The strong case for payment plans in luxury goods ecommerce

One of the ecommerce segments where is helpful for driving sales is luxury goods. Now, this might seem slightly irrational if people that buy luxury goods are affulent and solvent. After all, why would wealthy people need to pay for big ticket items with payment plans?

However, the logic here is counter-intuitive and actually, the opposite is true. The fact is, research shows most luxury buyers are not affulent. They are often people of average means that want to treat themselves or loved ones to something a little bit extra special.

When you can afford anything, perhaps you don't want to showcase your wealth or feel the need to make fashion or lifestyle 'statements'. If you're in the media eye, perhaps you want to blend in? Perhaps that's what a wealthy driver might opt for a high-end Audi rather than a Ferrari?

So, armed with the understanding that the majority of luxury purchases are made by people that are not wealthy, the case for using payment plans on luxury goods and experience ecommerce websites becomes very strong.

Learning from research into luxury goods ecommerce

But what else can we learn from research? And how could ecommerce store owners apply this understanding? There's a couple of really important things.

  • Shoppers' motivations for buying luxury goods are not just about making fashion or lifestyle 'statements' and impressing or making others envious. Luxury purchases are far more likely to be stimulated by an emotional response and the perceived quality of a high end item.
  • There is also something of a trend for buying luxury experiences, things that are not tangible. True, you can buy one-off pieces that no one else can own. However, an experience is even more unique, because it is a personal experience and it's totally exclusive because it only lives in the memory of those that experienced the event.

Injecting more emotion into luxury and lifestyle online stores

To align with the emotive experience that shoppers may be seeking, consider:

  • Using more than one or two images. Use multiple image galleries to showcase detail. For instance, if it's clothing, show stitching, snaps and buttons, reveal quality and attention to detail and try to make it seem as if they can almost touch and feel the item.
  • Focusing on language. By all means, use straight forward descriptions, but also convey how products feel. Use input from people who have purchased or reviwed them. Also, try to get across how items make the owner feel emotionally. If appropriate, convey scarcity, and a feeling of exclusivity.

Consider offering luxury experiences as well as products

  • It may not be appropriate to all luxury ecommerce webstores, but think about introducing luxury experience and lifestyle products and services.
  • For example, webstores offering high-end wellbeing products could itroduce expertiential lines such as beauty therapy or spa treatment services.
  • Or, online outlets for entertainment memorablia such as movie posters or autographs, or those specializing in action figures might offer organized events to movie premiers or sci-fi/comic conventions.

Increase luxury ecommerce sales with

Of course, improving photography and new experiential lines might take a while to develop. Plug into your luxury goods and experience ecommerce to drive ecommerce sales right away. There's great support and it's free to install with no credit card required. Automate payments and make it easier for shoppers who are not financially-able to purchase those luxury goods with one purchase.