The rich are different. So are Web sites that sell to the rich. Just ask Bob Paquin, who, as chief operating officer of Blue Nile, last year sold US$50 million in diamonds online by figuring out how to build a site that appeals to the well-to-do.
What does Paquin know about selling to the rich that the rest of us don't? In the real world, it's easy to figure out what the wealthy want: top-notch goods and services provided in a "high-touch," face-to-face environment.
Online, not surprisingly, the idea's similar. Whether you're pitching luxury cars, wealth management services, diamonds or gifts, experts say, to attract and satisfy the wealthy, you need to design your site in such a way that you quickly establish yourself as an online expert, make users feel as if they're part of an exclusive club, avoid obnoxious cross-selling techniques, be willing to provide services through a number of channelsâ€"-not just onlineâ€"-and always listen and react to customer preferences. It doesn't cost a lot more, experts say, but it can take a bit longer to tailor a luxury site.
While some sites, such as eVineyard's recently acquired Wine.com, have struggled to find the formula, other sites, such as Blue Nile's, Red Envelope's and Mercedes-Benz USA's, are establishing themselves as successful sites for the wealthy.
And, as it turns out, in the current dot-com downturn, even e-commerce sites whose customers' budgets run more to beer than champagne will do well to start thinking and behaving like luxury sites, experts say. That's because even some of the more successful mass-market e-commerce sites are quickly discovering it's not enough to compete largely on price.
Even Amazon.com CEO Jeff Bezos, for example, recently told financial analysts his site needs to focus more on creating a welcoming presence for online visitors by spending more time on customer services. And that's not unlike what luxury Web sites have been doing all along.
The trick, said Gartner analyst Geri Spieler, is to think like a service site, not just a selling site.
"There's a difference between high-end luxury sites and Amazons," Spieler said. "Amazon is a site for everyman. A high-end site is more of a service environment. They're going to take me by the hand and make me feel very exclusive and remind me that not everybody belongs to this club. That's what you're aiming for."
