a Little time? At the end of text there is a summary.
“Time flies, you’re the pilot” under the old wind-up watch, pretending to be on a Friday morning in an exposed conference room in Cologne-Ehrenfeld the clock: just before 9.
the Overview for the hot to keep, even if it will change rapidly.
this is Philipp, 27, not only this Morning. It is one of two managing Directors of international chronext, an online portal for luxury watches. It is one of the most successful in the industry and is flourishing magnificently. He scratched with his company at the beginning of last year at the three-digit million revenue, wants to move in 2020 are already “in it”, They say.
a native of The Rhine country offers to international chronext luxury watches in the price segment of between 1000 and 500,000 euros. With his Portal, It counts as one of the profiteers of a market that is growing almost as rapidly as his own company: the online trade of luxury.
luxury means to go beyond the ordinary framework of living. In the network this is especially true for fashion and accessories – less for the expansive Yacht. In the past five years, the global Online luxury market more than doubled, and the forecasts are good. A study by the consulting firm McKinsey, about prophesies, the sales in the Online luxury trade could triple by 2025, more than tripled.
but only ten per cent of the global business of luxury, which most recently amounted to 262 billion euros in sales are generated in the network.
survive believes in the right strategy
Nina Scharwenka, a partner at the consulting firm Simon-Kucher & Partners and an expert in consumer goods and retail in the German-speaking countries, that this will change. Especially anything that is not a size has to be asked in the luxury market: watches, jewellery and handbags. Products that are stable in value and generalizable. For the boys a status symbol, for the Elderly is a value investment.
Of the growth of benefit – so the consultancies Bain & Company and Boston Consulting Group in a luxury study – would, however, alone, the to adjust their strategy to changes in the market.
looks like a such a strategy?
“our Top priority is the safety for the customers – the full confidence in the integrity of the dealer,” says expert Scharwenka. For watch do retailers such as Philip To some.
24 month warranty on all products, 14 day return policy, customer ratings. Nearly a hundred % on time delivery. His watches sent of international chronext a special value transport. The adoption of the Nobeluhr is only made by the buyer personally. Here are the dealers provide high Standards.
The Problem is another.
“make The luxury of the world in all its dimensions in the network to life,” says Scharwenka. A common problem with the Nobel brands.
luxury shopping online
industry giants such as Chanel have opened their online shop today for all of the segments. Why the company does so, would not comment Chanel Germany at the request in more detail. Chanel fashion President Bruno Pavlovsky explained at the beginning of the month, in an Interview with the “Handelsblatt”, that they wanted to give E-Commerce also in the future, a clear rejection .
but It illustrates the Dilemma in which luxury brands: The crux between what constitutes luxury, scarcity and the consumption desire of a younger group of buyers. More than 40 percent, shows a McKinsey study, come to the social networks of luxury in the network.
“The biggest customer of electricity in the Online luxury trade are the generations Y and Z, the group of buyers between 18 and 35 years,” says Scharwenka. Half of their customers would find the Nobel brands now in the group of buyers under 35 years of age. The majority of the Gucci buyers, according to Google, in the past year, the most sought-after fashion brand in the world, according to the company, between 20 and 35 years old. The luxury buyers are not only younger, they also change their consumption behaviour and to develop a new awareness of quality.
especially young people luxury
“want The luxury trade is increasingly with a group of buyers to deal with, their life-world takes place in large Parts in the Digital,” says consumer psychologist Hans-Georg Häusel. For online trading some of the points are from the point of view of the researcher is Central: right of return, customer recommendations, and individual counseling. The luxury buyer today, so Häusel, a, of the “the Internet is completely open”.
Is the stationary part of the trade about superfluous?
house in the negative: “It is the survival of the understand it is to stage your products,” he says. As an example, the expert called the product presentation in the Apple Stores. Scharwenka, however, sees the stationary trade in a key role to play: “Especially in the luxury trade, he is for the emotional and history of a brand is extremely important,” she says.
And what watches seller, You, the went in 2013 with a product in the online market, then certain death, it was prophesied saying?
customer in front of the Apple Store
“I think the market for watches is already up in ten, 15 years, the focus more and more on Online,” he says.
It Philipp, You don’t believe. The Interaction “between Online and Offline – this is the future,” he says.
Then You have to go to Berlin – a Pop-up Store to open.
Summary: The online trade in luxury goods is growing, globally and in Germany. This leads to a younger growing buyer class, whose consumer behavior is changing. A challenge for brick and mortar stores and the online business.