discoverability

luxury-eCommerce

Luxury eCommerce: Making Shopper Aspirations More Accessible

Days of dreaming to own a Prada bag or a pair of Chanel pumps & Slingbacks for years are gone. Now, no need to worry about the death stares from the sales executives when you inquire about the price. Those fears weren’t unfounded either. The luxury eCommerce has opened the door for such dreams to turn into reality. The digital commerce landscape is transforming. Luxury brands are also getting available online with exclusive offers to acquire a new range of customers, who are willing to get the taste of luxury items. India’s luxury eCom race is heating up with Fashion, Beauty & Personal Care product-specific eCommerce platforms. There is definitely a lot more to come, as the geographically widespread market is a perfect fit for online selling. Let’s take a closer look at the elite items & brands reaching out to online shoppers. Luxury eCom Segment The major benefactor of the growing online luxury segment is the Indian designers and global Luxury brands, who were exclusively available in stores only. The eCommerce marketplace variants exclusively selling luxury goods are penetrating the Indian market steadily and preparing their niche customer base. Names like Ajio Luxe, NNNOW.com, Darveys, Tata CliQ Luxury, and Nykaa.com are all opening the door of luxury brands and items to Shoppers who wish to add these to their luxurious lifestyles. India’s $6 Billion luxury goods market is finally going digital. According to the Euromonitor International report, the Beauty segment is moving at a faster pace as compared to fashion. The 12.1 percent of super-premium luxury items in the beauty and personal segment are now getting sold through the eCommerce distribution channel. The number might not look much, but in terms of order value, it is quite significant. The Luxury fashion segment on the other hand is moving slowly as only 5.5 percent of designer apparel and footwear are selling online. The pandemic shook the luxury industry hard but opened new avenues for selling beyond brick-and-mortar glamorous stores. The industry segments bank on the growing purchase capacity of millennials in tier-1 cities and fluttering expectations of new wealthy shoppers from tier-2 and tier-3 cities. The convenience and availability meet the needs of these shoppers. Another factor that is driving luxury eCommerce is investment from conglomerates like Tata and Reliance. Tata owns Tata CliQ Luxury while Reliance sells Luxury products via Ajio Luxe. This appeals to Indian Luxury consumers and brands that feature on the eCommerce platform. New Opportunities for Luxury Brands India is on the verge of a Retail renaissance. As high-income individuals and consumer wealth is growing in India the Luxury segment is all set to expand its reach. Wealth spread across the cities reflect in the fact that according to Ajio Luxe – 60 percent of its orders are from outside the top 8 cities in India. The target audience is expanding as more and more people aspire to buy luxury items. They might start with high-end luxury handbags and push a little higher the next time buy Salvatore Ferragamo handbags. The Omnichannel approach to selling is also in place, offering personal service assistance recreating luxury brand store experience online. Loyalty programs, personalized service, luxury chauffeur delivery, exclusive guarantees, warranties, etc. are what enhance the customer experience. The brands need to respond to new Indian luxury consumers and optimize the brand performance, discoverability and track availability across luxury eCommerce platforms. As the kind of services is highly personalized brands there can’t be much saved on that but brands can save on physical store costs on the high street or shopping places in the city and operate from a warehouse in one-fourth of the cost. Optimizing Luxury eCom Retail A wide range of categories is focused on by Online Luxury marketplaces. Every Luxury brand in various market segments is an established name itself. To those shoppers who know the brands and products all they look for is what’s new is launched this season. The key area to focus on here is the availability of an exclusive product range based on the personalized preferences of the customers. For someone who is new to luxury products and brands, optimizing customer experience is key. As multiple brands of luxury items compete fiercely in the same space on the eCommerce platform, unlike a luxury store in an illustrious marketplace. Online Luxury stores like Darveys push aggressively with a massive range in online fashion presenting more than 380 authorized sellers worldwide to Indian luxury shoppers. Setting discounts and pricing becomes crucial in the online luxury landscape as well, catering to Indian customers middle class or ultra-rich, discounts are a must. In the Luxury segment, these margins are really fine to hold the brand value. Even Labels like Balenciaga and Burberry are also warming up with offers exclusive to discounts to Indian customers. Home Décor & Furnishings, Beauty & Personal Care, and Fashion & accessories eCommerce are the segments growing in the online Luxury shopping space, pumping a massive amount of order volume. Nykaa, in the past year, has witnessed sales rise by 300 – 400 percent and expects next year’s gross merchandise Volume to be approximately $250 million. Exclusively venturing into the fashion market with a range of luxury products. The Competitor Tata CliQ Luxury is not far behind. They venture into home goods, beauty, and fragrances, along with exclusive fashion Luxury items. The products are a mix of Indian luxury labels along with global brands distributed in India. They are trying to tap the emerging premium designers. Once the consumer moves into that price point, the glory days for Indian emerging labels will hit their stride. The Designer Label of Ritu Kumar can also be found on Tata CliQ Luxury’s ‘Indie Luxe’ vertical. Fashion eCom Category Expansion The most accessible category in the Luxury eCommerce is handbags & accessories featuring brands like Coach, Michael Kors, and Kate Spade, etc. These high-ticket pieces work like a bridge to the luxury category, bringing in more shoppers to other categories. Another growing category is a dedicated range of sneakers that attract a

Luxury eCommerce: Making Shopper Aspirations More Accessible Read More »

ecommerce-competitive-analysis

Amazon Best Seller: What it Takes to Get This Badge?

