Farfetch’s journey to being listed on the New York Stock Exchange hasn’t come as a surprise as it’s been on the table for two years. Conceived in 2007, the luxury fashion pure player prides itself on operating the largest global luxury digital marketplace. Personalization, content that links to commerce, and speedy delivery are all embraced in its efforts to meet consumer expectations. Here’s how Farfetch fares in this space:
Getting personal. Customers on Farfetch’s website and app experience personalized feeds, whereby they are shown products based on past purchases and browsing behavior. The feeds are also scrollable, which evokes a viral-like mechanism in customers, driving engagement and reducing the number of clicks to purchase. Farfetch sees an average bounce rate of 26%, nearly 6% lower than the average brand in Gartner L2’s Digital IQ Index: Department Stores.
Connecting content to commerce. Users are directed to Farfetch’s website in all its top Facebook posts, and on Instagram the brand frequently posts shoppable products from major vendors to drive higher engagement rates. Only 65% of department store accounts capitalize on the opportunity provided by shoppable posts.
Making it quick. Ninety-minute delivery and same day-delivery are Farfetch’s differentiating marketing factors. Customers are also able to filter by products that meet these criteria in search and navigation results.
When it comes to search, however, Farfetch should take tips from fellow pure player ASOS, which successfully drives traffic to its site through shopping ads. Farfetch can use this strategy, as well as bidding on text ads and ensuring its content is SEO-optimized, to improve search performance.