There’s a big difference between selling a $15 book on Amazon and $15,000 ring on your own ecommerce site. While there’s a sizeable market for each product, the approach to each is clearly unique. If you’ve never sold luxury products online, there are some things you need to know in order to be successful.
4 Tips for Selling Luxury Goods
One of the factors that makes luxury, high-end goods so highly sought-after is scarcity. You can’t just walk into Walmart and pick a luxury good up off the shelf and take it to the self-checkout lane. For years, many luxury brands were fearful that ecommerce would make their product more easily accessible, which would water down high-end goods.
Up until 2008, only one-third of luxury brands used the internet as a sales channel. A decade later, things have changed. Luxury brands have found ways to sell online without compromising on the different factors that impact value – such as scarcity. If you’re currently selling high-end products, then it would benefit you to study what they’ve been doing to ensure success.
1. Get Web Design Right
Your ecommerce site’s web design is a direct reflection of your brand and the quality of your products. If you have a dated website with no clear focus, you’re going to make visitors uncomfortable. If, on the other hand, you have a clean website that’s functional and intuitive, you’ll find it much easier to build trust.
The Estate Diamond Jewelry website is a great example of effective web design in the luxury space. On their product pages, they include high-quality visuals with different angles – something that gives interested customers a better idea of what the product is really like.
2. Stop Competing on Price
The sooner you get out of the mindset of competing on price, the better off you’ll be. In the ecommerce world, there’s always a competitor who will offer your customers a lower price. Instead of discounting your items because other brands undercut you, stick with it.
“You offer a high-quality service and it costs the price it does for a reason,” digital marketing expert Larisa Aslanyan writes. “Do not offer discounts only because your competition did; it undermines the quality of your product.”
3. Publish Authoritative Content
Perception is everything in the world of luxury goods. While most luxury goods have a certain level of functionality or quality to them that commands value, the reality is that these products aren’t all that different than the competition. (Do you really think a Rolex has 65-times the quality of a Seiko watch? No – it’s all perception.) In order to enhance perception online, one of the best things you can do is publish authoritative content.
Content is the key to developing thought leadership. If you want your customers to take you seriously and identify value in your products, you have to be intentional about establishing authority. Information-rich blog posts, infographics, white papers, and case studies all help.
4. Use Ecommerce as a Gateway
As a company selling luxury goods, ecommerce probably shouldn’t be your primary sales channel. While you’ll get a few purchases online, it’s more valuable if you view it as a gateway. Use ecommerce to attract and engage users. Then, after you’ve been introduced, try to parlay this relationship into a more personal connection. That connection may be continued online, but it’s also profitable to continue offline (where you’re able to enjoy more personal interactions).
Putting it All Together
Sales is sales – no matter if you’re selling a tchotchke (that’s trinket) or a BMW. However, there are certain things you should do when selling luxury goods online to ensure you’re maximizing value and reaching your audience in the correct manner. From web design to customer service, every detail matters.