Yes, Farfetch is a legitimate online luxury fashion platform. Founded in 2007, it connects customers to boutiques and brands globally. With thousands of verified partners, it offers authentic products, ensuring a genuine luxury shopping experience.
What Is Farfetch?
Farfetch is a luxury online marketplace that allows users to buy and sell high-end fashion and apparel globally from thousands of brands and boutiques. The company was founded by Paulo Veras and Luis Baguio in 2008. Baguio, a Portuguese entrepreneur, and investor was looking for a way to expand the reach of his retail business, London’s Editorautas, which is an online fashion magazine.
At that time, Editorautas sold products from different designers and boutiques daily, and Baguio wanted a place where these products could be featured and sold together. Baguio partnered with Veras, a Portuguese entrepreneur, and investor, to make this happen to create Farfetch. Consumers can purchase luxury and designer products from retailers and boutiques globally in this online marketplace.
How Does FarFetch Operate?
1. Global Online Fashion Platform:
FarFetch operates as a global online fashion retail platform that connects luxury fashion brands and boutiques across the world. Its business model is primarily based on acting as an intermediary between sellers and customers, offering large volumes of high-end fashion products from various labels and designer stores.
2. FarFetch Marketplace:
One of the crucial elements of FarFetch’s operations is its online marketplace, which allows partners to sell their items directly to consumers. This marketplace consists of a technologically advanced website and mobile app, ensuring customers can shop anytime, anywhere. Partnerships with boutiques and brands provide a variety of products and distinct fashion pieces presented all in one place.
3. Inventory Management:
FarFetch does not hold or maintain any inventory. Instead, it operates on a consignment basis, with partner boutiques and brands retaining full ownership of the inventory until sold. This model significantly reduces the risks related to inventory stock and storage costs for FarFetch.
4. Order Fulfilment:
Once a customer orders an item, FarFetch communicates with the relevant partner boutique or brand which then ships the item directly to the customer. Given its vast network extending across continents, FarFetch may also offer delivery services to partners, ensuring they reach a wide customer base.
5. Use of Technology:
FarFetch uses state-of-the-art technology in its operations that enhances user experience and personalization. This includes algorithms predicting customer preference, virtual try-on features, mobile applications, and 24/7 customer service chats. FarFetch leverages technology to ensure an effortless online luxury shopping experience.
6. Revenue Generation:
FarFetch generates revenue by charging commissions from their partners for every sale made through their platform. The commission rate varies depending on the type of product, brand, or boutique, and includes shipping and handling costs.
7. Sustainability Initiatives:
FarFetch aims to be at the forefront of the sustainability movement in the fashion industry. As such, it operates a resale platform Farfetch Second Life, allowing customers to trade pre-owned designer bags for credits on their platform.
From the global online fashion platform to inventory management, order fulfillment, use of cutting-edge technology, and revenue generation, down to sustainability initiatives, FarFetch operates on a strategically designed business model ensuring fluid transactions between luxury fashion providers and consumers worldwide.
Is Farfetch Legit? Or Is It A Scam?
1. Extensive Brand Portfolio
Farfetch has an extensive portfolio of over 700 boutiques and brands from around the world, ranging from renowned designer label to emerging independent brands. Such a wide-ranging portfolio adds credibility to Farfetch’s legitimacy.
2. Secure Payments
Farfetch uses secure payment gateways and practices to safeguard its customers’ transactions. With payment options like Visa, MasterCard, PayPal, and others, the likelihood of them running a scam is significantly reduced.
3. Authentic Products
Farfetch has a stringent procedure for product authentication. Each product sold through Farfetch is subjected to a thorough quality control check to ensure its authenticity.
4. Transparent Policies
Farfetch operates with clear and transparent policies displayed on their website. This includes their Terms and Services, Return & Refund Policy, and Privacy Policy, thereby reducing any chance of scam.
5. Positive Customer Reviews
A significant amount of positive customer reviews backing the quality service provided by Farfetch is an easy way to verify its legitimacy. Most users have found the service reliable and the product authentic.
6. Physical Stores
Apart from their extensive online presence, Farfetch also has brick-and-mortar stores in multiple locations worldwide displaying their real-world presence.
7. Partnerships with Renowned Brands
One sure way of testifying Farfetch’s legitimacy is their active partnerships with renowned designer brands. Collaborations with stalwarts of the fashion industry convey trust.
