LUXURY BRANDS & E-COMMERCE

Published On : 02/15/2022

By Pearl M. Kasirye, Co-Founder & PR Director of Pearl Lemon

E-commerce is a part of our everyday lives and we tend to lean on it when we are too lazy to go to real stores. Now, the industry has grown to the next level and even luxury brands can sell their high-end products to their clientele with ease. 

This can be luxury jewelry, fashion accessories, clothing, or other exclusive items. The question is, how can luxury brands utilize e-commerce to stand out from the competition? 

One of the best ways to learn about how luxury brands are harnessing the power of e-commerce, we’ll use brands like Astteria as a case study to fully understand the best practices for luxury brands  using e-commerce stores. 

What is E-commerce?

E-commerce, as defined by the Oxford dictionary, is commercial transactions that are conducted electronically on the internet. Ecommerce is entirely run on the internet occurs either B2B ( business to business ), B2C (business to consumer), or between one consumer to another.

The spike in the growth, popularity, and usage of the internet as a global network, in general, makes it a suitable platform that people can use to sell and buy items of all kinds from almost every location in the world. It can further entertain the attention of all kinds of consumers, such as the high-end buyers that ease their lives through using the internet, thus making sellers of luxury-brand items gain a niche market.

Luxury goods in the e-commerce market

Luxury goods are items or services for which the demand increases more than what it is, proportional to income rises. In simple terms, the demand for these goods increases as the income of the consumers increases at a particular time.

As a result of the pandemic that saw the style of work and life in general change, luxury brand businesses have been forced to find new ways to lure new high-end buyers and strive to keep those they had registered as loyal before. As a result, some have been more successful and have made tremendous profits, while others have suffered heavy losses, eventually pulling out of the business.

How it works

For internet transactions and business operations to be successful, one must understand how the platform works and the extent to which it must perform to achieve a maximum result. For some businesses, this has failed. Others have blundered by refusing to have a professionally done website as a strategy to “save”- costing them much more in the long run. Slow responses on some of these internet-powered sites that businesses own, such as social media, is also a turn-off for the business as the customers begin to shun it since they do not get service within the required time.

The visual appeal also plays a significant role in the effectiveness of this type of trade, primarily since it is based on a business selling its product through a photo. Poorly captured images can also make consumers doubt the brand and write off purchasing the item. Lastly, lack of adequate information about the item a consumer wants to buy is also enough to encourage them to consider other places to buy what they need.

Incorporation of seemingly small but powerful methods can be total game changers luxury brands can use to change their story for good completely. Investing in great photography to catch the attention of the buyers and properly using SEO keywords in creatively written articles are good ways to start. Investing in professional website building and having efficient customer service will also take the online business to the next level.

For the new-age luxury brand

Wondering how exactly eCommerce helps luxury brands? Here are some ways that the luxury industry benefits.

Brand and product visibility

E-Commerce is an optimal method to take a luxury brand from a traditional brick-and-mortar store to an innovative, world-renowned brand. 

For your brand to be recognized by an international market, you need to use strategized tactics to optimize your online store:

1.  offering great products for 24 hours along with efficient online customer service 
2. Utilizing blogs and social media to create buzz for your brand within your target market
3. Worldwide delivery with a quick and easy payment process

Having your store and brand functioning almost entirely only will allow you to fully expand the brand’s product range without having to worry about moving locations or having to finance a physical expansion.   

Convenience 

An online luxury store is convenient for your customers and convenient for your brand. First, It is easier to maintain a high-class standard with your online store using images and small details like the layout and flawless useability. 

Astteria is a luxury jewelry brand that sells its high-end products online. Their team pays close attention to the user experience because that can impact sales. The website, UX design, response times, and customer service are all vital elements that every luxury brand should focus on. According to Review.io, 100% of reviewers recommend Astteria because they all had a fantastic shopping experience. 

Because your online store is available all day, every day, your customers’ shopping experience is of paramount importance. Clients of Luxury brands are busy traveling the world and or having endless meetings in top floor corner offices, and when they are shopping, they are looking for a convenient and flexible experience that still offers them the opportunity to obtain the highest quality products.

Increased market reach

Having an online store can expand your market to attract people worldwide. How?

1. Millions of people can visit your website at any time, meaning you can reach out to a larger audience of people from all ethnic backgrounds and lifestyles. Believe it or not, luxury is universal, so there are all kinds of people worldwide that would be interested in buying a luxury product.

2. Your website is one of the best marketing tools your business has. There are several marketing techniques that you can use alongside your website, including pay-per-click advertising, social media, email marketing, online press releases – all of which will include links back to your website. You can utilize SEO (Search Engine Optimization) when building your site; This will lead to your business getting found easily in search engines.  

How Luxury brands stand out

Customers can experience the products by touching and feeling them in your store. Luxury brands need to find innovative ways to bring this experience to the digital space with an online platform. 

Technology has advanced incredibly in the last few years, so here are a few trends that are taking e-commerce in 2022 to the next level:

• High-quality photos are inadvertently top on the list, but there is more you can do than just have great pictures. You can add 360-degree views of products that widen the level of perspective.

• Augmented Reality helps shoppers connect with the products through visual aids that accurately represent the product to allow customers to envision what the item looks like.

• Livestreaming fashion shows or meet and greet events add personification to a site that would otherwise be just words and pictures. Livestreaming also taps into the existing eCommerce trend of influencer marketing and brand ambassadors.

• AI and automation to are now used to augment the customer experience. One exexample of this is chatbots —this is software that can communicate with shoppers via a live chat interface providing instantaneous 24/7 customer service.

Keep up!

In 2022, consumers will expect a harmonious and convenient shopping experience more than ever before. Utilizing the right eCommerce trends will allow you to adapt to these fast-changing aids and preferences. 

To elevate your business, you’ll want to continue to reevaluate which areas in eCommerce are growing and invest in them to build better online experiences.

Jessica Weisman-Pitts

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.