Image via Style.com
Yesterday I wrote about the PPR group working on an e-commerce venture with Yoox SpA and now it looks like other big luxury brands are also embracing innovative online platforms. Last week the New York Times noticed that within 24 hours of images of the Oscar de la Renta resort show being placed on TheFancy.com, a green and white sequin silk baseball-style sweater had 500 people endorse it. While that may not sound impressive, the fact that the site had received several advance orders for the sweater, which is priced at $2,490 might get your attention.
'Selling five of those baseball tees is not going to change our lives,' Alex Bolen, chief executive of Oscar de la Renta said, 'but I have got to say, I was surprised.' For me, the news doesn't come as a surprise. Recent research has unearthed the reality that these new social media platforms are having a serious impact on sales beyond simply redirecting traffic. Take Pinterest for example. Despite being the newbie on the scene, results released last week shows that people are 10% more likely to purchase something they see on the platform.