8. Professional Customer Service
Farfetch offers professional customer service ready to resolve any queries or issues quickly and effectively, providing an assurance that they are bona fide.
To sum up, while it’s essential to be cautious when shopping online, Farfetch has proven itself to be a legitimate business rather than a scam. With its extensive brand portfolio, secure payment methods, transparent policies, physical stores, and consistent high-quality service, Farfetch emerges as a trustworthy platform for luxury shopping.
Why Is Farfetch So Popular?
The company has become one of the largest and most popular online marketplaces for luxury fashion products globally. It is simply because the marketplace features products from thousands of brands that are not available in mainstream retail channels. Since its launch, Farfetch has signed on with numerous luxury brands, including Balenciaga, Alexander Wang, Gucci, Celine, etc.
Another reason for the marketplace’s popularity is that it offers consumers an easy way to shop online. For example, if you’re looking to buy a designer bag, you’ll likely have to visit a few different stores and travel to several designer bag retailers.
On the other hand, if you shop at Farfetch, you can visit the website and view thousands of designer bags from various vendors.
Where Does Farfetch Get Its Products?
Farfetch has a straightforward business model. it provides a platform for retailers to sell their products. The company doesn’t produce any merchandise, and it simply acts as a mediator between retailers and consumers. Farfetch has partnered with many brands, takes a small percentage from each sale, and shares the profit with the retailers.
How to Buy on Farfetch
As with any other e-commerce platform, you need to create an account with Farfetch. Visit Farfetch’s website or use the app available for Android and iOS users. Once you’ve created an account, use the search bar to find the products you’re looking for.
If you don’t know which product to buy, you can use the filter bar to view products based on their price, brand, etc once you’ve found something you like, all you have to do is put it in your shopping bag. The website will save your items in your shopping bag until you’re ready to check out.
Pros of Shopping on Farfetch
There are several pros of shopping on Farfetch, and they include:
You Can Buy Designer Products at a Lower Price
Farfetch is a marketplace, and you can often find products at a lower price than their original retail price. It is true if you’re looking to buy from small retailers. If you find a product you like and the seller is willing to negotiate the price, you could pay less than if you shopped at the retailer’s physical store.
You Have Thousands of Products to Choose From
If you have trouble deciding what product to buy, you can always shop at Farfetch. The marketplace has thousands of products from different designers and retailers, so you’re likely to find something you like.
Can Use Online Coupons
Like you can find a lower price when buying a product, you can also find online coupons. Various coupon websites list coupons for online stores, including Farfetch.
Cons of Shopping at Farfetch
There are a few cons of shopping at Farfetch, which include:
You Might Not Get the Item You Are Looking For
The marketplace is so large that there’s a chance you won’t be able to find the product that you’re looking for. If this happens, you’ll either have to select a different product or give up on buying anything.
If you don’t know what product to buy and are unsure where to start, you can use the filter bar to narrow down your options. Filter the marketplace based on brand, price, category, etc.
You Might End Up Paying More Than You’re Supposed To
While some retailers on the website are willing to negotiate the price, others will charge you the total amount. If you don’t know how much the item you want should cost and the seller is not willing to negotiate the price, you could pay more than you should.
How to Spot a Fake on Farfetch
There are different ways to spot a fake on Farfetch, which include:
Look at the Product Description
One way to spot a fake on Farfetch is to read the product description. If the seller hasn’t written a product description or has copied it from the original retailer’s website, you should be wary.
Look at the Seller’s Profile
Another way to spot a fake product on Farfetch is to look at the seller’s profile. If the seller has only a few products for sale and the products are outrageously priced, you should be extra careful.
Ask the Seller for Proof
If you’re still unsure whether the product is genuine, you can ask the seller for proof that the item is authentic. If they are not willing to provide proof, you should avoid buying from that seller.
What is Farfetch’s Selling Strategy?
Farfetch’s selling strategy is straightforward. The company wants to partner with as many brands and retailers as possible. To do this, the company offers a commission fee that retailers can’t refuse.
Farfetch has become famous by partnering with brands and retailers not available in mainstream markets. It has caused a stir among customers and was dubbed ‘the rise of the rest by its founders.
References:
https://www.alphr.com/farfetch-legit-items-real/
https://www.have-clothes-will-travel.com/is-farfetch-legit-my-honest-farfetch-review/
