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Expected to achieve $8.9 billion in 2021, second-hand luxury goods market champions digital innovation
Live shopping and social commerce come as the latest e-commerce trends in the second-hand luxury goods market and combine technological advances and social media channels to provide the familiar, quaintly nostalgic concept of in-person shopping.
According to Bain & Company, the GCC luxury goods market was valued at $7.4 billion in 2020 and is forecasted to achieve $8.9 billion in 2021 (in line with 2019) — with the luxury pre-owned emerging as one of the growth drivers for the future.
The two latest e-commerce trends allow customers to make informed purchase decisions and are key factors in driving e-commerce growth worldwide. According to an article by Bloomberg, live shopping generated $60 billion in global sales in 2019, and the numbers are continuously climbing.
Luxury Promise — a marketplace for the world’s most exclusive, rare, and luxurious second-hand accessories — is the brand that has introduced live shopping and social commerce to the luxury goods e-commerce landscape of the MENA region. Luxury Promise hosts Live Shows daily from their studios in Dubai and London.
Sabrina Sadiq, founder and CEO of Luxury Promise, said: “Gen Z and Millennials in the region are looking for thought-provoking content where they can engage with brands digitally. We are the first to launch live shopping and have done incredibly well in this region.
“The focus here is to bridge the gap between retail and e-commerce, and live shopping is the closest sales platform to in-person retail experiences.”
The brand is at the intersection of social commerce and pre-owned luxury and has seen a six-fold increase in sales from the region last year, demonstrating a fast-growing pre-loved circular economy.
As the luxury goods market continues to scale, so does the Pre-owned luxury goods market. Luxury Promise presents an edge in this evolving retail landscape by utilising the Middle East as a premier sourcing market. As the commercial ecosystem is becoming increasingly conscientious and sustainability driven, Luxury Promise stands as the only global luxury resale entity with a local presence in the region to capitalise on the growing opportunity and scale across the region & beyond.
The consumer experience has rapidly changed in recent months, and the key to staying ahead of the curve is to understand changing customer behaviours and attitudes and adapting to them as an e-commerce store. Deploying cutting-edge technologies that improve the buyer’s journey is the only way to keep growing in the highly competitive landscape of e-commerce, along with a world-class support team, which is equally important.
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