Yoox Net-A-Porter Group Luxury Sales Tap Mobile Future (video)

Yoox luxury sales tap mobile future

Video above published May 17, 2017 by FT.com: Federico Marchetti is the founder of YOOX and CEO of YOOX NET-A-PORTER Group.

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Marchetti: "When I started out in 1999, people would ask: how can you sell fashion on line? You can’t touch things, there’s no interaction, no luxury shop to visit. One headline about me read: “Are you crazy?” But when I sold my first item on line - it was a 88,000 Italian Lira Versace mini dress - I knew that I was at the beginning of what would be a long story. Now, 18 years later, we have just sold a €133,000 watch online. This is possible because I know my customer. There are three simple points about our approach to customers that make us different and stronger.
1. The luxury shopper in now online. What is important is to have quality customers. Only 2% of our customers represent 40% of our sales. We have customers that spend more than €1 million with us a year, who spend €, 35,000 on a dress and who buy 20 bespoke suits at a time.
2. Mobile is the new luxury shopping centre. We have registered upwards of €1bn sales on mobile phones out of €2bn of total sales. By 2020, most sales will be made on mobile phones.
3. Innovation needs to benefit the customer. To be successful you have to “be the customer” so that you can fully understand their needs."

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