Well, it's already the end of Q1 and if I never do this, I never really will.
This type of blog post is supposed to be a report/newsletter where I share with stakeholders (aka YOU!) some key statistics and also the forward looking plans I have for the business this year (although we’ve already announced what we’re going to be doing in Q1). Take this as a very pared down “annual report”.
Key Statistics 2023
Packages lost: 0 (still zero, thankfully)
Authenticity Claims: 0 (whether raised or otherwise, it is still zero and it has been zero every single year I’ve written this report.
Complaints: 2 (this is where we would classify as customers disgruntled enough to send us whole essays as to their complaints. We won’t go into the nature of the complaint but as a percentage our number of complaints is under 1%. We unfortunately only considered one of them to be warranted, with the other we believe to be unsubstantiated.)
Overall I am happy with the performance track record of the business. We have maintained our level of service which is no easy feat. The tasks relating to fulfilment, listing products, creating media is tedious when done repetitively and in bulk. I don’t take it for granted that its a job that requires patience and attention to detail despite the task being mundane. Any small issue at any stage could cost us a lot of money in compensation so to be able to achieve the same result is a pleasing outcome.
Looking Ahead
E-commerce with a touch of physicality
This has become no secret that we remain very much an online e-commerce business but with a small touch of physicality. Those are always fun but they are definitely lot of work. We don’t want to become a social commerce business (aka fully going live every day for live drops) but we do like incorporating this live sales in our physical pop ups. We find live selling useful during our physical pop ups because not everyone is able to attend in person.
Popping up in more cities
Speaking of pop ups, we hope to do this more! Physical stores are super antiquated now but it is my belief that there’s something incredibly magical about bringing something online to life! You can touch and feel MGFT and it feels nice. It is also an amazing way to bring people together, not only to shop but also to share. HOWEVER, hosting physical pop ups require key elements coming together and not every city has the infrastructure for this! We plan to do more pop ups in some old and new cities this year so we hope to see you soon!
Collaboration & Partnerships
This is the year of collaboration I tell you. This is not something new but it's new to us! I don’t see us being a heavy influencer-marketing focused brand, but content creators are theoretically the most creative in the world of social commerce so its worth looking to them for inspiration.
We also want to focus more on bringing in knowledgeable guests. Not only is it great marketing, it also keeps things interesting so it's just now my/our voice you’re hearing, but other opinions as well.
Our last category of collaborators are the (everyday joe) collectors, working people with lives outside buying handbags. Afterall, MGFT is about collecting and de-frivolising bag collecting! What better way to invite ambitious and successful people from different disciplines to talk about their handbag collection!
Art/Illustration
This is an area that we’ve been trying to incorporate into our brand and image more. We must be the only company selling luxury handbags that also has an illustrator. Despite just selling handbags, we want to continue to stay creative and to create beautiful things. Illustrations like this are an amazing way to attract creative people to join the team.
Accessories
We do NOT have a new product to launch this year - we’re happy with our existing set of handbag accessories. I don't want to be the type of business that comes out with tons and tons of products but half of them don't really work. We should be trying to reduce the amount of junk being created. HOWEVER, as many of you know we’ve been really enjoying designing a new set of silk bandeaus with our house print and because of the pre-order system for that product, we're able to have zero waste. No over-production, every.
Team Expansion
I feel like every year I include this into the report card. Some departures and some new arrivals. I have now been running the business long enough to know that we need a whole mix of people at MGFT. Because we are a unique combination of luxury “reselling”, styling, design, fulfillment of both high and low priced products - this is an inherently complex operation logistically and operationally. I look forward to having new people join me on the “entrepreneurial journey”.
Market Outlook
Everyone I have talked in the luxury resale industry has told me the market is down and it’s been hard to make sales for the handbag category. This is most definitely true and without a doubt it's going to be a tough slog ahead for the industry but I remain optimistic that financially MGFT should be able to perform as we have been in the past years. Not least because I strongly believe that for any business to survive, all you need is to out last everyone else. It is a game of attrition. All you have to do is survive and be the last man standing and you’ve become the market leader (lol). Let me tell you, with enough fiscal conservation and one very VERY stern accountant, miracles can be achieved.
I hope this is a useful, albeit year in review. As always, please send me your opinions to granddaughter@mygrandfathersthings.com.
Wishing you and your bag, good bag health.
G
