How to Grow Your Sales Right Now

As we navigate these times, we wanted to share how our customers’ shopping behavior and preferences have changed as well over the last two months.

  • Pricing is Everything
    • As expected, people are becoming even more price conscious at this time and are looking for great deals.
      • Small Splurges
        • 7% increase in the number of items purchased that were priced under $500. On the other hand, items priced over $1500 saw a 30% decrease in transactions.
      • Discounts Matter
        • ~70% of items purchased were on sale and discounted
        • Items that were marked down 15%+ performed the best
  • Best Selling Brands
    • Top 3 Brands
      • Just remember the holy trinity: Louis Vuitton, Gucci and Chanel
      • However, while LV and Gucci remain the top 2 brands, customers’ share of wallet went to lower priced brands like Fendi, Bottega Veneta, Ferragamo and Celine.
    • Contemporary Newcomers
      • In addition, contemporary brands joined the top 20 brands for the first time this month including Alexander McQueen, Balenciaga, 3.1 Phillip Lim and Alexander Wang.
  • Best Selling Categories
    • Bags, bags, bags!
      • Customers still love their handbags! Purchases of shoulder bags is up + 23%, crossbody bags +33% and clutches +60%.
    • Categories Hit Hard
      • Seasonally, we have seen a shift as customers prepare for spring - boots saw a decrease of 63% whereas sandals grew by 75%.
      • Understandably, certain sub-categories were impacted especially during this time including travel and pumps.
  • Recommendations
    • Please consider lowering your prices by 15%+ if you can and participate in every sale!
      • Top stores have shared that by lowering prices of their merchandise by 15% - 25%, they were able to move inventory very quickly. The good news is that customers are still shopping but they are now very deal driven.
      • To participate in sales and markdowns on leprix.com, please reach out to Nicole, nicole@leprix.com.
    • Focus on the right inventory mix.
      • Classic and foundational items continue to be great pieces to sell.
      • You may want to check out our Wholesale selection to find hot deals. It is an opportune time to get really great deals from Wholesale stock and win in auction. Check out Wholesale here.

We’ll continue to share tips and tricks on what sells best. Now let’s make some sales!

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