According to a recent report by Luxe Digital, the share of online sales in the global luxury sector is expected to triple by 2025, reaching $91 billion.
The report also reveals that at least 40% of all luxury purchases are influenced by the consumer’s online experience.
What strategies can you adopt to boost your luxury product sales? This article highlights ways to position your luxury brand for success.
What is luxury e-commerce?
Luxury e-commerce refers to the online sale of high-end products, often from designers. Brands selling luxury products and services offer their customers a premium shopping experience, from personalized advice to unique packaging, conveying a sense of luxury from the website to delivery.
Examples of luxury e-commerce
Lemaire ‘s experience in luxury e-commerce begins with its website design. From the moment you land on the clothing brand’s homepage, you’re greeted by a sophisticated aesthetic. Lemaire’s site has a polished, high-end look, with a striking color palette that creates a sense of exclusivity. The captivating images are complemented by editorial-style photography, evoking the aesthetic of a fashion magazine.
In addition to the brand’s e-commerce site, Lemaire shares its latest creations on Instagram . Its collaboration with celebrities and models, as well as the virality of its net croissant bag, have also earned it thousands of views on TikTok thanks to the hashtag #Lemaire.
SKIMS
SKIMS , founded by Kim Kardashian, offers a luxury experience through its innovative collection of shapewear, underwear, and loungewear. Each product is showcased using different models to showcase the brand’s inclusivity.
Much of SKIMS’s luxury brand image stems from Kim Kardashian, an influencer associated with glamorous outfits, expensive apartments, private jets, and a generally covetable lifestyle. The brand has also expanded its reach, partnering with established fashion houses such as Fendi and Grammy winner SZA for its promotion.
Bremont
Bremont is a renowned watchmaking company based in the United Kingdom. The brand showcases its rich history on its website through exceptionally high-quality images and videos.
Bremont works with military personnel around the world to create watches specifically for them. It also partners with elite brands, such as Williams Racing, one of the world’s most successful Formula 1 teams. Every aspect of the website, from the fonts and colors to the buttons and icons, is carefully chosen to reflect the brand’s image and quality standards.
Tips for luxury e-commerce
The luxury goods market has reached a new normal, one of slower growth. To succeed, brands will need to strive to anticipate and meet the needs of younger consumers.
A study by Bain & Company and Farfetch estimates that millennials will account for 40% of the global luxury market by 2025. Analysts also believe that the appeal of luxury goods to Generation Z consumers is linked to the explosion in wealth creation in recent years, as well as social media.
To truly resonate with millennials, luxury fashion brands must also rethink their distribution channels and product offerings. They must focus on what millennials are most likely to buy: for now, that’s comfortable yet high-end items.