At present, despite being transformed into this digital era throughout the world, there are several reputed and newly established brands who are still hesitant about selling their branded and luxury goods and services online. There are still several business owners out there who feel there’s no worth in selling their goods and services online as it won’t be as impactful and effective as it is already in the traditional way of marketing, i.e. selling their luxury products in their shop.
Prior to the Internet, only a few high-net-worth individuals could enter a posh brand to explore and purchase luxury goods. This was at a time when obviously there were no social media platforms and no scope for selling luxury goods on social media. Before the price tags and famously aggressive salespeople frightened everyone else, people would simply ignore their desire to possess luxury products and simply walk out. The internet and social media platforms indeed have aided in the democratization of high-end shopping.
Brands selling products that are fashionable and accessories-oriented are now turning their minds the other way and realizing that selling luxury goods on social media might just be their way to increase their revenue and overall ROI. Well, yes, they are all directed well.
The outbreak of the pandemic worked as a driver for the internet economy to expand. Instagram, Facebook, and other social media platforms have grown popular for selling things and growing businesses.
Several social media platforms have become the digital marketplace to pick for anything from small enterprises and local businesses to selling premium goods. It is true that pandemic changed a lot of things, including the way people shop for themselves.
Individuals who are desiring to shop, be it anything – clothing, smartphones, tablets, or other home appliances, first, go on the Internet and check the prices first, and then examine and compare it with the traditional shops around their area. In most cases, prices on the Internet are far lesser than the prices in the shops. Hence social media platforms have become a gateway to buying luxury goods online as well.
Pandemic has brought people online in a way that they were like in their real lives. Hence, this has helped social media platforms to grow enormously in several aspects the people require it.
The most well-known and important luxury businesses are increasingly using social media to attract a wider audience. Another reason why social media platforms bring new and loyal customers is that it is accessible to people living on the outskirts and people who don’t have the access to traditional retain luxury stores around their areas.
With social media platforms, they have the key to shop whatever they desire and also increase the popularity of luxury products online. Social media platforms have come across a remarkable increase in their purchase, sales, and overall ROI due to the purchase of luxury products lately. Brands have enjoyed high traffic, popularity, and sales. We’re certain everybody around you would say – “Yeah, let’s check the prices online, or check on Amazon.”
Teenagers and the youth are among the highest in purchasing luxury goods online. According to our R & D, soon by 2026, purchases and sales on the Internet and social media platforms will nearly account for 37 percent! (This is huge)
Now that we have understood the overview of what this article will be, before understanding How to Sell Luxury Goods on Social Media, let us dive into a few basics and fundamentals for a comprehensive knowledge.
What Is Social Media Marketing?
Social media, as the name suggests, is a platform wherein several individuals stay connected and produce, post, share and exchange information and data. It is a virtual community where anybody and everybody is connected 24/7. Social media in today’s time has become is an important element in people’s lives. People here share their daily life updates, ask questions, post photos and videos and also shop for whatever they desire.
According to Buffer, there are five fundamental pillars of social media marketing:
- Advertising: Purchasing adverts on social media is an excellent way to market and build a business.
- Listening & Participation: Keeping track of what visitors, customers, and others have to say about company postings, brands, and other assets. It’s possible that you’ll need to employ a social media engagement tool for this.
- Goals: The strategy and goal-setting step include deciding how to use social media platforms and what kind of content to distribute.
- Reporting & Analytics: Understanding how far your posts go is an important element of being on social media. Therefore, engagement and reach analytics is crucial.
- Publishing & Planning: Companies should do content planning and decide when they’ll be published on the platform.
Because audiences may be segmented better on social media than on more traditional marketing platforms, businesses can ensure that their efforts are focused on the people they want to target.
Social media has now become a source of entertainment, news, and updates to nearly everyone using it now(We’ll get into the statistics later in this article). The current generation is witnessing a lot of incredible technological advancements in connection, interaction, and a sense of community digitally.
