Jun 20, 2018 | By Catarina Lambranho
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As Shop Direct announces Very Exclusive will migrate to Very to unify their fashion proposition, we take a look at our proprietary retail and consumer data platforms, Instock and Barometer to analyse the challenges the e-tailer will face to ensure a successful transition.
Very Exclusive, in its three year infancy, initially launched to democratise luxury fashion. Creating a premium destination with an accessible payment plan enticed designer brands and consumers alike. Whilst the consolidation of the two propositions is well-thought out and signifies great benefits, mainly in traffic, the merge will not come without challenges.
Perception is everything
To ensure a successful, rationalised proposition, Very will need to ensure they develop an enhanced brand identity that allows them to sell premium alongside mass-market. Consumer image association is a crucial factor, when looking at Barometer data it’s clear that Very currently shortfalls when it comes to premium perception. Whilst John Lewis, retailing similar (if not the same) brands holds a staggering 27.94% advantage within this measure.
Bridge the gap
Looking at Instock data, the largest majority (25%) of Very’s price index sits within the £20-30 bracket, it’s evident that bringing in Very Exclusive’s premium offering, with prices as high as £735 within apparel, will offset this index dramatically. In order to justify this juxtaposition, Very needs to apply every effort into building a lifestyle brand, with destination appeal. In order to do so, the brand will need to veer away from its discount heavy experience, disassociating from the catalogue concept of buy now, pay later. Particularly now credit schemes are under scrutiny at the moment. To drive home premium perception and upgrade the brand feel, Very will need to adopt a more editorial user experience, and deliver innovating propositions such as same day deliveries in luxurious packaging and niche collaborations.
Retaining Relationships and Brand Building
Enhancing the overall Very e-commerce experience will ensure the brand can retain the Exclusive designer commissions, whom may be skeptical about being positioned alongside value products as tone and placement is vital in maintaining an aspirational DNA. Retaining these brands, and potentially enticing more, given the larger audience and logistics, will then allow Very to develop their target market. Bringing in more fashion focused consumers to the site will give Very the leverage to experiment with own brand lines such as V by Very, developing a more distinct fashion proposition that sets them apart further in the competitive market, a successful strategy seen at John Lewis.
Ensuring Very strategise toward building a premium perception, through destination appeal will allow the Very and Very Exclusive propositions to consolidate effectively. In turn, the two entities can work in synergy together to reap the benefits of both.
Barometer is WGSN’s daily retail consumer intelligence tool across menswear and womenswear.
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