Last Updated on July 27, 2022 by Oscar O. Paquin
Farfetch is a legit entity with a reputable presence that is unmatched in the fashion world. Fashion is a fickle industry. While some designers are making it big, others struggle to find new customers and ways to keep their business going. To find new customers, retailers have started selling their products on online marketplace like Farfetch. The platform has become incredibly popular among users, but some are still asking if Farfetch is legit or not? Farfetch is a luxury e-commerce platform that sells goods from over one thousand three hundred fashion houses and boutiques worldwide.
As one of the most prominent independent digital destinations for high-end fashion, accessories, and beyond, the company has gained a lot of traction in recent years, which isn’t necessarily a good thing.
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.
Is Farfetch Legit? Or Is It A Scam?
The short answer is no; Farfetch is not a scam. However, there are some things to be aware of. As mentioned above, Farfetch does not produce any products; it simply acts as a mediator. To make a profit, the company charges retailers a hefty commission fee.
While this doesn’t make Farfetch a scam, it does make it less appealing to customers. Farfetch charges retailers a twenty percent commission fee on each item they sell through the marketplace.
It is a pretty high fee, meaning that retailers need to sell their products at a higher price, and because of this, you might find yourself paying more for the same product than you would if you visited your local boutique.
Farfetch is a legitimate company that allows retailers to sell their products through the company’s website. While the company is legitimate, the question remains if it’s a good choice for shoppers. There are several factors to consider before you make your decision.
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 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.