Are you looking to start an online marketplace, but don’t know how? Maybe you’re not even sure if your idea is the right one?
Then you should read this talk between
Website Planet and Adam Abraham, founder of Love Luxury, one of the leading brands in the UK ‘pre-loved’ luxury market.
Read on and you will learn how a successful digital entrepreneur has overcome the challenges of starting an online business, how he made it stand out, and what strategies and tools help him stay ahead of the competition.
What is your story before Love Luxury?
I started off working for my father in e-commerce where I worked predominantly in import and exports,it was here I got my knowledge of how global business works and a lot of my experience and skills come from the time I worked with my father. A few years later I began to branch out into other businesses and expand my portfolio. It was 10 years ago I recognised the pre-loved luxury market as an up and coming industry and began to specialize in this market.
What inspired you to start Love Luxury, and how did you validate your business idea?
I ran multiple businesses that came to a standstill during Covid which meant all of our focus turned to what we could do via e-commerce. We noticed a big gap in the market to buy and sell luxury goods at that time which we put our focus on.
We couldn’t keep up with the demand, not only because the stores were closed, but because people were also wanting to sell their luxury products to make money at a time when a lot of people’s livelihoods had come to a standstill. After selling mostly on social media we decided to take the leap and open the first Love Luxury store in Knightsbridge along with an official ecommerce site, both of which have gone from strength to strength since opening at the start of last year.
What challenges have you faced when starting your online business, and how did you overcome them?
Growing as quickly as it has has been challenging at times, being able to keep up with demand and continue to expand at the same time is a balancing act but is something we’ve been able to perfect in time.
What makes Love Luxury stand out from the competition?
We’re a family-run, independent business. Our customers come into the store or give us a call for our advice and honest opinions on their designer pieces, as well as asking about things they’d like to invest in. We have a large network of customers, many of which have become good friends, that’s not a service you can get from any of the online pre-loved sites.
What marketing strategies have been most effective so far?
With any young growing company social media can be hugely powerful and we have noticed a steady increase in sales off the back of it.
How do you envision the future of your industry, and what opportunities do you see for aspiring entrepreneurs?
The pre-loved designer market will undoubtedly continue to grow as consumers become more eco-conscious and money savvy. For any entrepreneurs in any industry there’s a lot of opportunity with social media, find a niche and play it to your advantage. But it does not come without hard work!
Any last piece of advice to those willing to start an online hustle?
Reinvest! You need to re-invest to grow.
