In the fourth episode of the Fashion store and Worldpay from the FIS masterclass suite for creating seamless omnichannel experiences, joins Kelly Kowal, chief platform officer at Farfetch Fashion store Maghan McDowell, Senior Innovation Editor, to discuss how Farfetch makes its technology available to brands like Burberry, Proenza Schouler, Chanel, Thom Browne, Brunello Cucinelli and Harrods.
“Most people know Farfetch very well as Farfetch.com, the marketplace,” says Kowal. “But we have a completely different business, namely a platform business.” Farfetch Platform Solutions (FPS) services include the operation of branded websites, cross-border fulfillment and in-store apps. FPS also enables electronic concessions where an online marketplace, instead of buying and owning inventory, simply offers items for sale.
“We were global from day one, and that meant shipping from five different countries to a global network, which is very complicated. People used to think of us as a tech fashion company. But actually, a large part of our work is our operations, ”says Kowal. “Part of the beauty of our platform is that brands and retailers who work with us get this right out of the box.”
Farfetch is also helping brands leverage Alibaba’s Tmall and researching the use of non-fungible tokens (NFTs), including studying NFT marketplaces and understanding the motivation and logistics behind buying and trading NFTs, says Kowal. “It’s not just about what technology we can offer today, but also about developing the products and solutions that brands and retailers need in the short to medium term.”
At the end of the five-part Vogue Business and Worldpay from FIS Masterclass series, we will publish a free, comprehensive report. You can Register to get the full report here.