Consignment Initiative
Creating a new method to reach clients when coming into a store is no longer an option
OVERVIEW
The project was in response to post-COVID challenges and the growing trend of online shopping. Focusing on bringing an intimate and elevated shopping experience to the clients who no longer frequent physical stores or reside remotely.
Role:
Creator
Team:
Senior Regional Director, Store Director, eCommerce Team, Omnichannel CRM, President, Vice President, Human Resources
Duration:
July 2021 - Present
Skills:
User Research, Competitive Analysis, User Interview, Usability Testing
BACKGROUND
The Significance of Consignments in Luxury Retail
In providing clients with the opportunity to try on more products in the comfort of their homes, alleviating hesitations often experienced in stores. This model tends to result in higher units per sale, aligning with the successful concept behind subscription services. Additionally, it addresses concerns about the impact of frequent purchases and returns on clients' cards, ultimately benefiting store Key Performance Indicators (KPIs).
USER RESEARCH
Qualitative Interviews
Interviews helped define my users and identify their needs and struggles. Based on the responses I added categories that are necessary for all departments to track success.
Key Participants
Operational Managers/Senior Stock Controllers: responsible for overseeing all product movements in and out of stores.
Store Directors: tasked with integrating the new platform into their sales teams.
Omnichannel Operations Manager: oversees regional operations and provides performance reports.
Senior Director of Retail: reports sales outcomes to executive leadership.
President/Vice President/Human Resources: holds the authority to approve, fund, and drive forward essential initiatives.
Main Insights
Sales Department:
Client Information:
- Capturing individual client identification.
- Tracking historical spend for personalized insights.
- Monitoring growth in spend post-implementation.
Operational Team:
Dates and Tracking Information:
- Capturing dates of product movements (departure and return).
- Recording tracking information for operational traceability.
Sales and Operational Analysis:
Number of Units:
- Tracking units sent out and returned for sales and operational evaluation.
Value Tracking:
- Monitoring the value of products sent out and purchased.
Higher-End Processing:
Correct Processing Data:
- Identifying and tracking correct processing within the system.
- Enabling the extraction of reports on sales generated exclusively from the new platform.
PILOT ROLLOUT
I initiated the program at the two flagship stores in NY
After developing a mockup tracker based on interview insights, these locations are projected to yield the highest revenue, making them the initial testing grounds for the program.
User Persona
Occupation:
Location:
Gender:
Age:
Marital Status:
Net Worth:
Education:
Passive income
Florida
Female
54
Married
1.5 MM
University
Victoria
“I’m not in the city right now, I’m back in London. I’ll be sure to stop by next time I’m in New York though. Thanks!”
About
Victoria, in her 50s, is a sophisticated individual who has enjoyed the privileges of an upper-class lifestyle, valuing quality, exclusivity, and personalized experiences. Post-COVID, she made a decision to move out of the city, opting for a more secluded and secure environment, even though she does own multiple homes in various other states and countries. Victoria's relocation has caused her to enjoy the comforts of her home when she isn’t traveling. Due to her frequent travels, Victoria finds it challenging to commit to appointments and events hosted by brands in the city. Despite advisors sending her photos, envisioning how the items would look on her or understanding fabrications remains difficult. Additionally, the hassle of continually purchasing and returning items, along with tracking refunds, adds to the inconvenience.
Motivations
Social Status
Convienience
Power
Goals
Access luxury goods and experiences regardless of where she is
A shopping experience that is effortless, convenient, and aligns with her upscale lifestyle
Stay connected to fashion and lifestyle trends
Pains
Limited access to luxury retail
Unable to have the convenience of accessing curated, high-quality items without the need to travel to urban centers
Presentation
After collecting data over the following six months, I presented the results to various directors, notably the VP of the Americas, President of the Americas, and Head of Omnichannels. The positive revenue outcomes indicated a projected annual growth of 2-5%. I sought additional funding and support to expand the implementation across the rest of the Americas and eventually into Europe.
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