#头条创作挑战赛#
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▼ The following discussion of Leng Yun fashion circle is a discussion and summary of industry issues. These sharing are the fruit of collective wisdom. (They do not represent Leng Yun's personal views). I hope that this way can benefit more people in the industry!
First, the three main bodies of the second-hand luxury goods industry:
What to buy, who buys and sells, and how
1. What to buy and sell?
At present, the current situation of the domestic luxury market: the domestic leading platform has emerged, the platform uses the "consignment model" as the mainstream trading form, such as "only two", "red bulin", "fat tiger" and "Angeli", the capital side continues to enter the layout, top industrial funds such as IDG Capital, Jingwei China, etc., the remaining market share of the first and second tier cities A large number of luxury practitioners and stores flourished, gradually occupying the retail market.
First, let's understand what second-hand luxury is. Second-hand luxury goods are luxury goods that are traded or transferred again after the first purchase is made. Old and new are an important measure of commodity prices. Second-hand luxury goods are mainly divided into luggage and leather goods, jewelry accessories, clothing, shoes and hats, high-end watches, and mainly international first-line brands. Whether gold jewelry falls under the category of luxury industry is a debatable question. According to industry insiders, gold jewelry is usually traded in pawnshops rather than luxury shops.
2. Who buys and sells?
So who is buying and selling second-hand luxury goods? Second-hand luxury goods mainly come from two types of people, the first is luxury consumers, that is, C-end individual sellers, they may sell the luxury goods they already own for various reasons, they are both buyers and sellers. The second category is B-end professional sellers, such as daigou and second-hand luxury goods merchants. At present, consumers are mainly young people who accept sustainable products, such as the post-90s, post-00s, and Generation Z. They buy second-hand luxury goods not only to buy their favorite goods at lower prices, but also to reduce resource consumption and environmental impact. In addition, there is a segment of middle-class or higher wealth consumers who may choose to buy or sell certain brands at a premium in the secondary market.
3. How to buy and sell?
Let's take a look at how second-hand luxury goods are traded. The development of the second-hand luxury goods industry benefits from the guidance and support of relevant national policies. Since 2015, the renewable resource recovery system has been included in the national economic development plan. By 2020, the 14th Five-Year Plan for the Development of Circular Economy officially elevated the development of circular economy to the height of national strategy. In the transaction process, authenticity is the most concerned issue for consumers, so the identification standards of the second-hand luxury goods industry are particularly important. In order to ensure the authenticity of the transaction, consumers usually look for authoritative appraisers, physical stores, or officially certified online stores to trade.
On the one hand, the second-hand luxury goods industry tends to circulate goods of international first-line brands, because the process barriers of these brands are an important reference point for identification. On the other hand, some consumers may choose to buy products at ultra-public prices in luxury stores because they cannot buy the products they want in time in the store, or because they need to distribute goods. For factory goods that are only circulated through unofficial channels, they often have difficulty in achieving the details of the genuine workmanship, so special attention needs to be paid in the transaction.
Overall, the second-hand luxury goods industry is a diversified market with changing and evolving operating models and customer segments. For consumers, whether buying or selling second-hand luxury goods, they need to proceed with caution to ensure the authenticity and security of the transaction.
Factory goods is a controversial concept in the second-hand luxury goods industry, which has led to discussions about product authenticity, brand trust, quality assurance and legitimacy. Generally speaking, only products licensed by the brand to domestic foundries can be called "factory goods". Some people may think that factory goods are actually products that have not been circulated through normal channels due to loopholes or defects in the internal management of the factory.
For example, some goods may have minor defects that should theoretically be destroyed, but in practice, they may be leaked out for various reasons. Despite the existence of this situation, in general, the number of such goods is relatively small. For other so-called "factory goods", especially those that are not authorized by the brand, the craftsmanship is often difficult to meet the quality standards of the original product. When we identify products, such as Hermès hardware engraving, these subtle processes are not easy to imitate. Moreover, luxury brands have a quota for the management of products, and the accessories are rationed to the factory, and the factory will report losses. Therefore, in the strict sense of the word, "factory goods" do not really exist.
(Image source: iResearch, Guotai Junan Securities Research)
The identification of the second-hand luxury goods industry is very important. A reputable second-hand luxury store will introduce a third-party appraisal agency for appraisal, such as the state-owned China Certification and Inspection Group. Some luxury stores will hire their own appraisers, and these appraisers will participate in the appraisal course study and examination of China Inspection and Certification Group, and after passing, they will get the appraiser qualification certificate of CCIC Group. When the appraiser has doubts about a certain product, the goods can be sent by the merchant to China Inspection and Certification Group for appraisal and issue a single product appraisal certificate.
