Farfetch is a global luxury fashion e-tailer that connects shoppers with more than 400 boutiques around the world. Its technology provides a sleek, streamlined online shopping experience, and offers logistical intelligence for global same-day delivery and in-store returns. It also helps smaller, independent designer brands and boutiques sell their clothing globally.
The company has a long history of disrupting the industry by offering brands and consumers a new way to shop. This model has helped the company grow rapidly and make it one of the top eCommerce marketplaces for luxury fashion. Here are a few things you need to know about Farfetch:
A Unique Business Model
One of the main reasons Farfetch has been successful is because it doesn’t own the inventory. Most of the items that are sold on the site are actually purchased from the brand itself and then shipped to the customer. This is a very different business model than the one most luxury sites and department stores use.
This means that the products are 100% authentic. It also means that if you aren’t happy with the item, you can return it within 14 days of receiving it. This is a great feature, because it ensures that you’re not purchasing fake products.
In addition, the company also has a “Second Life” section where you can sell pre-loved items for store credit. This is a great option for those who aren’t ready to spend a lot of money on new clothes.
Several customers who have used the site also appreciate the customer service they receive, which is very fast and helpful. The company has a wide variety of brands to choose from, and they offer free shipping on all orders.
Another thing that sets Farfetch apart from other luxury online retailers is its eco-friendly products. Most of the clothing and accessories are made from natural fabrics. The packaging is recyclable, too. This is a big deal for the company, because it’s one of the few ways that they can keep costs down while still giving their customers what they want.
The company has been in business since 2008, and has grown quite a bit over the years. It’s now a leading eCommerce marketplace for luxury fashion boutiques and consumers alike.
Using Data to Drive Strategy
Farfetch uses data to help it develop and deploy a targeted marketing strategy. Its technology platform allows the company to identify audience segments that are highly engaged in the luxury fashion category and target them with ads on a variety of channels.
It also makes it easy for companies to build and implement digital campaigns that span the entire communications funnel, from awareness and consideration to purchase and retention. Its focus on data-driven campaigns and a targeted audience also enable the company to promote emerging brands and provide a platform for new luxury labels to reach their audiences.
The company is a leading multi-vendor eCommerce marketplace, and it has disrupted the industry by providing luxury brands with a centralized e-commerce marketplace that helps them market their products to an increasingly global audience. This is especially important for brands that aren’t yet able to secure their own online space.