The reCommerce business has encountered the sharing economy. This is the widely simplified vision of wardrobe for Wardrobe, a new type of peer-to-peer fashion rental company that, on Tuesday, September 8, will release its beta verification in New York and launch a national launch.
But before launching and exploring how the Wardrobe concept will unfold, as well as forward-looking comparisons with its competitors, it’s to perceive your business model.
There are 3 tactics to take a look at Wardrobe. De what they call the “lender” view, suppose a 40-year-old woman in Los Angeles looks into her closet and realizes that there are 3 dazzling blazers, 3 dazzling skirts and two pairs of Louboutins that aren’t widely used. He contacted Wardrobe’s headquarters and sent the seven items, which the team photographed and hung in a non-public virtual closet. This virtual wardrobe can be seen on the costume website, as well as rental costs and minimal parts, whose diversity from 4 days to 4 months. The lender can upgrade or parts in the closet at any time.
Now think that a 25-year-old MBA graduate in Los Angeles has 3 days of homework interviews and a day of dress. She goes to the costumes online page and looks for blazers, skirts and costumes, and meets the blazers and skirts of Instead of spending a lot on an outfit that can only be used a few times, rents two blazers and a skirt, as well as a couple of red-soled beauties, for less than $85 for the 3 days you want. That.
After making your decisions online, instead of waiting for a package in the mail, you will head to one of the dry cleaners that That Wardrobe has recruited into your distribution network (point of clarity: the virtual closet is built through Wardrobe for online viewing; real pieces are sent to the nearest dry cleaning store in the cloakroom network) , there he chooses the outfits, which have already been dry-washed, and pays the dry cleaners for the transaction.
The third way to look at business style is from Wardrobe’s point of view: it has a network of dry cleaners (40 lately in New York) that are satisfied with the additional revenue. The company has an unlimited number of lenders/suppliers who use garments that take up space in their physical closets and has tenants who are encouraged to share their percentage reports on social media. tenants to pay without having to dedicate to a subscription, an option that their consumers have said they prefer.
Think of Wardrobe as an Airbnb style for the industry. In fact, Airbnb co-founder Nate Blecharczyk is an investor in Wardrobe.
“I think Rent The Runway paved the way for Wardrobe, for better or worse,” said Wardrobe founder Adarsh Alphons, CEO of PYMNTS, Karen Webster. “They probably spent a few hundred million dollars on marketing and public relations to open the door in people’s minds and eliminate the stigma of dressing up in garments that don’t belong to them. “
One price proposition Wardrobe shares with other rental and second-hand corporations is sustainability. According to the company, the average user uses 20% of their wardrobe, but fashion sales continue to increase, resulting in “fashion contamination. “
“Things have nowhere to go, ” said Alphons. ” It clogs the arteries of the world. Besides, the economy is bad. I’d see our business style sit in a million pieces in the inventory. People need to look for new things. ” But if you look at the number of pieces left in our closets, we’re literally sticking to that for no reason. And when other people give their garments to Wardrobe, they still own them. “
It researches that doubling clothing use from one to two years reduces emissions from clothing production by 24% and enables users to make the industry more sustainable.
Although there are other platforms, Alphons points out that Wardrobe is different in terms of crowdsourcing: no stock, no warehouse, and no warehouse means no truck has to coordinate, pick up and deliver the parts. It also means that no cash is needed to buy, buy and manage stock, and all parts are insured through the company.
Alphons describes Wardrobe as a peer-to-peer platform with a twist: the cloakroom is in the middle, manages flows between lenders, tenants and dry cleaners, and makes all parties paid for.
The company has recruited several influencers and celebrities for launch, Marci Zaroff, Fabiola Beracasa (the first Monday in May), Alysia Reiner (Orange is the New Black), Alyssa Coscarelli, Sophia Li, April Calahan (dress podcast), Nicole Miller. and Shoshanna Gruss. It will also publicize the wardrobe of Internet celebrity Miquela, becoming the first fashionable platform to “rent the physical wardrobe of a virtual being”.
Finally, the Wardrobe beta test in New York shows positive statistics. The start-up has some falsified metrics, such as that the average lender has put about $8,000 of its shares on lease. More than $500,000 in designer clothing has been rented through users in New York City, most in luxury fashion for the first time. Several lenders have crossed the $1,000 mark and dry cleaning partners have jointly earned tens of thousands of dollars through a partnership with Wardrobe.
“Value added is unprecedented access,” Alphons said. “And then, literally, you can feel like Jackie Kennedy without having to meet social circles. And I’m fine. We live in a world where it is now possible. “
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NEW SME DATA: STUDY HOW WE BUY – SEPTEMBER 2020
The How We Buy report, a SME collaboration with PayPal, aims to perceive how consumers of all ages and incomes are turning to online grocery shopping and bills amid the COVID-19 pandemic. Our studies are based on a number of studies conducted since then. March, interviewing more than 16,000 consumers about how their buying behavior and personal payment tastes are becoming as the crisis continues. This report focuses on our most recent survey of 2,163 respondents and examines how their increased appetite for online commerce and contactless virtual methods such as QR codes, contactless cards and virtual wallets is shaping the post-pandemic economy.
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