Website Closers presents an eCommerce business that has successfully developed a product for men that’s proven to be irresistible to both men and gift-focused women buyers. This brand’s sleek, highly giftable wallets are universally appealing, and their marketing strategy positions them to target both their typical user as well as a secondary market of those hoping to make a special impact. This brand has spent the past 6 years building up a committed customer base among men and women who appreciate their high-quality, slim leather wallets. At the current price points, customers are pleased and impressed by the incredible quality offered by these unique, expressive, genuine leather wallets, rewarding this manufacturer with impressive 79% gross profit margins.
These wallets are unique to the brand and cannot be found elsewhere. The brand saw an opening for a strong eCommerce site within the field of higher-end quality leather wallets. This continues to be a sizable and growing market. These wallets in particular help the consumer make a fashion statement. As the public’s taste in wallet designs are shifting toward more fashion along with function, this brand’s products are already in line to meet the demand. Industry experts say in 2021, slim wallets have become not just fashionable but in high demand, often with top-grain leather and a colorful finish that look stylish alongside any wardrobe.
Wallets are for both men and women but their value can go beyond carrying personal belongings such as cash or credit/debit cards. For some buyers and gift givers they have become a statement of good style and of success. Designer wallets made exclusively for men have gained enormous traction in the market, and as the brand has so successfully demonstrated, men’s wallets have a vibrant audience among women as well. This company designs, develops, manufactures, and distributes their own specialized collection of slim wallet products for the fashionable and discerning male.
Like many brands today, this one found a great deal of success on social media, where photos of their stylish SKUs have brought them 27,800+ followers on Instagram and 23,280+ on Facebook. PPC ads on both platforms as well as Google have helped to drive traffic to their website, although the brand also benefits from having compiled nearly 20,000 SMS subscribers, a strong email database of nearly 175,000 subscribers for email marketing, and an SEO program that fully optimized their website to boost search engine rankings. These tools have accomplished what the company set out to achieve: They now average 40,000 visitors each month on their website, and that traffic means not only conversions but coveted brand recognition as well.
Their process is a seamless one, and today the company benefits enormously from a 10-year relationship with their suppliers. While the company has 8 main wallet profiles, they sell 46 SKUs due to the multiple color variants available for each one. Those products are stored in their fulfillment center, with 100% of the orders shipped from stock on hand. Products are shipped in bulk to their fulfillment center, then stored and made ready to be shipped with a gift box, promotional literature, and a poly bag.
While sales have primarily been conducted on the brand’s Shopify website, the company now has an Amazon platform that represents 15% of sales and rising. The expansion into this additional channel has allowed the company to take advantage of Fulfillment by Amazon to handle a share of their shipping needs. Their customer demographics are wide ranging, indicating the wide appeal that wallets hold: They sell consistently to men between the ages of 21 and 44, and their typical customer buys a new wallet every year or so. Their Repeat Customer Rate is now 14%, a substantial 112% jump from 2020.
Just as successful has been the company’s marketing efforts directed at women, who are an increasingly significant demographic for them. While their sales remain steady year-round, for their women customers sales can peak during popular gift giving times including Father’s Day, high school and college graduations, as well around the Winter holidays. Based on these trends, the female demographic for this brand appears to be made mostly up of gift-givers who would be willing to pay for premium upcharge options to pamper their loved ones, such as gift wrapping, cards, and even customization.
This is an optimized, turn-key opportunity for someone looking to take a hands-off approach in the fashion field. The company benefits from having an experienced Operations team is place that handles multiple tasks, including purchasing products, receiving and storing SKUs, addressing customer service inquiries, and processing shipments. The company has an agency team in place to handle marketing, including media services, conversion rate optimization, and social media strategies. An experienced customer service team is on hand to provide timely responses to customer inquiries and to uphold the company’s reputation for outstanding customer service.
Everything is fully in place for this company to quickly take advantage of immense scale opportunities, which are especially rich as the market for luxury slim wallets continues to bloom. Marketing wholesale, including to large retailers or smaller chain stores, would be a massive opportunity to shift sales away from DTC and attract a huge new customer base. In addition to opening wholesale avenues, Brick and Mortar retail placement would drive brand recognition and increase direct sales as a secondary benefit. Another key target would be gifting programs for weddings or corporate events, enabling buyers to offer the perfect gift to grooms at weddings or those celebrating promotions and advancements at work. Similarly, offering wallets customized for special events would be another excellent opportunity. SKU expansion into other aspects of the leather goods market, such as portfolios, iPad cases, backpacks, and wallet cell phone cases, could offer product diversity and bring a new array of buyers to the table. As their Amazon sales keep rising, there are additional opportunities to list SKUs on new eCommerce platforms such as Walmart, Etsy and Jet.
Their already rich social media strategy could be ramped up even further through a more aggressive posting schedule and an influencer program. Lifestyle influencers, particularly in men’s fashion and finance, have immense audiences of viewers eager to follow their trends, Offering a few free products in exchange for promotion could offer sizable ROI.
Bottom line: this company has already demonstrated impressive growth and the ability to market their products to both men and women, and to enjoy the high recurring revenues that come with their success. For a buyer, the evergreen appeal of a wallet, combined with the high demand today for this company’s slim leather products, should make this an irresistible offer.
