The world of fashion and luxury is an ever-evolving realm. With the kind of demand it has in the market, the challenge manufacturers face today is finding the right platform to showcase their finest wares. At the same time, these brands continue to explore strategies on how they can keep up with the competition considering all the variables. Consumer outlook has changed while regular supply networks have been halted. Given the changes brought about by the events these past few months and the rise of e-commerce and online selling, we now arrive at this question.
How can we take advantage of the immense market of Amazon Prime shoppers and be flexible enough to meet their demands?
In choosing the right vehicle to showcase these exquisite merchandise, Amazon Prime offers a promising setting for this. There are over 142 million U.S. Prime members to date and the figures keep increasing by the minute. It’s just about presenting a different concept to luxury, that it can be exclusive yet widely available.
In addition, there are many factors to consider before immediately jumping the gun: supply versus demand, selling costs, production costs, and the list goes on. This is where your marketing and pricing expertise comes into play. This exciting shift brings about certain things to consider, as luxury brand selling offers an extraordinary opportunity and may prove to be a highly lucrative venture as long as the right online marketing and sales strategies are put in place. Here are a few tips:
- Ride with technology.
Tap into FBA (Fulfillment by Amazon). It is an advanced, easy-to-access, pay-as-you-go logistics service provided by Amazon. This includes warehousing, picking, packing, shipping, returns, and customer service. For a price, it is every business owner’s dream – selling without having to worry about the nitty-gritty process of logistics. What’s impressive about it is when a customer places an order through your listing, Amazon takes care of it all the way up to shipping the items out.
A tool you’ll want to have with that is the Amazon FBA calculator. An FBA calculator helps Amazon sellers understand a product’s profitability potential in a speedy and efficient manner. A serious seller needs this technology to help them decide on the right price for the product, taking into consideration all the constraints and variables.
- Decide on your pricing strategy.
Using Amazon repricing software helps a seller keep track of what is most price-effective for their product. It checks their competitors’ pricing in relation to consumer demands. The better a seller adapts to the competition, the more rewards the business will enjoy. Choosing a good Amazon repricer makes this possible.
To maintain this, opting for a more advanced Amazon repricer puts them at an advantage over doing it manually. As prices change by the minute, manual repricing becomes both tedious and time-consuming. It is also not possible to manually do this 24/7 unless you’re willing to pay for more labor. One cannot risk losses in their business just because they did not act sooner.
- Aim for the Amazon Buy Box.
This is the most coveted feature all Amazon sellers aspire for. Its algorithm helps put your store at the top of the food chain. Once you gain this visibility, don’t stop pitching on your products’ premium quality that can stand the test of time. Remember that timeless fashion, top-grade raw materials, and longevity are what one smart buyer must invest in. Likewise, as a seller, one should be ready to meet those demands.
- Consider the Luxury Store app.
Amazon’s Luxury Store on the Amazon app debuted in September of this year, with Oscar de la Renta as one of the first luxury brands to take advantage of it. Prime members can now purchase straight from the app and only through the app. What makes it all the more enticing is the new interactive feature called “View in 360” which will let shoppers explore styles in 360-degree detail to better visualize the clothes. It gives your customers that showroom experience.
Prime members can download the app on their iPhone or Android phones, but they need to get an invite. Talk about exclusivity!
- Never underestimate the power of adding value.
Be creative in thinking of ways to attract shoppers other than resorting to discounting off-season items. Use a loyalty scheme to lock in regular customers or give your loyal clients a sneak peek at exclusive launches. Accelerate your email marketing and make your customers feel valued. Update them on product launches. This is something they will appreciate apart from giving them a convenient and seamless online purchasing process through Amazon. Amazon’s interface is very user-friendly and intuitive.
A luxury brand’s success in e-commerce all boils down to a seller’s passion and knowledge about the brand’s unique voice in the industry, as well as their ability to leverage modern technology to help their business scale. Luxury shopping will always be in a fashion enthusiast’s heart, may that be doing it in-store or through online channels. While there are still those who would equate rarity to value, which has been the traditional view of luxury shopping, making it easier for today’s premium shoppers and sellers to enjoy this exchange keeps this industry alive.
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