Source Article: Fashion Rental Competition Is Increasing
Original post: LINK TO LINKEDIN
by Amy Witt
More profits for retailers, more constant wardrobe refreshes for consumers, and a more sustainable fashion industry – sounds too good to be true, right? I personally have been trying out clothing rental services. I really want this model to work out, as both a consumer and (environmentally, socially, and financially) sustainable business advocate. But there are clearly growing pains for both startups and traditional retailers in figuring out this business model – pricing tiers, assortment, website and app user interfaces, distribution model affecting ship times, and other differentiators from the flood of competitors entering this new market. In this digital age where blogs and social media reviews give consumers influence that can outweigh marketing spend, user acquisition is not just about marketing strategies; excellent execution in all areas to provide a delightful customer experience is a must. I’ve already ruled out the number of services despite slick social media ads because bloggers and a Facebook group of clothing rental reviewers have outlined greater cons for them than for competing services.
For these and many kinds of businesses, you only get one shot to delight your customers; they have many other options, and they’ll spread the word about the best and worst.
Amy Witt is a Managing Director at ECA.
