China’s e-commerce market is frequently seen as a battle for luxury consumer loyalty between two giants: Alibaba and JD.com. But in a country with a population of online shoppers that exceeds 460 million, smaller players have been emerging onto the scene to reach an increasingly targeted group of high-end consumer.
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One such newcomer that has rapidly expanded its presence in the scene is backed by Hong Kong’s The Wharf (Holdings), Lane Crawford Joyce Group’s brand management company Walton Brown, and digital technology company eCargo.
Called MyMM, the cross-border retail app features an array of about 1,200 premium to upscale fashion, beauty, and lifestyle brands and retailers, ranging from Lane Crawford and Revolve to Jimmy Choo and La Perla.
The app stands out in that it puts a heavy emphasis on building a community of sophisticated fashion enthusiasts that can convert into social media influencers, and in turn, fuel sales.
MyMM lets users, which range from WeChat-famous fashion influencers like Becky Li to Taiwanese actress Ouyang Nana upload original content and share their favorite products or styles—all within a semi-open platform that still allows for integration with Weibo and WeChat.
In a market where social media platforms like WeChat are driving marketing choices, and where KOLs mean everything, the opportunity for influencers to interact with consumers in a more direct, intimate mobile shopping setting is something that, according to MyMM, is attractive to brands aiming to target middle class Chinese customers in a highly segmented market.
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The app also positions itself as having a unique appeal for luxury brands compared to other smaller, local competitors, some of which are discount-driven and fueled by grey market demand.
John Steere, MyMM’s President, explained which are the key elements in MyMM, in an interview with Jing Daily: “Authenticity is something that is not consistent among many e-commerce platforms. Transparency, real and authentic products is something we take very seriously. By working directly with brands and authorized retailers we are able to ensure we offer authentic products”.
Additionally, Steere provided insights about targeting the right customer, and how MyMM carefully evaluates the strategies available. “We focus our efforts on educating consumers about our group heritage, about product resources and relevant lifestyle content, which provides them a sense of trust when they experience and shop on MyMM. With so many ways to reach the audience, we carefully evaluate each channel and digital asset (e.g. KOLs, press, social media, offline events, video) to ensure we are targeting the right audience with the right messaging strategy at the right time, during a customer’s journey,” he said.
Definitely, MyMM is providing a different view on three e-commerce myths. Firstly, omnichannel, often overused without considering each channel carefully.
Secondly, KoL, Steere explained how a KoL with a high number of followers is not always a good solution for your brands. Micro-influencers are perceived as more authentic and can generate a healthier buzz.
Thirdly, luxury brands focusing on 1st tier cities in China, should consider both online and offline expansion towards lower tier cities, as their inhabitants are seeing increment in their increment, and whatever is a plus, they are willing to spend it to reward themselves.
(Source: Jing Daily )