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Luxury Goods: How To Make Money In The Online Luxury Market
Taranpreet Singh, Retail consultant with 13+ Years of experience answered:

Hi , Firstly What do you mean by Money - is it the profitability that you are worried about or Top line ( increasing Sales) ?

If it's the first (profitability) then you need to make sure that aspiration of the brand needs to be higher than it's actual use wherein delivering customer ecstasy , which would result in you charging the consumer's the right price for the product which takes care of cost's and leaves profit's for you. Easy way of doing this is which doing the pricing of the product put a multiple on the cost to arrive at price which is value for money for the consumer but at same time resulting in profits.

If it is the Second (Top line) then you need the below steps.
1. Develop all online retail channels like registering & trading on Luxury E-com portals , social media market places like FB Shop , Insta Shop etc , your own Ecom Website or subscription based services.
2. Refresh your assortment on frequent basis and ensure good balance of Width & depth.
3. Use discounted channels to liquidate your non sellers / old merchandise and much more

Hope you found the information useful !!

For more info on this and strategies we can always get on call.

Thanks

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