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Luxury Products/Niches

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smark

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What do you guys think about luxury/high-end products or niches?

There is an obvious NEED regarding luxury products (and services), as evident by the increasing sales of pretty much anything that can be branded as high end, due to the desire of people to purchase things which can increase their status and social value. This includes anything from expensive watches or jewellery, make-up, fast cars, to items like e-cigarettes and even bottled water.

My question to you is, do you think there are any products (or niches in general) which can be branded as luxury or high-end that have yet to gain much traction in eCommerce?

Note: This is a brainstorming discussion where anyone is welcome to contribute. Having said that, any products/niches/ideas discussed in this thread will be available to anyone willing to use them in the future and possibly make money of.

To gain more insight into this I invite @MJ DeMarco @biophase @snowbank @Vigilante @Ecom man @AllenCrawley @Eskil to join the discussion, as I believe their experiences with eCommerce will be valuable for everyone.
 

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Arun Siva

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smark

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Take a look at a friend of a friends company

Mens Rings | Custom Rings | Customized Jewelry - Proclamation Jewelry


Watches are all about positioning.... very tough unless u are able to get it marketed by celebrities or athletes
I like the name he's using, "Proclamation Jewelry." It has a very exclusive feel to it, and I bet it's helping him rank some good sales.

I somewhat agree with you on the watch market. It's quite crowded, and although there are A TON of brands out there making decent money, it's not something I would want to get into; but that's just me.

Thanks for the input!
 
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biophase

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do you think there are any products (or niches in general) which can be branded as luxury or high-end that have yet to gain much traction in eCommerce?
The answer is yes. But you are asking the wrong question. How can there NOT be products that can be branded as high end in the world?

Walk into any store and pick a random product and I bet you can make a high end version. Are you not going to do rings just because of the link in the previous post? Are you not going to do watches because there are other brands out there? That is not how you come up with a business or product to create.
 
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smark

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The answer is yes. But you are asking the wrong question. How can there NOT be products that can be branded as high end in the world?

Walk into any store and pick a random product and I bet you can make a high end version. Are you not going to do rings just because of the link in the previous post? Are you not going to do watches because there are other brands out there? That is not how you come up with a business or product to create.
I'm going to be honest here and say that your post threw me off...in a good way though!

Regarding the watch market, I mentioned that since it's a niche that I don't have anything to offer to; same goes for other typical luxury industries like clothing or women's make up for example.

The way I see it, if someone has something of value to offer to an industry (despite how crowded it may be) there's definitely potential for sales there.
 

Cruze

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The answer is yes. But you are asking the wrong question. How can there NOT be products that can be branded as high end in the world?
Yeah men. Here is an interesting interview for the germany guys here:

Eine Begegnung mit dem Modedesigner Philipp Plein - Mode & Accessoires

Phillip Plein is an high end mode label. He said:
He knows how the game is going. "Look," he says, "in fashion there's everything. And everyone does the same. Gucci, Dolce - there is no difference, I analyzed everything. So I can not reinvent a shoe. I can only offer it cheaper. Or refine it. Make it better. Expensiver"

Thats it. You can make in everything niche a high-end product...BUT (!) you have to create a high-end brand, too!
 
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smark

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Yeah men. Here is an interesting interview for the germany guys here:

Eine Begegnung mit dem Modedesigner Philipp Plein - Mode & Accessoires

Phillip Plein is an high end mode label. He said:
He knows how the game is going. "Look," he says, "in fashion there's everything. And everyone does the same. Gucci, Dolce - there is no difference, I analyzed everything. So I can not reinvent a shoe. I can only offer it cheaper. Or refine it. Make it better. Expensiver"

Thats it. You can make in everything niche a high-end product...BUT (!) you have to create a high-end brand, too!
I think you're absolutely right. For a "luxury" product to succeed, it should be presented in a way which makes potential customers feel a certain way when purchasing it.

Sure, some clothing brands for example may use high-end materials to make their clothes, but at the end of the day, that is not enough to justify their price. The perceived status such brands have to offer, and the values associated with them, are what seperates them from the herd.

Thank you for helping me clear things up in my head.
 

Eskil

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Definitely yes. With high end luxury brands, it's about taking the notion of "perceived value" into another realm. And one not necessarily associated with better quality or "more for your money". But with status. Sometimes price alone can be status and indirectly create highly perceived value. Some people like having bragging rights to show off or say they own _______ and that they spent $xxx on it, knowing that it could make their social circle green with envy.

Creating limited number collections can work well too in some niches. For instance, every year there are companies that release their annual sets of home decor items or holiday figurines/kitchenware/china that is only made in a limited quantity - and they will quickly sell out to people that follow that brand. Take rare sneaker collectibles too for example.

Luxury has less to to with actual quality (although of course in most cases the quality also IS higher), and more to do with feelings, pride, or display of financial or social status. Marketing-wise, it's a different ballgame too as you could actually hurt your brand if you went traditional routes of mass consumer advertising in this space. Think more in terms of what @Arun Siva said, with major influencers, celebs, product placement, etc.
 
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smark

smark

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Definitely yes. With high end luxury brands, it's about taking the notion of "perceived value" into another realm. And one not necessarily associated with better quality or "more for your money". But with status. Sometimes price alone can be status and indirectly create highly perceived value. Some people like having bragging rights to show off or say they own _______ and that they spent $xxx on it, knowing that it could make their social circle green with envy.

Creating limited number collections can work well too in some niches. For instance, every year there are companies that release their annual sets of home decor items or holiday figurines/kitchenware/china that is only made in a limited quantity - and they will quickly sell out to people that follow that brand. Take rare sneaker collectibles too for example.

Luxury has less to to with actual quality (although of course in most cases the quality also IS higher), and more to do with feelings, pride, or display of financial or social status. Marketing-wise, it's a different ballgame too as you could actually hurt your brand if you went traditional routes of mass consumer advertising in this space. Think more in terms of what @Arun Siva said, with major influencers, celebs, product placement, etc.
Thanks for all the valuable input @Eskil.

I can definitely see the potential of limited collections in certain niches, although admittedly, that's something I had not considered until now.

There's some great stuff on mass marketing vs. high-end marketing on wallstreetplayboys.com and they are basically saying exactly the same thing as you. Branding something as "luxury" or "exclusive" and then pricing it at a higher price (compared to other similar products) is how ultimately companies selling these products make money, compared to an affordable item where you're aiming the masses.
 

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