America’s handbag industry currently makes over $10 billion a year. So if you are thinking of selling luxury purses you could make some serious money.
However, the retail market is a competitive one to get into. Because of this, it is important to make your business stand out from the crowd and have a business plan in place. Without this, you could join the 49% of businesses that fail within their first five years.
Want to know more about selling luxury purses? Then you’re in the right place. Read on to find out everything you need to know from our luxury purse guide.
What is a Luxury Purse?
Before you sell luxury purses you need to make sure you’re advertising your stock properly.
A luxury purse is usually made by a reputable designer brand. A lot of luxury purses will have been handmade and some may be one-of-a-kind.
Select a Pricing Strategy
If you are going to sell luxury purses you need to get your pricing strategy right. Without this, you could spend a lot on your stock without making much profit.
When pricing your purses here are a few important things to remember:
- Research trends to find out which purses are most in demand
- You can charge more for classic bags and purses from permanent collections
- Authenticating your purses means you can charge more for them
- You should identify key or unique features that you can charge more for
It can help to look at other luxury purse retailers to figure out your price point. In that case, check these Louis Vuitton handbags out.
Find a Platform For Selling Luxury Purses
It is important to find a good online platform for selling your luxury purses. There are two options for this.
You could list your purses on designer consignment stores or you could create your own website to sell directly to the buyer.
Consignment stores, like Fashionphile and The Real Real, make selling your purses quick and easy. They will authenticate your bags and protect your sales. However, in exchange for this, most websites charge a hefty fee.
Invest Time in Your Website
If you are selling your purses directly, you should invest time in creating a great website. This should:
- Be easy to navigate
- Feature plenty of high-quality images of your purses
- Include thorough descriptions of your purses
Taking the time to set your website up will make things much easier further down the line.
Promote Your Purses
It is also worth investing some time in promoting your purses for sale. You can do this using social media pages, such as Instagram and TikTok.
A lot of online platforms also offer you the chance to promote your products. This can be a great way of securing plenty of sales and great reviews early on.
Start Selling Luxury Purses Today
Selling luxury purses is a great way to make money. Taking the time to set your prices and find a great sales platform will mean your business gets off to a flying start.
Are you starting a small business? Then keep scrolling now for more amazing tips and advice.