It feels as if the playing field in fashion tech is constantly changing. We subscribe to sites, take advantage of all the fun stuff, and then move on to the new cool kid on the block; partially because we have to check out so many sites on any given day.
But something’s happened lately. We’ve seen some real innovations that, we feel, are sticking and won’t be going anywhere… not if we have anything to say about it at least!
- Price Declivity Models – This adrenaline-pumping, high-energy model came to our attention when we read about it on Gilt StyleFile. The idea is that as soon as an item is put up for sale the price starts dropping. What’s interesting about this is that as soon as you put the item in your cart the price is automatically fixed at that amount. Good news? No one can “steal” it out of your cart. Bad news? You’ll never know if you could’ve gotten a better deal.
- Old is the New New – Resale!- People are flooding the internet with preloved goodies for the opportunity to let other people make them their currently-loved goodies. Some sites leverage items with virtual currency (i.e. Bib + Tuck) and other sites are a bit more straightforward and let you buy it the old-fashioned way, with cold-hard plastic (MaterialWrld, Threadflip, Poshmark, etc!)
- Rent Anything – Yes, by now you may be thinking “eh, it’s been done too many times.” But this brings us to 2 questions: 1. Why are you still buying things? 2. Who owns things anymore? With so many opportunities to join a community of renters, you’re able to take advantage of an absurd amount of products that you can swap out for something newer as soon as you’re bored with it. We think this model should be one that never fades away.
- Buy One, Give One – We’re a team of givers and we think you are too. TOMS kind of propelled this model into the mainstream but with so many awesome fashion tech startups tweaking the framework and marrying their own version of style and charity in ways we couldn’t have imagined before, there’s no way you can turn a blind eye! As a matter of fact, we think you’re most stylish when you’re sharing — there’s nothing more au-courant!
So, there it is. These are just some of the advancements in fashion tech that we’re crushing over and these are the things that are shaping the way innovators are contributing to the business and entrepreneurial world today. Business models are constantly changing, but when we have really special ideas that work, those have the potential to stick around for a long, long time!
Leticia Domenech was a Research & Editorial Intern for TWF. Third Wave Fashion has been your fashion tech think tank since 2011. We publish the first ever printed fashion tech magazine, Third Wave. Follow us on Twitter or subscribe to our newsletter to stay on top of the latest in fashion tech + wearables.
Image via Fashion Tech Savvy