(Image source: Photo by the owner)
Even so, it is difficult to get 100% guarantee of the authenticity of the goods. When second-hand luxury stores receive fakes, serious losses can be caused. For the sake of their own reputation, some stores will choose fake one compensation three or even higher compensation. A luxury store that wants to run well for a long time is reluctant to buy and sell counterfeit goods, because it is difficult to guarantee that the goods sold will not be bought and sold more times.
Therefore, for consumers, when choosing a luxury store, in addition to examining the authenticity of their goods, they also need to examine the credibility of the store and understand whether it has relevant business qualifications. In addition, consumers also need to pay attention to the value preservation and premium ability of the goods of the second luxury store, so as to provide more reference for their own purchase decisions.
Although there are certain differences between second-hand luxury stores and vintage stores, they both play a key role in the industry. Japan has consistently performed well in terms of platform brands, and its integrity is well recognized. It is understood that Japanese companies are less likely to default on supplier payments during their operations, which is not common among Chinese companies.
Overall, the second-hand luxury goods industry is a market that requires consumers to be cautious. Whether it is the problem of factory goods or the authenticity of goods, consumers need to have enough understanding and judgment to ensure that their rights and interests are not infringed.
Second, the pain points and development trends of the industry
1. Product pain point
When it comes to the main pain points of the second-hand luxury market, we cannot fail to mention the problem of fakes. The problem of counterfeits has always been a key factor plaguing the second-hand luxury market. Although most second-hand luxury stores with professional appraisers do not sell counterfeit goods due to professional ethics and industry rules. As consumers, most of us can trust second-hand luxury merchants with physical stores and CCI appraiser certificates. However, with the changes in the market and the continuous innovation of counterfeiting technology, there will still be some products that are extremely difficult to identify.
With the further development of the market, we need to gradually form more mature and standardized industry rules and models. At the same time, another question arises, that is, are we willing to accept a slightly higher price, but every luxury item purchased comes with an authentication tag from China Certification & Inspection Group?
2. Development trend
In terms of the development trend of the second-hand luxury goods industry, we can see that as a part of the circular economy, it shows four obvious characteristics: the rise of "circular youth", driven by environmental awareness to become the key bearer of the "circular effect theory"; The clothing market has surged, becoming a new focus after bags; Industry appraisal standards are gradually improved and standardized; "Platformization" has become the mainstream, and it continues to empower industrial development.
The three major echelons of the current market are: domestic and overseas e-commerce platforms (such as Fa Qi, etc.), Chinese e-commerce platforms (including merchants or individual sellers settled on live streaming platforms such as JD.com, Tmall, Douyin, Xiaohongshu) and second-hand luxury goods physical stores in offline cities. Although the goods of the first two echelons are traded through e-commerce mail, offline stores have the advantages of face-to-face transactions and rapid identification and delivery. Given the trust and convenience of buying and selling, consumers may prefer offline transactions, and in the process of selling and buying, the most important concerns affecting consumer decision-making include the price, style and quality of goods, convenience of shopping, and after-sales service.
In the second-hand luxury market, the return policy has become a major concern for consumers. In the face of consumers' questions, generally speaking, when choosing offline physical stores, consumers should try to choose stores with stable licensed appraisers, continuous operation in the local area for more than 2-3 years, and accept customer requirements to send to third-party appraisal agencies to issue appraisal certificates. Because such stores usually guarantee the quality of their own goods, but also help consumers to buy satisfactory products.
For second-hand luxury merchants, if returns are allowed, there is a risk that some consumers may exchange the real thing for a fake and ask for a return. Therefore, most merchants will let consumers confirm that the hang tag certificate and product code of the purchased goods are consistent at the time of delivery, and will not accept returns and exchanges after use. This approach is also based on the protection of merchants to avoid unnecessary losses.
In the second-hand luxury market, price fluctuations are also a problem that cannot be ignored. The market for many second-hand luxury goods will change in a few days. For example, many consumers who consign or sell their bags online find that the price of the luxury goods they buy is not high in the second-hand market, which may affect their future decisions to purchase first-hand luxury goods.
Under the current development trend, there may be second-hand luxury goods merchants like luxury brand stores in the future. Although at this stage, second-hand luxury live broadcast rooms relying on short video platforms have emerged and offline synchronized physical stores, such a market model cannot fully meet the needs of all consumers. Therefore, we have reason to expect that the second-hand luxury market will develop more perfectly in the future, providing consumers with better and more convenient services.
Third, discuss the live broadcast of personal IP in the vertical field of second-hand luxury goods
1. What kind of content potential consumers will be attracted to
Since the rise of e-commerce live streaming, the second-hand luxury goods market has gradually abandoned the pricing method of relying on poor information and turned to more open and transparent live streaming sales. This shift has made the price of second-hand luxury goods more stable and has given consumers more choice.
