Secoo creating its own Black Card of exquisite lifestyle, turning users into spokesman

Rhea-AI Summary

Secoo Group (NASDAQ: SECO) announced the launch of its Black Card service system, focusing on personalized luxury services for high-end consumers. The initiative aligns with the rising trend of online luxury consumption in China, supported by Bain & Company’s reports indicating a shift towards sustainability among consumers. Secoo, with over 50 million registered users and 4,000 luxury brands, aims to refine its service standards to convert users into brand advocates, channeling the ethos of companies like American Express.

Positive

• Launch of Black Card service system caters to personalized luxury market.
• Secoo has over 50 million registered high-end users, indicating strong market presence.
• Focus on sustainability aligns with consumer willingness to invest in sustainable products.

Negative

• None.

BEIJING, June 10, 2022 /PRNewswire/ -- Recently, Secoo Group(NASDAQ:SECO) has made an official announcement that it will build up a Black Card service system concerning exquisite lifestyle--to turn its high-end users into its spokesman.

According to Bain& Company's annual China Luxury Report 2021, despite mounting global social and economic challenges, China's Luxury goods mainland market(not include Hongkong and Macao ) finished 2021 with strong double-digit growth overall, with some brands exceeding a 70% increase. Even though China market has reached a high level of digitization and continues to grow, the report forecasts that the online sales of China market's person luxury goods will increase approximately by 56%.   

It shows that the most concerned China's high-end users of luxury goods has shifted from offline consumption to online consumption due the epidemic outbreak. On top of that, consumers use to be influenced by others when they make luxury goods purchase decision and now they tend to be more rational. A newly-released report by Bain&Company Unpacking Asia-Pacific Consumers' New Love Affair With Sustainability suggests that 90% of the respondents of a survey of 16,000 consumers in Asia-Pacific countries are willing to pay for products' sustainability and 40% of the respondents show willingness to increase their budgets on sustainable products in next 3 years.   

As a world famous exquisite lifestyle platform, Secoo mainly focuses on high-end consumer market and believes that high-end consumers will be the trend of domestic personal luxury goods. Since its foundation in 2008, Secoo has been dedicated to providing the latest and smartest fashion items for high-end users. As of now, Secoo has more than 50 million registered high-end users, covering over 4000 high-end brands of clothing, shoes and boot, bags, watches, jewelry and accessories. As the global epidemic continues, high-end users' demands for exquisite life have changed significantly.

In consideration of the needs of high-end users, Secoo has launched its Black Card service system concerning exquisite lifestyle. Nevertheless, the services provided is not standardized, instead, it's personalized and customized luxury service. Based on the personalized demands, Secoo will tailor the high-end customized service for users by providing both online and offline services. Experts, buyers and consultants from various high-end areas of life will provide the most detailed services and experiences for its users covering life modes and scenes.  

As Li Rixue,  the founder of Secoo, says that Secoo, even though works in luxury goods industry, aims to be companies like American Express and Michelin and a world famous company needs to standardized its service down to the smallest detail. So Secoo now needs to constantly optimize existing service standards as well as to refine and categorize users' demands so as to provide personalized services for each user. Only in this way can Secoo turn its users to potential spokesman.

View original content:https://www.prnewswire.com/news-releases/secoo-creating-its-own-black-card-of-exquisite-lifestyle-turning-users-into-spokesman-301565614.html

SOURCE Secoo Group

FAQ

What is Secoo's Black Card service system?

Secoo's Black Card service system is a personalized luxury service aimed at high-end consumers, providing tailored online and offline experiences.

How many registered users does Secoo have?

Secoo has over 50 million registered high-end users.

What does Bain's report say about China's luxury market?

Bain's report indicates that China's luxury goods market saw strong growth, with expectations for online luxury sales to increase by approximately 56%.

What trend is affecting high-end consumers' purchasing behavior?

High-end consumers are shifting from offline to online shopping, influenced by the pandemic and a growing preference for sustainable products.

How does Secoo aim to change its service offerings?

Secoo aims to standardize and optimize its service offerings to meet personalized demands, similar to companies like American Express.