FARFETCH aims to be the “bridge between fashion and crypto culture”

Global platform for luxury fashion FARFETCH has enabled payment through cryptocurrency for customers in 37 countries shopping on the FARFETCH Marketplace. FARFETCH will initially accept six cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC), among others. Customers with an existing cryptocurrency wallet can scan the QR code displayed on the screen at checkout to make payment using cryptocurrencies.

Commenting on the development FARFETCH’s Chief Marketplace Officer Edward Sabbagh said, “Innovation is at the core of our business, and we are continually looking to implement new technologies that provide an enhanced shopping experience for our customers. We are excited to offer cryptocurrency as a payment option for customers shopping on the FARFETCH Marketplace. Customers are increasingly interested in new payment methods and cryptocurrency is growing in importance with luxury customers.”

In an exclusive Q&A with RetailME Sabbagh shed light on the current state of payment via cryptocurrencies and top trends that will drive the future of e-commerce.

As FARFETCH has enabled payment via cryptocurrencies how do you plan to hedge against crypto volatility?

Edward Sabbagh: FARFETCH won’t receive any cryptocurrency. Crypto payment gateway TripleA accepts the cryptocurrency from the customer on our behalf and exchanges it for fiat currency, thereafter, remitting that fiat currency to FARFETCH. Guided by our Web3 vision for growth and innovation we want to be the connectors, the bridge between fashion and crypto culture.

How much volume of payment do you expect via cryptocurrencies?

Edward Sabbagh: While I’m unable to share the exact volume, we’ve been testing the cryptocurrency payment option since the beginning of the year, and we see our customers responding favourably to this method of payment.

Finally, what do you see as top trends driving future of e-commerce?

Edward Sabbagh: I think offering personalised shopping experience, the option for customers to shop sustainably and meaningful collaborations will drive the future of e-commerce for FARFETCH and generally.

For instance, our vision for the evolution of luxury retail is to drive transformation by creating a truly personal and personalised shopping experience. One that won’t separate online and offline but harmonise the channels to connect with the customer at their preferred touchpoints. With the use of data and other digital initiatives we will continue to expand our innovation capabilities with Chanel, Thom Browne and Browns.

To enable customers to shop sustainably and extend the life of the pieces they buy we offer services such as ‘FARFETCH Second Life’. Launched in the Middle East towards the end of 2021, the programme enables consumers in the UAE, Kuwait and Saudi Arabia to trade in their designer handbags for credit to be used towards future purchases on FARFETCH. In our 2030 sustainability vision we have also publicly committed to be more circular than linear by 2030 and we are seeing tremendous growth of the category over the past years.

Continuing to leverage the power of collaboration we recently announced a global strategic partnership with Ferragamo. This will enable Ferragamo to boost its digital innovation capabilities by leveraging the full breadth of the FARFETCH platform powered by strong and differentiated technological solutions.