5 minute read

7.4. Farfetch Marketing Mix 29

Next Article
1. Abstract

1. Abstract

FARFETCH’s private clients, they get access to a dedicated personal shopper, fashion concierge services, and an exclusive FARFETCH private client app.

» People

Advertisement

Customer service can be reached via email or phone at certain hours of the day. Because of

FARFETCH’s Second Life platform, the customers become part of the business model when they donate/sell their luxury items to FARFETCH to then be resold. FARFETCH partners with companies to assist in the value chain of the business. For example, The Restory restores items sent to FARFETCH Fix, LUXCLUSIF collects, authenticates, and sells the second-hand items,

Good on You rates the brands’ sustainability efforts, Clipper Logistics collects and analyzes inventory logistics, and Thrift+ and ThredUp assist donations of items.

» Process

There are many platforms to purchase an item from, such as the website, application, social media platforms, etc. If you’re shopping on the website, you can find an item either through the drop-down list of categories or through the search bar, where you can then narrow down your search through product details and sort with pricing or featured items. Customers can check out using a guest checkout or through their profile, can pay with many payment methods (all major debit and credit cards, PayPal, Klarna, or AfterPay), and will then receive a confirmation email with their order number and tracking details. The website is supported by IT processes that track cookies and website happenings for R&D, consumer data & trends, and marketing/advertisement preferences. Positively FARFETCH consists of three models: reselling (FARFETCH Second Life), donating (FARFETCH Donate), or repairing (FARFETCH Fix).

Reselling starts with the customer sending images of the item for an assessment, they can then schedule a free pick-up of the item, the item will be assessed in person, and once verified, the customer will receive Farfetch credit. Donating starts with ordering a Farfetch donation bag, where customers put their items in and can either schedule a pick-up or nearest drop-off point, then they can choose how much of the profit made from their items goes to their chosen charity and what percentage in Farfetch credit. Repairing an item is through The Restory, where you can book a collection through their website, the customer will receive a quote for the repair and once approved, the item will be restored and sent back to the customer. FAQ pages are available for regular shopping and Second Life shopping.

» Physical Evidence

FARFETCH values sustainable initiatives and has created goals for 2030 to be climate positive, to sell 100% conscious products, to be more circular, and to be a leader in conscious inclusion (Farfetch, n.d.b). They have conscious trend reports, ESG reports, and the FARFETCH Second

Life initiative as efforts towards these goals (FARFETCH, n.d.c). In addition, their packaging consists of recyclable cardboard certified by the Forest Stewardship Council (FARFETCH Ltd., 2022) and the website features a Fashion Footprint Tool, allowing users to see the impact of materials on the environment (FARFETCH, n.d.d). With their luxury strategy, Farfetch encourages users to sign up for newsletters and download the app for early access to sales, new arrivals, and promotions, personalized product edits, and a visual search tool, to further the exclusivity and improve consumer perception. Farfetch Private Clients get exclusive customer service at their fingertips with a Private Client app, a fashion concierge, priority access to a customer service line, and a personal shopper. Customers who join the ACCESS loyalty program get benefits and rewards based on their annual spend on the Marketplace (FARFETCH

Ltd., 2022)

5. REVOLVE Marketing Mix

» Product

Revolve is an online retailer that sells products through their owned brands and third-party sellers on their website and offline with their Revolve Club pop-up shop. With their owned brands (Lovers+Friends, Tularosa, NBD, and Raye), Revolve has the ability to fill gaps in their merchandising, style wise (Bhasin, 2015). In addition, the premium fashion retailer expanded their portfolio with their sister site, FWRD, that holds luxury labels like Bottega Veneta, Kenzo, and Alexander McQueen. They also have services like the Brand Ambassador Program and VIP program for celebrities and influencers that includes invitations to their events like

RevolveFestival.

» Price

The retailer is known for having premium quality items sold on their site, which is reflected in the pricing through a fashion, high fashion pricing mix. REVOLVE has extended their product offering through their sister site, FWRD, which features luxury & designer items at fashion and high fashion pieces. Their owned brands are sold at higher price points which bridges the gap between premium pricing on Revolve and luxury pricing on FWRD (Fernandez, 2021b).

» Promotion

REVOLVE places emphasis on their marketing strategy through a plethora of influencers and celebrities. They use social media platforms like Instagram, Facebook, Snapchat, Pinterest,

YouTube, Twitter, and TikTok. In addition to social media marketing, the brand hosts exclusive events for their ambassadors and VIPs like REVOLVE festival, Revolve Social club, and event during New York Fashion Week. The Revolve Social Club launched in Los Angeles is the first brick-and-mortar store, where customers can shop from a curated supply in addition to the lounge, café, bar, and “Insta-worthy” backdrops (Lieber, 2022). The Social Club will be open to everyone, but a second floor will feature a members-only gym and wellness center (Lieber, 2022). Customers can also sign up for REVOLVE newsletters to receive… As the Covid-19 pandemic halted Revolve’s in-person events, the retailer pivoted and used social media platforms to their advantage, like hosting workouts on Instagram’s IGTV to promote their activewear range (Fernandez, 2021b).

» Place

Online shopping takes place through the REVOLVE or FWRD website and social media platforms like Instagram, Snapchat, and Pinterest social shopping. Revolve also has an app available to download on iOS and Android devices. The new Revolve Social Club is a retail space, allowing customers to shop from “Revolve-exclusive brands, like Song of Style and

Camila Coelho…alongside labels like Levi’s and Free People” (Lieber, 2022). The retail space will be more of an experience than just shopping from clothing racks, including a lounge, bar, café, gym, and wellness center for people to spend more time at the space, where “coffee and pastries are complimentary with fashion purchases” (Lieber, 2022).

» People

Customer service on Revolve is very easy to navigate as the site shows a live chat option, where you can chat with a real person. You can also email or call customer service for more support. A service that REVOLVE offers is the ability to talk to a style expert if you have an event to shop for or just need assistance in finding pieces. Influencers and celebrities play a big role in

REVOLVE’s business model, almost like a sales associate in a brick-and-mortar store. Revolve hosts events in partnership with other brands, like Drink 818 and the Revolve Festival, for influencers and celebrities.

This article is from: