Suvarnima Phalke of My Luxury Bargain tells us how they’re reshaping a $300 billion industry.
Tell us about you, your career, and how you joined My Luxury Bargain.
Suvarnima Phalke: I’m a brand strategist and digital marketing professional, working at My Luxury Bargain as a marketing assistant. I have always had an interest in how the luxury industry functions and wish to pursue luxury brand management for my masters. For me, the opportunity to work at My Luxury Bargain came at the right moment, and it has been fundamental in furthering my interest in this field.
How does My Luxury Bargain market its product/services online?
Suvarnima Phalke: Apart from the standard marketing practices like email marketing, SEM, online advertising, and re-marketing, we try our best to tap into all the up-and-coming trends. We don’t wish to rely too much on paid marketing, so we’re constantly exploring unique ways to market our products organically.
How the coronavirus pandemic affects your business, and how did you get through it?
Suvarnima Phalke: Being primarily an online marketplace, I wouldn’t say it affected us too much. But we put in our best efforts to not let it impact our customer experiences due to delayed logistics and capitalize on this increased surge of audience in the online shopping space.
Who are your competitors? And how do you plan to stay in the game?
Suvarnima Phalke: We recently updated our website to improve user experience. We also have an app under development, regarding which we have some exciting features planned. Parallel to this, we aspire to build a community around our brand, to be more than just a marketplace. We wish to leverage this platform to educate and celebrate luxury and art with our audience.
Your final thoughts?
Suvarnima Phalke: Pre-owned luxury used to be a niche market in the luxury industry. But the growing conscience towards the environment among the younger generations has led to an outpour of new entrants in the industry. Being one of the first few players to tap this market, we have years of experience and recognition on our side. We have big plans for the future, to expand our presence in other countries and to spread awareness about the importance of circular economy and sustainability.