Brands compete with the share economy by adopting a try-before-you-buy ethos
Implications - In an effort to keep up with rental culture and the peer-to-peer economy, bigger brands and retailers have begun lending consumers products. By allowing consumers the opportunity to borrow or sample items before they purchase them, brands are sending a strong message of confidence in their product. The try-before-you-buy system ultimately strives to achieve customer satisfaction, without the expectation of purchase.
Workshop Question - If you were to launch a lending program, which products would you allow consumers to borrow?
Trend Themes
1. Branded Borrowing - Brands are adopting a try-before-you-buy ethos to compete with rental culture and peer-to-peer economy.
2. Fashion Libraries - Shared apparel and designer item libraries champion sustainability and unlimited access to styles.
3. Virtual Try-on - Virtual dressing rooms, try-at-home programs and Google Chrome plugins like 'Try' help customers overcome the inconvenience of not being able to try clothes on when shopping online.
Industry Implications
1. Fashion and Retail - Innovative brands are intrepidly offering new product choices and methods to increase purchases and customer satisfaction.
2. Technology - New technology with the implementation of virtual fitting tools and beneficial apps helps create new pathways to purchases.
3. Sustainability - With focus increasing among younger consumers for ethical values and sustainability, sustainable practices and values are integral for effective marketing reach and increasing sales.
