The Most Innovative Project in Online Luxury Industry for 2016
SHANGHAI, Oct. 20, 2016 /PRNewswire/ -- After 10 years of market research and strategic preparation plus 5 years of in-depth communication with over 100 luxury brands, Yaok has taken the lead to build an official online reservation service for offline brand boutiques, which effectively tackles the existing online and offline conflict.
In 2016, many luxury brands including Chanel and Dior have realized the importance of the Internet and embarked on the journey to join hands with online partners, though still having concerns in brand image and its negative effect on offline retail stores.
Everyone is looking for an online solution, especially one that's appealing to Chinese consumers. Unfortunately current Chinese online players can't fulfill luxury brand needs due to false brand perception, unfit target audience, and lack of control on product authenticity. Some chose to set up their own e-commerce platforms, but found it difficult to attract traffic with one single brand.
Yaok -- the most appraisable business model combining luxury and internet
As brand's own official reservation platform, luxury brands will have absolute control in managing their image, product inventory, order status, and customer database through Yaok. It also allows instant communication between brand and its customers.
According to the China's Fortune Character Institute, 73% of Chinese consumers have a shopping-list prior to overseas travel, 45% of which cannot be fulfilled due to lack of desired size, model and etc. Resulting in loss of sales and unsatisfying customer experience. Yaok allows customers to reserve products in advance and enjoy VIP services while in store, which helps to improve both operational efficiency and customer service in store.
Currently, most of international top brands have reached global or regional collaboration intention with Yaok. CEO of a LVMH brand said that Yaok would be the inevitable trend of luxury retail.
Steven Yao, Founder and CEO of Yaok said the platform's official launch to users will be at the end of November where 80% of top luxury brand products will be available and users can make VIP reservations in 9 countries and regions. In 2017, among it's over 3,000,000 users whose net wealth exceeds $2 million, 500,000 will use Yaok to purchase luxury goods globally.
The prestige service provided by Yaok is either by invite only or available only to current brand VIPs. One can submit application via Yaok App or WeChat but acceptance is not guaranteed. Yaok aims to serve only luxury brands and core customers.
Yaok has successfully completed two rounds of fundraising. Its angel investor Mr. Feng Ye said Yaok team's vast luxury brand experience and the promising future of Consumer Consumption Upgrade are key magnets to investors. Founder Steven Yao was the first CEO for Hurun Report. He has great insights on the ultra-riches in China. Other core members also have worked in brand houses like Luis Vuitton and Giorgio Armani for more than 10 years. This team knows luxury industry, knows what luxury brands want and how to work with them.
Mr. Yao is thrilled to hear many media calling Yaok "The Most Innovative Project in Online Luxury Industry for 2016".
Yaok can help luxury brands extend their offline store service to every corner of the world, and help brands provide best service to the most valuable customers, drive sales for luxury brands and provide best shopping experience for customers.
Yaok, affiliated to Fortune Character group, China's largest group serving HNWIs life style. Founded in 2008, Fortune Character specializes in the research of luxury market, media, club and consumption.