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.