There’s a new tech idea/website that’s been specifically developed for fashion designers (although other businesses can certainly use it). It seems to be a cross between crowdfunding/sourcing and market testing. Here’s how it works: A designer posts several new items from their upcoming collection – or variations on one item – for instance the designer could post one item in multiple colors to see which color is the most appealing. The customer, if interested in the item, makes a commitment to purchase it. When orders reach a minimum number designated by the designer, then the customer is charged and the designer starts production. If the orders don’t reach that minimum, then the customer is refunded their money and the designer doesn’t produce it. It’s a fashion variation on the crowdfunding theme. But this idea goes one step further.
In crowdfunding, you go to a designated crowdfunding website and put up your idea. Then there’s a huge hurdle which people rarely discuss – marketing. You have to market like hell to get people to go to the crowdfunding site. So you are essentially doing double marketing – first for your own website (assuming you have one) and second to the crowdfunding site. With this product, you actually overlay the crowdfunding program onto your own website, thus driving people to your website only, which I think is a much more organic way to market yourself (although you will lose the crowdfunding site surfers who might be a source of revenue).
The concept sounds like a total win-win for the customer and for the designer. It’s a great way for the customer to be not only ahead of the trend but to actually influence the trend – and to be the first wearing a new style. Customers order their clothes in advance, and designers don’t risk wasting materials and manufacture for a product that isn’t going to sell well, thus avoiding excess inventory and cash flow difficulties among other issues.
So far, Voy-voy, a NY based clothing company, Feit, a shoe and accessories company, and Gustin, a jeans company are all using this new concept.
It’s called Mimoona – to learn more and hear testimonials, visit the site and see if it’s something that will work for you. http://www.we.mimoona.com/Projects/1443?share=true&reffID=4299.
Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.
Louis Vuitton is going back to its roots and what they’re originally known for; their luggage and trunks by creating an iPad application. The 100 Legendary Trunks iPad application provides exclusive brand information through unpublished texts and documents, videos, sound clips and images. The Louis Vuitton app price seems to be a luxury item in and of itself, with a price point of $18.99 in Apple’s App Store.
The application’s vivid representation of the history of Louis Vuitton’s design’s and usage is truly representative of the company’s evolution throughout the years.
The history of the Trunks, also include the globe-trotters (celebrities) whom have owned them and have been carrying their possessions for some time. While they’re more nostalgia pieces nowadays, they still draw attention for their classic lines and sticker friendly surfaces.
Louis Vuitton’s luxury experience backstory was translated into an application, similarly like the details and quality of their products. Their clientele understands the value behind the brand, and LV has established a sense of trust with their customer base, so they shouldn’t have an issue with the price point of the app.
Dalia Strum teaches SXF 120: Blogging Smarts for Business and SXF 130: The Social Media-Social Commerce Revolution: What You Need to Know to Keep Up
Retailers, including Bloomingdale’s, Macy’s, Lord and Taylor as well as Elie Tahari are starting to utilize RFID technology for immediate access to inventory, especially in-stock product availability as well as speeding up annual product checks.
This provides a value-add, by working with the faster and more innovative technology; the RFID codes that communicate to a networked system to keep track of items and are therefore able to provide improved accuracy.
As the inventory levels should be more accurate, this allows an opportunity for these stores to appropriately stock the higher demand items in a shorter time-period, which should essentially provide increased sales by making the inventory readily available for sale.
Item accuracy and inventory management is essential to make sure that customers will continue frequenting the establishment. The worst thing that you could do is disappoint the customer by not stocking the item that they are interested in and forcing them to find other outlets to fulfill their order.
Dalia Strum teaches SXF 120: Blogging Smarts for Business.