Most online shoppers searching for a product on Amazon consider the best seller as the most reliable product in terms of quality and usage. The shopper believes such products would have the highest positive reviews and ratings and would match the expectations mentioned on the product page. The best seller badge on Amazon is given to a product with the highest sales volume in a certain time period.  The badge is often given to new products every hour. The best seller badge further helps to achieve higher sales more easily. In addition, the product appears in the top ten search results and, therefore, acquires higher visibility than its competitors. Getting the best seller badge would require increasing the visibility of products so that more customers can find and purchase the product. The product discoverability and position on the search rank can get enhanced by optimizing the page title, images, and description. They play a crucial role in convincing the shopper that the product is worth it’s price. The story doesn’t finish here. Amazon also has a Best Seller page, wherein the top selling products under a category are shown along with their ranking. The product with the highest rank often appears more times than others on the organic and sponsored search results of Amazon. Sometimes, the products from this list also become visible on unrelated keyword search results as well. Therefore, achieving the best seller badge is often a priority of ecommerce managers and retailers, as it helps to boost sales. How to Get the Amazon Best Seller Badge? Rank Higher on Organic Search and Sponsored Keywords Product visibility on ecommerce marketplaces influences buying decisions. The product with the highest search rank on organic and sponsored keyword search results would appear before its competitors. Most customers often go for a product appearing in the top ten results. Achieving a position in the top search results would require keyword optimization, title enrichment, and more. Measuring your product’s performance against the top competitors in the ecommerce marketplace helps to find new areas of improvement and, ultimately, achieve the goal. For example, if you measure the performance of a product’s title with its top competitors and find that their title performance is higher than yours. Now, your ecommerce brand marketers could look at the competitors’ page titles and find factors influencing the performance. Our ecommerce competitive analysis, helps brands to find areas for improvement. Brand marketers use the insights to enrich the product page title and increase the search rank on keyword search results. Find the Category in Which Your Product Can Give Tough Competition A product on Amazon can be a part of multiple categories and choosing the best one makes all the difference in the world. At times, you might be tempted to enlist the product under an irrelevant category because they offer the lowest competition. Enlisting a product in such a manner can signal wrong message to the online shopper and make them disinterested in it. As such, the best way to get the best seller badge is to find a relevant sub-category or niche offering the lowest competition. Your sales might slightly get affected, but the chances of shoppers bouncing off your product page would significantly decrease. Moreover, you could keep the best seller badge for a longer duration under the chosen category. But seasonal products like gift items, come under an exception to this guideline, as their sales don’t depend on category. Sometimes, sellers can achieve high sales and the best seller badge by placing seasonal products under an irrelevant category. Set up Promotions for the Product that You Want to Sell the Most Deciding the product that you want to sell the most on Amazon is not an easy choice for eCommerce managers. However, once the decision is made, the next step is to set up promotional campaigns such as ads, discounts, deals, etc., to boost sales. Display ads on eCommerce marketplaces grab the attention of even the browsers and turn a few of them into customers. Similarly, discounts or limited-time deals entice online shoppers to buy the product. Eventually, the increase in sales through the promotions helps the product get the best seller badge. We would also suggest you run promotions under categories wherein Amazon’s private label brand has the least competition, as they undoubtedly have the upper hand otherwise. Getting the best seller badge would become much easier under such categories. Our solution, mScanIt, also enables global brands to achieve real-time actionable insights on product promotions at category, platform, and other levels. Finding the ongoing product promotions of the competition becomes much simpler with our solution. Implementing mScanIt’s actionable insights into the campaigns has also enabled brands to achieve higher sales. Conclusion It’s easy to say that all it takes to achieve the best seller badge is high sales volume, but attaining higher sales requires a lot of effort. Keyword optimization on product pages and finding the correct category are just a few methods for increasing visibility and sales volume. As the best seller badge is given to new products every hour, it has become essential to have a solution that can find tracks metrics affecting eCommerce marketplaces. mScanIt, powered by mFilterIt, is a new-age technology that helps brands to track product prices, product page scores, etc. Evaluating the results of own brand’s products versus the top competitor’s listings helps brand marketers take measures that can enhance the search rank and visibility, directly impacting sales. Get in touch with us to know more about the advantages of mScanIt for your brand.

Amazon Best Seller: What it Takes to Get This Badge? Read More »

Scroll to Top