In order to implement a successful e-retail strategy, it is important to have a clear plan, which is in line with the organizational long-term branding and marketing goals. Global luxury fashion brands often have excellent offline brand positioning strategies but repeatedly ignore or underplay the effect and importance of strategic online branding. Several strategies have been identified for the successful e-retail of luxury fashion goods. They are discussed further in this chapter. The appropriate application of these tactics will contribute to e-retail success through generating online traffic, high turnover, profitability and brand asset value.
An effective e-retail strategy plan should incorporate aspects of marketing and branding in addition to the e-retailing tactics. The chart of Figure 6.5
illustrates the process of e-retail strategy development. As indicated in the chart, the first step in the formulation of a feasible e-retail strategy is to determine the suitability of luxury goods to be retailed online. This leads to the question in the following title.
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