More than a Status Symbol

To most, online shopping is a means to get affordable clothing, groceries and other miscellaneous items. And with the coming festive season, it’s safe to assume that most would turn to online shopping to get gifts – sure beats the hassle of queues and congestion.

However, luxury shopping is slowly gaining traction among the affluent urbanite, what with always-on Internet connectivity surrounding us wherever we go.

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Reebonz is one such player in the market, an online luxury shopping service that doesn’t just offer the sale of new items, but pre-loved goods as well. And according to Reebonz, the future is now.

The concept behind Reebonz was to make luxury accessible and that principle still holds true today.

Reebonz didn’t start out with luxury in mind, according to Samuel Lim, CEO of Reebonz. “We started as a flash sales website but decided that the luxury e-commerce industry had carved out a niche for itself and required an unique set of capabilities to stay ahead of the curve.”

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The founders of Reebonz. From left to right: Samuel Lim, Benjamin Han, and Daniel Lim.

With that in mind, Reebonz created an online luxury ecosystem, it presents itself as a guide – taking a journey with the customer. The ecosystem consists of: Reebonz.com, a B2C (business to consumer) platform for new and pre-owned luxury items; Marketplace, a B2C platform with curated luxury pieces from global boutiques; and Closets (C2C platform for pre-loved luxury items).

From its past transactions, Reebonz compiled its sale data and formed the Asia Luxury Index, highlighting the current and upcoming trends of online luxury shopping, from brands to buying patterns. From that index, luxury mainstays are still going strong in the buying market. “What we have noticed are that Bags are still our best-selling category with brands like Prada, Balenciaga and Saint Laurent performed the best across markets in the ‘New’ bags category,” according to Samuel. Salvatore Ferragamo is also in the “New” list, with its shoes and bags occupying the top.

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That said, cult brands have seen a growth surge, with brands like Givenchy and Lanvin registering sales growth of 69% and a massive 364% respectively.

Aside from just buying to own, it would seem that people are buying luxury goods for investment purposes. These goods hold their value, even after long periods of time. Reebonz also took note of this, and included a Resale Index in the Asia Luxury Index. You need to have a keen eye and some luxury know-how to maximise your investment opportunity, however. “There are some products (that) may be more rare in the market and may fetch a higher resale value.”

For watches, big brands still reign.

According to Reebonz’s data, for pre-owned goods, big brands reign, for instance:

  • Accessories (eyewear, belts, jewellery): Hermes
  • Shoes: Salvatore Ferragamo, Christian Louboutin
  • Small leather goods: Prada
  • Watches: Cartier, Rolex, Omega

Though Reebonz is an online platform, it still sees brick-and-mortar stores playing a part in the luxury ecosystem. “There is a need to be seamless in integrating the shopping experiences of consumers, with changing consumer patterns and the growth of mobile technology.”

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Leather goods – your next investment opportunity?

Now, here’s the part where online shoppers and Reebonz loyalists should start getting excited as it also lists some upcoming trends and game changers – mobile shopping, virtual personal shopping and VIP rewards. And the best part? Reebonz is implementing them soon. “We definitely have plans to introduce these in phases and have introduced the standalone Closets app recently – allowing consumers to form social conversations and also to buy and sell pre-owned luxury items on the go, through that app.”

Feature implementation aside, Reebonz is also setting its sights on expansion, with its current target being the Brits. “There will be growth expansion plans to other markets like UK and would also be focused on growing our market share in existing markets.”

Knowing where Reebonz was, is, and what’s in store, it looks like there’s a lot of moving and shaking in the regional online luxury market…

For those who want to start their journey into online luxury shopping, head on to https://www.reebonz.com/my.

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