Víctor Durán, Senior Product Manager at Farfetch, revealed the keys to Farfetch as a paradigm of the proper functioning of an ecommerce in the webinar “Farfetch: The Challenges of Fashion Ecommerce” organized by ISEM Fashion Business School. Durán used the example of his company to comment on different aspects of the history of ecommerce as well as the current challenges facing the fashion sector in online sales.
Farfetch, in the words of the speaker, could be defined as “a company that is on the border between a technology company and a fashion company”. The platform is hyperspecialized in luxury fashion and, therefore, its ultimate goal is to connect the demand for luxury with the corresponding supply.
After the presentation of the company, Víctor Durán pointed out several keys to take into account for the growth of online sales in the future. On the one hand, he highlighted that the penetration of the online market over the total market will reach 30% in 2025: “Everything that we are doing now to position ourselves in the online market will help us to capture value and make the category grow by itself; which means that we will be able to benefit from this online growth in the future ”.
The Chinese Market and Omnichannel
On the other hand, he encouraged attendees to look at China, “a country that in 2025 will have more than 50% of luxury consumers.” He also commented on the clear omnichannel trend that has dominated the sector for some time: “Retailers work conscientiously to replicate the shopping experience of the physical store in the online channel.”
Before working for Farfetch, Víctor Durán developed various technological and innovation projects for Telefónica for more than 4 years. In addition, he began his career at Danone, in the company’s marketing department.
Don’t miss the full webinar on our website!