Judging from everyone's feedback, second-hand luxury goods merchants seem to have begun to use short videos to promote their stores and sell second-hand luxury goods on live streaming platforms. For example, vertical IPs with a certain number of fans, such as "Angeli Tiange" and "Luxury Yifu", are attracting fans into the live broadcast room through various types of content, and guiding fans into the private domain through product promotion in the live broadcast room, forming a circular repurchase consumption.
2. How to improve trust
For consumers, they may prefer explanations about brands and products, or introductions to current fashion trends, or demonstrations of the second-hand luxury store appraisal process, or even detailed teaching on how to identify a luxury item. In addition, because luxury goods have other added value, consumer demand is not entirely driven by price. Therefore, second-hand luxury merchants need to have sufficient professional knowledge and in-depth understanding of the market to meet the needs of different consumers.
3. What kind of service improvements online consumers expect more?
It cannot be ignored that consumers have higher and higher requirements for the service quality of second-hand luxury goods merchants. The popularity of live streaming sales has made the second-hand luxury goods on the market more segmented. From high-premium Hermès bags to LV basic vintage bags of several thousand yuan, to famous watches or accessories, all kinds of second-hand luxury goods have their corresponding consumers. At the same time, the styles of anchors are also different, ranging from lighthearted and funny genres to hilarious atmosphere flash sale styles. Therefore, how to provide better services and meet the personalized needs of consumers has also become a problem that second-hand luxury goods merchants need to consider.
However, even in the increasingly competitive second-hand luxury market, some merchants still face difficulties due to business model or management problems. For example, although Secoo chose no problem with the track, it eventually chose to delist due to business model and management problems. This incident also once again reminds second-hand luxury goods merchants that no matter how big the market is, the way of business always needs to return to business models and management.
From the perspective of the market, consumers' expectations for second-hand luxury goods have not decreased. They expect second-hand luxury merchants to provide more professional and differentiated content that showcases their authority and brand history, so that they can enjoy shopping while learning about their products. For example, by educating the market, tell consumers about the history of brands and the origin of product lines, and why they become classics.
To this end, second-hand luxury goods merchants may need to start from the perspective of creating personal IP, using content to attract customers and even acquire customers. In China, this marketing model that relies on culture and history to attract consumers with content has been proven. Whether it is calligraphy and painting, shares, or now second-hand luxury goods, they can convey the culture and history behind it through content, thereby attracting consumers and increasing their intangible value.
In the future, the second-hand luxury goods industry may need more practitioners who are valuable to the industry to make short videos with more content depth to meet consumers' needs for professionalism and depth.
The owner concludes
First, the three main bodies of the second-hand luxury goods industry
1. What to buy and sell?
The main products traded in the second-hand luxury goods industry include but are not limited to clothing, accessories, bags, shoes and other branded luxury goods.
2. Who buys and sells?
Buyers are mainly consumers who have a demand for luxury goods but want to reduce the cost of consumption, while sellers are mostly luxury owners who have excessive consumption habits or want to exchange for cash.
3. How to buy and sell?
Most transactions are conducted through online platforms, where sellers publish product information and buyers browse, compare, and buy. At the same time, the platform often has a professional appraisal team responsible for identifying the authenticity of the goods to protect the rights and interests of consumers.
Second, the pain points and development trends of the industry
1. Product pain point
Due to the difficulty of authenticity identification of second-hand luxury goods, there are a large number of fakes on the market. In addition, the quality and condition of goods cannot be fully guaranteed.
2. Development trend
With the improvement of consumers' concept of sustainable consumption, the development trend of the second-hand luxury goods market is obvious. At the same time, in order to solve the pain points of the industry, the innovation of technology and services is also the main trend in the future, such as improving identification technology and optimizing the presentation of commodity information.
Third, discuss the live broadcast of personal IP in the vertical field of second-hand luxury goods
1. What kind of content potential consumers will be attracted to
Potential consumers are more likely to be attracted by high-quality products, transparent transaction processes, and highly interactive and content-rich live streams.
2. How to improve trust
Ways to increase trust include an open and transparent product identification process, clear return and exchange policies, timely and effective customer service, and building word-of-mouth and image through social media.
3. What kind of service improvements online consumers expect more?
Online consumers expect the platform to provide more detailed product information to improve the shopping experience, such as optimizing the payment process and enhancing customer service response speed. At the same time, consumers also want more interactive sessions, such as Q&A sessions, lucky draws, etc.
Text arrangement: Zhang Huaikai
Text editor: Chen Chang
Art Editor: Li Ning