Social media indeed has now become a crucial part of people’s lives.
Try out the best free digital marketing course available in the whole market to learn more and all the aspects of about social media marketing!
A Few Social Media Platforms
There are several social media platforms that is running fabulously and which are a part of several people’s lives out there, let us understand them one by one. Let’s first with the most famous –
1. Instagram
At present, Instagram (which is owned by Meta/Facebook) possesses over 1 billion daily users worldwide! Be it reputed brands and companies, famous influencers, newly established business owners, and friends and families, all are out there on Instagram
The content usually seen on Instagram is – Beautiful photography, beautiful visuals, one-of-a-kind designs, and selfie-style video that talks directly to the people.
2. Facebook
We’re sure as you read this, you already must have logged in to your Facebook account on your phone or laptop 24/7. Facebook was the first platform for brands and companies to establish their business online and take it to the Internet. Facebook groups are used to bring together your clients and business partners to stay connected online. Even though Facebook might not be the place for you to sell your luxury products after Instagram comes into the game, it is definitely a place to spark your identity as a brand. You never know where your audience is wandering. With over 2.6 billion monthly users, it is amongst the largest social media platforms online.
3. Youtube
Truly speaking, Youtube has been a second occupation for most of the artists out there. By being the world’s second most famous platform online, it offers abundant exposure to people worldwide. Videos like interviews, movie trailers, music videos, behind-the-scenes videos, tutorials, product reviews, educational videos, and so on.
Youtube has a mesmerizing 2 billion monthly users worldwide.
4. Twitter
Twitter, on the other hand, with nearly 300 million users, is presently a place where famous businessmen like Elon Musk, and other celebrities and politicians are mostly active. This social media platform is a place for tech-savvy users and particularly B2B companies.
5. Pinterest
Lately, Pinterest has grown its popularity for people with distinctive ideas and creativity. Interior designs, home projects, art, cooking, everything takes place here. You’ll come across a lot of visually appealing images here and several out-of-the-box ideas.
6. Snapchat
With over 300 million users lately, though Snapchat might not always sound familiar in the social media platform game, it still remains on of the most popular social media platforms till date. Users here are found usually under the age of 25. Here, people interact with short videos and snaps, and it offers you to maintain a streak.
Benefits of Social Media
Now that we have understood the various types of social media platforms, let us know be conscious of the several benefits social media might offer you to sell your luxury goods online.
1. Improved Brand Loyalty and Customer Satisfaction
According to a Forbes poll, 70% of consumers who receive timely social media responses say they will recommend the brand to others, thus growing your fan base.
Your brand’s every social media move you make has the possibility to transform your followers into clients. Consumers who follow companies on social media are 53% greater loyal to such a company, according to a poll. The benefits of using social media for business are numerous, as it helps you to grow a social media following and strengthen relationships with new, old, and present customers.
By connecting with customers on social media, you may encourage them to be more loyal to your company.
2. Service Quality And Cost-Effectiveness Improves
Advertising techniques that keep clients and retain budget and corporate expenditures result in a higher return on investment for internet marketers is social media marketing. It is primarily focused on ensuring client satisfaction, which is beneficial to you.
The low cost of social media marketing is one of the most visible benefits. It is the most cost-effective part of any internet marketing strategy without question. Registering and creating a social profile on sites like Twitter, Facebook, LinkedIn, and others is free, and sponsored ads on these sites are also quite affordable when compared to other marketing tactics.
3. Increased Brand Authority and Thought Leadership
Increased brand authority and thought leadership are two of the most important advantages of social media in business, which marketers can easily achieve by offering fresh content and communicating with customers. Consumers that are pleased with your service or product tell others about it, and they commonly use social media to express their ideas and promote your company.
Responding to social media posts and connecting with customers positions your business as a reliable one and boosts its authority.
4. Conversion Rates are Rapidly Increasing
It’s impossible to overestimate the value of human interaction and emotional bonds with prospects. This is critical for establishing a productive relationship with potential clients.
