Online luxury market to continue growing in 2021

As the COVID-19 pandemic continues to spread around the world , consumers are still looking for safer and more convenient ways to shop . Online marketplaces are a new way for some brands to increase their target audience . Some brands in the luxury sector are also slowly turning to online sales marketplaces .

Bain & Company estimates that by 2025 , about a third of consumers will purchase luxury goods through online marketplaces , with spending estimated to reach $136 billion.

Luxury stores like italist are trying to cater to this new shopping trend . By aggregating inventory from more than 250 independent boutiques, italist allows shoppers to buy luxury goods sold by boutiques in Milan, Florence and Rome online at retail prices that are about 40% lower than the global average .

Diego Aba, CEO of italist, said: "COVID-19 has had a profound impact on the luxury industry. Because of the epidemic, many consumers are unable to go to luxury shopping destinations such as Italy to shop in person . Therefore, we have transformed this offline shopping experience to online , and the epidemic has provided an opportunity for this transformation. "

Ricardo Belma, founder of Retail Razor , believes that luxury brands in general have been slow to adopt e - commerce for sales , but the online marketplace will continue to thrive in the luxury sector.

“The luxury shopping journey will continue to begin online for consumers, just like other products . Brands and retailers will interact with consumers online to strengthen connections and increase overall customer value, ” said Ricardo Belma.

Despite the promising prospects of e-commerce, some experts still believe that there should be more trade-offs when turning to online markets. For example , Paul Mumford of Lean Luxe believes that selling luxury goods through third-party online markets means that the connection with consumers is less direct.

It is undeniable that the massive shift of luxury goods to online shopping continues , and online marketplaces are driving sales for these brands . In today’s digital-first economy , developing online marketplaces is an inevitable trend.

Luxury goods market

E-commerce

Market Trends