E-commerce can be hit and miss for the best online business, so what are the key strategies to success? Reebonz shares three tips.
It’s been valued at around HK$1.5 billion and Reebonz (pronounced ribbons) is now widely regarded as the fastest-growing online luxury shopping destination in Asia.
Sean Lim, regional general manager, has flagged Hong Kong as a critical market for expansion, but admits consumers here are more demanding than their neighbors.
They demand higher customer service, on-trend products and fashion sense, he says.
“Usually they are more adventurous on trying out new brands; whereas in Singapore, customers go for common brands and save options.”
“Hong Kong is a very potential market for luxury online shopping that we believe will soon overtake Singapore as the most robust online shopping market in Asia, and it is also a base for us to step into China in the future.”
Here he gives us his top strategies for building a successful e-commerce platform.
1. Build trust
“Building trust between with customers is crucial since the reason people purchase online is because they trust the site. This is how the site stands tall among international luxury online shopping sites since not many of them have local support systems. The price marked on our site will also be the final payment, which means no more extra charge would be added in the purchasing process. This is also why our customers trust us and keep coming back.
2. Customer experience
“Customers are more demanding in Hong Kong compare to those in other Asian countries. They demand higher customer service, on-trend products and fashion sense. Usually they are more adventurous on trying out new brands; whereas in Singapore, customers go for common brands and save options. Though our app usage only accounts for 20% with most of the usage going to PC, we are surprised that app usage is actually having a quarter to quarter growth.”
3. Delivery promise
“Delivery promise is critical for luxury online purchasing, where standardising the delivery package is a key way to achieve the objective. In Reebonz, we are trying to wow our customer by delivering the purchased product in a glamorous package in black with handmade golden ribbon. We also put selected items in the package time to time to surprise our customers, as well as greeting and birthday cards when required.”