A well-planned social media marketing strategy may help you generate results-oriented conversations about your company, related goods, and services. If you start interacting with your audience and make them feel like they’re an important part of your brand, you could see conversions from your social media marketing strategy.
Social media followers have a higher degree of trust in your brand, which motivates people to visit your website to take advantage of your products and services.
5. Brand Recognition and Increased Brand Awareness Improves
Because of the immense benefits of social media for companies, it is one of the most successful digital marketing platforms for syndicating content and improving brand visibility and awareness. Because consumers prefer to buy products from brands they recognize, achieving successful brand recognition is one of the most significant marketing objectives for businesses. Social media marketing, admirably, allows you to get that degree of brand recognition.
Implementing a tailored social media strategy will help you interact with a bigger audience of potential clients, boosting your brand recognition significantly.
Why Consider Luxury Products?
Luxury products are products that are higher in price and quality. For example – Attractive accessories, clothing, and jewelry. Few people consider quality over price as they are durable, and they also stand out from the competition.
Selling luxury goods online results in high profits and increased brand credibility.
If you are wanting to open up a luxury fashion store online, now is the time. It might be easier for you now to convert customers into loyal buyers than ever before.
Keep the below considerations in mind before starting out;
1. First and Foremost, Creating Your Business Profile/Account
In order to make a place for yourself in this digital market, you need a virtual place where your customers can reach you. Shopify, Shift4Shop, and WooCommerce are examples of online spaces that provide simple and easy solutions.
Finally, no matter what platform you pick, you can start developing your luxury apparel.
2. Recognize Who You Want to Sell to.
After you’ve opened your shop, you’ll need to figure out to who you’ll sell your high-end items. Considering what your products are, for example, if you are selling luxurious wallets, it is obvious that your targeted audience would be men aged between 35-50. In the same way if you are selling luxurious bags, it would be women of the same age group as with wallets.
Just after starting and establishing your online store, segment your intended audiences and start attracting them.
3. Locate Luxury Goods Providers.
When it comes to selling luxury items online, find a reputable provider that will offer your products in its original packaging, hangtags, labeling, and codes. One has to be utmost mindful of getting luxurious products that a genuine and original. Choosing a provider with a reputation for excellent service and support can put you on the fast track to great success.
4. Start Promoting!
Once everything on your to-do list is done and executed, now it is your time to start promoting and expecting customers who are loyal. At this stage, make sure you promote your goods to the right people and the people of the same taste and preferences.
Finding the right and the intended audience is what you really want for your online store’s success.
Now, with no further wait, let us understand How to Sell Luxury Goods on Social Media!
How to Sell Luxury Goods on Social Media?
Let’s understand how to sell luxury goods on social media with the below 6 tips mentioned;
As we have understood the benefits of social media, and why to consider luxury goods, it’s time we now understand how to sell luxury goods on social media.
1. Make a Content Investment
The utmost benefit of investing a bit of your budget on content is it helps to communicate well with your intended audience by enhancing your brand’s authenticity and maintaining your brand credibility. Be it blogs, high-quality films, videos, creative posts, and emails, all are the basic examples of content.
It’s true that content is the king, and there are certain possibilities that if you made use of your high-quality content productively, it would end up making you a king amongst your digital rivals.
2. Provide Outstanding Customer Service
Especially when it comes to a luxury good, it is a prerequisite that customers would expect strong customer service after that product has been bought. In most of cases, people worry about purchasing luxury goods as their authenticity is always doubted. If your store provides better customer service, they might feel protected and stay loyal to your brand. Customers also have the right to demand customer service as the products are expensive. Be it live chats, or after sales service, everything should be your priority as a luxury store on social media
3. Focus On Your Visual Representation
We’re certain that whenever you scroll through your Instagram or Facebook feed, you would first take a look at the visual photo and then go down to read the caption.
In order to make sales and create purchases, it is extremely important for a brand to showcase its products in high-resolution formats by making sure they look visually stunning as compared to their other rivals.
