The importance of knowing the best payment gateway to sell premium brands
The luxury brand market is constantly growing. According to Statista, it is expected to grow by around 5% per year from 2021 to 2025 globally, reaching 365 billion euros per year. But how do you make your luxury brand sell more? What are the trends in the premium retail sector? You probably already know that the luxury market plays “by its own rules”: selling exclusive goods takes more than just SEO, more than just compelling advertising. Selling luxury goods revolves around a comprehensive service and exclusivity: offering top-quality services while creating a subtly rewarding shopping experience. Do you want to know how to start selling more online and in-store? Starting with trends in the luxury sector, all the way to the best payment gateway to meet the expectations of the most demanding clientele: we bring you this inspiring list of ideas and keys to selling more in the luxury sector.
ECommerce is becoming increasingly important.
No, we’re not making this up. ECommerce is essential not only to position yourself but to even participate in the luxury market. What many may not be realising is to what extent. ECommerce is expected to be the source of 25% of sales by 2025 ( in just 4 years), compared to 10% nowadays. This growth rate requires an update of your brand’s digital strategy towards a much more optimised website and a lead conversion system befitting of someone who knows their customers.
How to achieve all this? We want to talk to you about data management or how to use your business’ big data in your favour, accessing your business data with a trained eye through fintech. PayXpert‘s goal is to put technology at the service of its customers’ financial optimisation. One way to achieve this is through data management for business intelligence. Don’t you know what we’re talking about? It’s about transforming the billions of data generated from your company’s financial activity into graphs that collect the most relevant data so that you can know the reality of your business at all times. Transaction activity, risk level, geolocation of your sales… Everything you need to know to reach your full potential within the luxury market.
Influencers and social media, the best showcase for luxury goods
26.9% of millennials are guided by their “influencers” when it comes to making their more exclusive purchases, according to a study by the EAE Business School. Social media and accounts with many followers are an unrivalled showcase for luxury brands. However, when choosing an ambassador, the ambassador must be aligned with the company’s philosophy and values. According to the study, 46% of millennials choose brands they identify with or consider to be a projection of their values. Undoubtedly, social networks are platforms full of opportunities for those brands that use them as a window to the best version of their brand identity.
The Chinese consumer: the world’s largest luxury shopper
The Chinese consumer is responsible for 27% of the global consumption of luxury goods, is that all! How can I reach the Chinese customer? Many entrepreneurs in the UK are asking themselves. Starting to sell to such a distant and demanding customer requires its own competitive strategy. One of the fundamental bases is to offer alternative payment methods that your Chinese buyers can identify with immediately. We are referring to Ali Pay and WeChat Pay. At PayXpert, we are official partners of the leading payment methods in China: with 600 million and one billion regular users, respectively, Ali Pay and WeChat Pay are two safe (and essential) bets to introduce your luxury brand to the Chinese market. Whether through your eCommerce website or in your physical store, alternative payment methods will allow you to sell both to Chinese tourists in the UK and online.
The best payment gateway… creates a luxury user experience.
Certainly, luxury brand customers are not particularly concerned about the price of goods: they can afford it. However, payment is still a particularly sensitive step in the overall shopping process; why? Because factors such as security and customer service become key. Especially in the luxury sector, the customer assumes that the brand will offer a range of payment options, such as different payment channels and methods and payment security. Rather, it is about the customer “not noticing” the payment, making it a quick, simple, and convenient process: the so-called seamless or invisible payment. PayXpert’s team of fintech experts has spent years developing what is considered one of the best payment gateways in the industry in 2021. With more than 20 alternative payment methods (to reach all types of customers) and more than 10 different acquirers (to ensure continuous availability), it is a must-have tool to ensure the best payment experience for your customers.
We can do a lot for you… How to increase your retail conversion rate
Whether you are a luxury brand or not, our tools are potentially beneficial for your business: because they allow you to know in-depth the reality of your business, analyse your KPIs, identify fraud for you, offer payment methods and channels adapted to your customers’ needs and desires… All to achieve the same goal: optimising your conversion, helping you to reach more customers. Visit our website to get to know us, and contact us without obligation to request a demo from one of the industry’s leading fintech. See you soon!
