MGFT Annual Report Card 2023

Happy New Year Dianalings!

As per tradition, we release key statistics you may want to know before you shop with us. This builds transparency and also helps us measure our performance. 

Other businesses may share about their SALES volume but actually for customers that's a meaningless statistic as it doesn't reveal anything about a business' service and post-purchase support/incidence rate. No point selling a ton of bags but you keep doing refunds OR you receive a whole bunch of complaints OR your a ton of packages get lost. 

You may read our 2020 and 2021 report card as well. You can also read a summary of our track record here

Like previous years, we've taken the same key statistics to measure ourselves and while happily there isn't much change from previous years, it is worth noting that we've significantly scaled up the business. So while incidence number remains low, we've actually improved!

MGFT's Report Card 2022
Authenticity Claims: 0%
Authenticity Incidents: 0%
Handbags Lost: 0%
Accessory Packages Lost: 0.2%
General Handbag Incidents/Complaints: 2.63%

While we do sell quite a number of bags, I think it's pretty obvious we're actually just really good at selling expensive things and NOT just good at selling (i.e. not only do we sell a lot of bags, we sell them accurately, precisely and our customers are happy).  Look at our incredibly low incidence rate (and each of our handbags are pricey things!) 

Of course it would be great to see a 0 next to the incidence rate but ultimately customers are wide and varied in their experience with vintage items so its impossible to ensure every customer is going to be ALWAYS happy. 

Goals Achieved 2022
Held a Pop Up
Created and launched another bag accessory
Grow our accessory instagram page, @bymgft

Extra Goals Achieved
Huge team expansion
Expanded existing accessory line to cover H bags

Last year I think we celebrated the welcoming of Sunny Islander and Snow Angel and this year we managed to bring in a whole bunch of junior members who now the true powerhouse of MGFT. I am so proud of how well they've taken ownership of their roles and how seriously they take a handbag business. It isn't about what you sell but HOW you sell that builds a strong and resilient business. 

Goals for 2023
Hold more pop up(s?) in new cities
Create and launch another bag accessory for @byMGFT
Get a bigger office
Upgrade work equipment for all MGFT Team
Focus on Accessory Instagram Page
Collaborate with other creators
Explore some new marketing channels

Pop Ups

We're already deep into the planning stage for our pop ups for next year! Pop ups are going to be an interesting way for us to meet the community and grow the brand. We want to really play with the idea of community in our upcoming pop up spaces so we're looking forward to meeting you all next year. 

If you have any retail experience particularly in the designing and creating (not necessarily retail sales experience), get in touch! 


Live Selling

One thing we started doing this year is doing "Lives". Will this be a permanent feature? Possibly just for special occasions but not on a regular basis. Its like a mini TV production to prepare and host a Live but its a great way for us to showcase our many talented team members! You love engaging with us as much as we love engaging with you so doing one to re-introduce ourselves is meaningful and we want to continue with it. 


Final Comments

Community, on behalf of the Team, I thank you so much for your support. I hope we were entertaining, educational and able to fulfil bag dreams in a fun, cool and safe way. We hope to see you around next year too!

Team, we slayed and we will continue to slay. We know how much integrity and seriousness we put into MGFT and I am proud of you. I thank you sincerely for your loyalty, support and service to MGFT. You believe in MGFT and I won't let you down. I'll make sure you can proudly declare your association with MGFT loudly and proudly to make it worth your time.

Wishing you and your bag good health,

G

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