Luxury as a service: Building an online luxury ecosystem

Online luxury shopping continues to take off in Asia, with Australia, Hong Kong, Indonesia, Malaysia and Singapore charting a combined average of some 50% growth seen in total expenditure in 2015.

Online luxury shopping continues to take off in Asia, with Australia, Hong Kong, Indonesia, Malaysia and Singapore charting a combined average of some 50% growth seen in total expenditure in 2015. These insights were part of the newly launched Asia Luxury Index helmed by number one online luxury retailer in Southeast Asia Reebonz to benchmark the performance of the online luxury ecosystem.

As shoppers migrate online, brands and merchants need to reconsider their approach towards luxury to keep pace with the way shoppers' consumption journey evolves. "At Reebonz, we have evolved our approach to offer luxury as a service," said Samuel Lim, CEO of Reebonz, who stressed the importance of creating a seamless and complete consumption journey from product search and discovery to browsing, from placing an order to after-sales care and delivery. "Luxury consumers value a product experience that actually feels luxurious, even if shopping happens online," he said.

Management team of Reebonz


Approaching Luxury as a Service


The Asia Luxury Index highlighted interesting parallels between consumers' online migration and the exponential growth of digital connectivity, with every eight out of ten consumers purchasing an item through their mobile devices or in-store technology, according to survey results from MasterCard's Omnishopper Project. 

As it becomes increasingly essential for brands and merchants to enhance the online shopping experience, especially when targeting digital natives, Lim said that Reebonz's approach to luxury as a service is similar to what consumers would expect from a high-end boutique. He said, "Consumers are turning to online shopping not only for value and variety, but also for the ease of the transaction. All Reebonz orders are shipped within five business days and virtual relationship managers are on hand to handle any queries or issues."

Even when it comes to buying and selling pre-owned items, Reebonz goes a step further to authenticate and grade all items before issuing them with the Reebonz Atelier Authenticity Card. Watches and jewellery will also be issued a Grading Certificate containing detailed information about the item purchased by Reebonz's in-house skilled experts.


Reebonz's Luxury Ecosystem in Asia


Matching the growing demand for both brand new and pre-owned luxury, Reebonz has stepped up to introduce Reebonz Closets, an app that allows a community of fashion lovers to buy and sell their luxury items, and a White Glove service that takes care of everything for those looking to sell their pre-owned designer items. Launched in late 2015, Reebonz Closets has grown its community to include members from Singapore, Hong Kong, Malaysia, Indonesia, Taiwan and Thailand. Reebonz Marketplace also connects consumers to a global network of curated luxury retailers, making niche labels more accessible to Asian shoppers.

As consumers' luxury consumption journey evolves, these innovations could prove key to winning the online luxury retail game. "Sharing and exchanging personal luxury items are coming up as a new avenue for consumers to pull value from and liquidate their closets, and at the same time, create space for new purchases. We've essentially created a luxury shopping ecosystem that addresses all the needs and wants of the modern luxury consumer," said Benjamin Han, Regional General Manager of Reebonz.

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eCommerceMILO News: Luxury as a service: Building an online luxury ecosystem
Luxury as a service: Building an online luxury ecosystem
Online luxury shopping continues to take off in Asia, with Australia, Hong Kong, Indonesia, Malaysia and Singapore charting a combined average of some 50% growth seen in total expenditure in 2015.
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