It is also necessary to maintain a theme as people would directly go to your profile and have a look at your feed. Once your product photography is done, make sure your editor is maintaining a particular theme relevant to your brand.
4. Bring Your Online & Offline Experiences Together
Even though you are an offline retail shop, it is essential for you to offer the same experience and attention to your customers online and vice versa. Although the Internet has helped boost sales of businesses online, people who buy luxury goods are more drawn to their in-store location.
When it comes to having a luxury store online on social media platforms, realize that your rivals might just be doing better and are a step ahead of you. Make sure you give your customers better attention as compared to in your stores. As this is what matters for your sales and ROI
5. Personalize, Personalize, and Personalize
Customers want to be taken as one single individual and not as a whole. In order to gain high sales and ROI, it is essential for a brand to personalize as much as possible.
Personalization helps in increasing your brand’s identity. This gives rise to a mental image in the minds of your audience for your band.
6. Lastly, Make Use Of The Various Social Media Features
Once on social media, social media offers various features for you to promote and give exposure to your products. Consider Instagram, for example, it offers a feature to boost your posts on Instagram in order to gain high reach. It also helps in promoting your posts in your stories.
All these aspects are important in order to increase sales. Be it whatever social media platform you are operating and promoting on, it definitely has features that make your brand more visible, especially to your intended audience and the outside world.
A Few Statistics On Social Media
- Globally, there are now 4.5 billion people who use social media.
- The total number of people using mobile social media in the world is 4.15 billion.
- Facebook is the most popular social media network in terms of worldwide audience size.
- Around 1.8 billion people use Facebook on a daily basis.
- In the United States, there will be approximately 325 million Facebook members by 2026.
- Fake or duplicate Facebook profiles account for 16 percent of all accounts.
- Instagram will have around 1.2 billion users by 2023.
- Around the world, Twitter has 206 million monetizable daily active users.
- LinkedIn has a user base of over 800 million people.
- There will be 2.8 billion YouTube users by 2025.
- TikTok has 689 million active users worldwide.
- In 2020, TikTok was the most downloaded app.
- Each person spends an average of 2 hours and 25 minutes on social media and texting.
- On average, millennials spend 2 hours and 38 minutes on social media every day, while Gen Z spends 2 hours and 55 minutes.
- Mobile devices are used by 98.3 percent of Facebook users.
- On average, Facebook users spend 18 minutes each day on the platform’s website.
- Moreover, half of Instagram’s worldwide user base was under the age of 34.
- In comparison to 38 percent of Gen Xers, 67 percent of Gen Zers, and 57 percent of Millennials use Instagram.
- Between the ages of 25 and 34, 19 percent of Facebook users are men.
- Male users between the ages of 18 and 24 make up another significant portion of Facebook’s user base.
- Facebook’s user base is the most representative of the whole population of the United States.
- Between the ages of 16 and 24, 41 percent of TikTok users worldwide are between the ages of 16 and 24.
- Females account for 58.8 percent of TikTok users in the United States.
- 70 percent of marketers utilize Facebook advertisements, and there were 10 million active advertisers on the site in Q3 2021.
- Social media is used by 54 percent of social surfers to do product research.
- For video marketing, 81 percent of firms pick Facebook.
- LinkedIn is where 82 percent of B2B marketers say they’ve had the most success.
- LinkedIn accounts for more than 46 percent of all social media visits to corporate websites.
- The second most common platform for companies to post video material is YouTube.
- Marketers should produce more video content, according to 54 percent of respondents.
Conclusion
Despite the fact that luxury goods are very expensive and authenticity is all that requires. You could still create a trustworthy persona for your brand and create and sense of loyalty toward your customers through the above givens suggestions.
Join an online digital marketing course today to learn not only how to sell luxury goods on social media but also other products on digital platforms.
We hope the above-mentioned article has been useful for your knowledge and time, what do you feel regarding the same? Do let us know in the comments section below.
