Online luxury retailer Yoox Net-a-Porter has announced it is developing technology to allow consumers to buy products directly through WhatsApp.
By becoming one of the first companies to use Whats App to sell directly to customers, Yoox Net-a-Porter (YNAP) is seeking a leg up on competitors like FarFetch (where Net-a-Porter’s founder has moved to), and the sites of the brands the retailer stocks.
Like many luxury jewellery brands in the UK, including Bond Street boutique Frost of London and online retailer Taylor & Hart, YNAP has been using the app already to communicate with consumers.
WhatsApp has proved a great communicating tool with advantages including being able to see if clients have read your message and sending live up-to-date photos.
Now YNAP’s chief executive Federico Marchetti has said he wants to use the mobile app even further to boost sales.
At YNAP about 40% of its higher-margin in-season revenue comes from just 2% of its clients, which the company calls EIPs ‘Extremely Important People’.
Marchetti accredits some of its biggest sales to chatting to EIPs through WhatsApp. Furthermore, Net-a-Porter’s mobile customers place more than double the orders of desktop users, and on average those purchases are about twice as valuable.
YNAP has revealed no details on how buying directly from WhatsApp might work, and how bank details will be able to remain private. The company is still testing the technology and has no known release date.
If YNAP succeeds in developing a safe and effective way for consumers to be able to buy luxury goods directly from WhatsApp, this will impact the jewellery industry as it will provide another platform for consumers to buy jewellery somewhere other than in store as Net-a-Porter stocks a selection of luxury and fashion jewellery brands including Monica Vinader, Cartier, Stephen Webster, Tiffany & Co, and more.