prefer to sell their products in physical stores, allowing them to maintain more control over their image and branding.
However, there is no doubt that the online luxury market is growing rapidly, and this trend will likely continue in the years ahead. A report by Bain & Company found that online luxury sales grew by 17 percent in 2020 and might grow by another 27 percent by 2023. However, it doesn’t mean guaranteed success. Here are a few things to consider when trying to sell luxury goods online.
Establishing Online Presence
The first step is to make sure you have a solid online presence. This step means having a website that is easy to navigate and looks high-end and active on social media. It’s also essential to have a solid e-commerce platform that can handle luxury goods without any issues. You need to be able to take care of things like returns, exchanges, and shipping quickly and efficiently.
When it comes to selling luxury goods online, content is critical. You must show potential customers why your products are worth the price tag. Create beautiful product photos, videos, and detailed descriptions of each item. Tell the story behind the brand and highlight the craftsmanship that goes into each piece.
Creating a Luxury E-Commerce Site
It can be challenging to create an e-commerce site that looks luxurious. One way to do this is to focus on the design and user experience. Make sure your website is easy to navigate and has a sleek, modern design. Use high-quality photos and videos throughout the site.
It’s also important to focus on creating a seamless customer experience. This step means offering things like free shipping, returns, and exchanges. You might also want to consider offering complimentary gift wrapping.
However, it might be challenging to dedicate the personnel and resources to create it. Fortunately, there are experienced jewelry e-commerce agencies that can help. These agencies will have a team of designers, developers, and copywriters who will work with you to create a luxury e-commerce site that meets your needs and expectations.
Reaching the Right Customers
When selling luxury goods online, reaching the right customers is essential. After all, not everyone is in the market for a $5,000 designer handbag. It would help if you used marketing strategies that target high-end consumers.
One way to reach these consumers is through influencer marketing. Find social media influencers who have a large following of potential customers. Ask them to promote your products on their channels for a fee.
You can also use targeted ads on social media and Google. Use keywords like “luxury,” “designer,” and “high-end” to reach people who are interested in purchasing luxury goods.
Have Products Professionally Photographed
High-quality product photos are essential when selling luxury goods online. Hire a professional photographer to take well-lit, close-up shots of each item from multiple angles. Product videos can also help show off the features of each item.
You must partner with an agency that can perform professional photo shoots and video production. It is not an area where you should cut corners. Jewelry retouching services might also be necessary, especially for diamond rings and other pieces with reflective surfaces. If you have more in your budget, you should consider creating luxury brand commercials. Those pieces of content can be used on your website and social media channels to help increase brand awareness.
Use Luxury Packaging
Once you’ve sold a luxury item, you must ship it in high-end packaging. Many luxury brands use special boxes with their logo, tissue paper, and other branded materials. You want the unboxing experience to be as luxurious as the product itself.
Offer Free Shipping and Returns
When selling luxury goods online, free shipping and returns are standard. Many shoppers won’t even consider buying something unless they know they can send it back if they’re unhappy with it. Make sure your shipping and return policy is clearly stated on your website and that it’s easy for customers to find.
Selling luxury goods online can be a great way to reach a wider audience and boost sales. However, it’s essential to focus on the design of your website, the customer experience, and marketing to the right consumers. You should also have products professionally photographed and use high-end packaging when shipping items out. Offering free shipping and returns is also essential. If you take these steps, you’ll be well on your way to success in selling luxury goods online.