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The index, from Matchesfashion.com and the Institut Français de la Mode, debunks the myth that the French are digital laggards and are actually highly engaged with e-commerce. Only 30 percent of French luxury consumers have never made a purchase online. Almost half have shopped online in the last year, with more than 54 percent buying online at least once a quarter. As Matchesfashion.com chief executive Ulric Jerome told BoF, "the [French] customer is more ready than ever to shop online.” “To tell you the truth I was a bit surprised by the results of the index, about the level of engagement of the French customer,” said Jerome, who launched Matchesfashion.com online in France in February. “I was expecting a more conservative customer.” Instead, the study found that luxury consumerism in France is closely aligned with consumer behaviour seen by Matchesfashion.com in its native UK. The report also identified millennials as “digital first” consumers, revealing that 70 percent have shopped online for luxury goods in the past year. And while millennials may be at the forefront in the use of mobile shopping, a significant majority of consumers overall say they are ready to experiment with, or have already made smartphones purchases. A strong interest in new technologies was also expressed, with 80 percent of those surveyed keen to integrate AI and AR technology into their purchasing experience. “We see luxury fashion and technology to be completely in sync,” said Jerome, who added that Matchesfashion.com works closely with technology incubator New York Fashion Tech Lab. "A lot of our time is spent finding technology that enables us to increase the user experience online and in store as well,” he said. These findings suggest there is an opportunity in France for both the expansion of luxury e-commerce and technological enhancement of the luxury shopping experience.
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Together with her business partner Dhruv Kapoor, the duo started Zilingo, a fashion e-commerce platform that aggregates the small fashion retailers of Singapore, Bangkok and Jakarta onto a single platform. In two short years, Zilingo, a play on the word "zillion", has over 4,000 small enterprises that sell apparel, accessories, bags, shoes and lifestyle products from Thailand, Indonesia, Singapore, Taiwan and Hong Kong with half a million active users in South-east Asia. Before Zilingo, Ms Bose, 26, spent three years working in venture capital and management consulting at Sequoia Capital and McKinsey & Company. Did you ever think you would be starting your own firm after coming back from a holiday? In retrospect, I wonder: what was I thinking? We have offices in five countries, and 80 staff of 10 different nationalities. How do I work with people from different cultures and backgrounds? But when the idea to start Zilingo was born, questions such as these didn't pop up. Dhruv and I decided it was now or never.
For the original version including any supplementary images or video, visit http://www.businesstimes.com.sg/lifestyle/weekend-interview/ankiti-bose