11 - 15 NOV 2019
THIS WEEK IN RETAIL
2 weeks ago we talked about the Kardashians entering the pre-owned marketplace with the Kardashian-Kloset - selling their own used clothes on their instagram accounts. This week, we welcome a new luxury player, Selfridges! With second-hand luxury growing four times faster than the primary luxury market, it comes as no surprise that more retailers want a piece of the pie. Customers can now find Selfridges vintage pieces on Vestiaire Collective, hurrah to the Vestiaire shoppers!
"It's a season to be jolly~" Or is it? As retailers gear up for the holiday shopping season, it is probably a good time to start preparing for their returns strategy as well. UPS projected a record-breaking surge in package returns this holiday season, with an estimated one million packages daily in the month of December, and peaking on 2 January with a massive 1.9 million package returns. In the same article, it is mentioned that the returns cost would cost retailers about 10% of their total sales. Jolly or Golly?
Ralph Lauren Corporation recently launched their Digital Product Identities - where consumers can now scan the QR code on the label with their smartphones to confirm the authenticity of the product. While this initiative would aid in combating counterfeits and trademark infringement, it is said to be the start of something bigger. With everything digitised comes the ease of scaling, we are looking forward to seeing the full potential of this technology unleashed!
Jingyi Lai is the Growth Hacker at Pixibo.
She's always on the look-out for the latest in fashion and retail tech.