Fashion Marketing Major Project Research Portfolio by Lotti Grace

re:lease

One Stop Borrow-Shop

LOTTI MARTIN-FULLER FASHION MARKETING MAJOR PROJECT: RESEARCH PORTFOLIO 201038548

CONTENTS 3 4 5 6

EXECUTIVE SUMMARY INTRODUCTION TO RE:LEASE MISSION STATEMENT AIMS AND OBJECTIVES

7 8 9 11 13

CURRENT MARKET AUDIT PESTEL ANALYSIS MACRO TREND: SUSTAINABILITY MACRO TREND: DIGITAL AGE MICRO TREND: CONSUMER AS THEIR OWN BRAND THE CURRENT RENTAL MARKET

15 17 18 19 20

MARKET ANALYSIS TOOLS ANSOFF’S MATRIX POSITIONING MAPS WHERE DOES RE:LEASE FIT IN THE MARKET?

21 23

COMPETITOR ANALYSIS DEPOP’S MARKETING MIX

25 29 31 35

TARGET MARKET GEN ME OR GEN WE ENVIRONMENTAL EMILY CUSTOMER PROFILE STEPS TO ACHIEVE OBJECTIVES - MARKETING 1 MIX

35 36

PRODUCT THE TOTAL PRODUCT CONCEPT

37 37 39 41

PROMOTION POP-UP SHOPS CONSUMER CAMPAIGN PAID DIGITAL ADVERTISING

43 44 45 46

PLACE WHY A MOBILE APP? SIZE OF APP MARKET DISTRIBUTION INTERMEDIARY - APP STORES

47 48 49 52

PRICE PROFIT COSTS REVENUE TARGETS

FUTURE CONSIDERATIONS - VISION STATEMENT

POTENTIAL RISKS TO AVOID

APPENDICES

REFERENCE LIST

IMAGE REFERENCE LIST 2

This portfolio outlines the extensive research undertaken over a three month period that has led to the development of a new service launch strategy for a new brand, re:lease. Identification and examination of macro and micro trends in the current market environment such as sustainability and the growing reliance on the digital age has led to the construction of a concept for a new mobile application as a response to these trends. This portfolio delivers a highly investigated analysis of the target consumer alongside critical scrutiny of competitors and the development of marketing mix strategies in order to provide a detailed marketing plan for the implementation of re:lease in the near future.

r:l 3

INTRODUCTION TO RE:LEASE Re:lease – One Stop Borrow Shop Re:lease is a peer-to-peer fashion rental service that is launching into the ever-growing mobile application market. Re:lease aims to offer the consumer a chance to rent low priced, high-street, mid-market level clothing to and from one another with ease.

The brand is built around its sustainable values and beliefs, as consumption is too high not only in the fashion industry, but the food, gas and fuel industries. Consumers are becoming more aware of the unsustainability and environmental damage of the fashion industry and their personal fast fashion consumption levels. However, research shows that consumers are not willing to spend larger sums of money on truly sustainable apparel as 80% of women are still driven on price over sustainability (Mintel, 2017., cited in Saner, 2017). This suggests that there is a gap in the market to provide sustainable fashion at affordable prices, of which re:lease can fulfil.

NEW BUSINESS STRATEGY / NEW PRODUCT/SERVICE LAUNCH STRATEGY

EXECUTIVE SUMMARY

Therefore, due to this overpowering mindless and “critical consumption” (Stott and Piras, 2018), re:lease aspires to provide an alternative to fast fashion consumption by tapping into the sharing economy and driving collaborative consumption amongst peers. The service offers an innovative solution to consumers who wish to be sustainable in their consumption patterns yet cannot afford it. Furthermore, re:lease creates a sense of community and drives it’s users to replace spending money on apparel with “travel, eating out and [creating] memorable activities” (Stott and Piras, 2018).

re:lease AIMS 1. Educate the public by raising awareness of the need for sustainable consumption in the fashion industry 2. Challenge preconceptions about second-hand clothing and negative connotations surrounding renting 3. To make consumers feel excited and proud to be a part of a sustainable community revolving around the sharing economy and collaborative consumption

to give clothing a new lease of life by sharing and caring for the environment

re:lease OBJECTIVES 1. Gain recognition and traction for the service within the first 6 months of it being on the market 2. To have 1000 app downloads in the first 6 months by tapping into the growing technological reliance in younger generations 3. To have a high consumer retention rate defined as a rental ‘purchase’ or a rental ‘sale’ on a monthly basis

re:lease MISSION STATEMENT 5

CURRENT MARKET AUDIT

PESTEL ANALYSIS By exploring the external and internal marketing environment and completing a PESTEL analysis (see appendix A), it is clear that the upcoming year is one of “extremism and uncertainty” which is in turn going to bring upheaval and change in society (White, 2018). Key issues were highlighted by the PESTEL analysis such as economically, more than half of the young people in the UK have no savings (Peachey and Palumbo, 2018), socially, two-thirds of millennials are favouring ‘green collar’ jobs (Taylor-Kroll, 2018) and environmentally, nature now needs the equivalent of 5 million years to fix the environmental degradation and man-made extinctions (Baynes, 2018). Overall, a stagnat ing mass market means consumers will have a decreased disposable income who won’t be willing to pay higher prices for goods (Krings et al., 2016). The development of the re:lease mobile application was driven by a few distinct macro and micro market trends; sustainability issues, the digital age, and consumers as their own brand.

MACRO TREND: SUSTAINABILITY Sustainability is one of the largest macro trends influencing the fashion industry today as more and more consumers are becoming “educated on where their clothes are from and making informed decisions on where they choose to buy” (Sears, 2017). The apparel industry is the second highest polluting industry after oil causing monumental problems both socially and for the environment (Sweeny, 2015). Although there are many causes for this over-pollution, mass consumption and the fast fashion cycle play a key part (Hu et al., 2014). The fast fashion cycle has become an “environmental crisis to rival plastic pollution in oceans” (Siegle, 2017) and it is suggested that unravelling this “unbelievable mess” is almost impossible (Saner, 2017). Despite this, there is evidence that younger generations are demanding sustainable options in a time where sustainable fashion is somewhat desirable. In industrialised countries a high level of consumption is normal, and therefore consumers are not willing to alter their consumption levels drastically (Strähle and Erhard, 2017). Therefore, to slow down the pollution and consumption levels, a sustainable consumption strategy must be put into place, such as collaborative consumption.

FACE THE FACTS: -ANNUALLY, 300,000 TONNES OF APPAREL ENDS UP IN LANDFILL (ELLSON, 2018) -44% OF WOMEN WANT TO BE MORE ECO-FRIENDLY IN THEIR FASHION CHOICES (HALLS, 2018) HOWEVER

-80% OF WOMEN ARE STILL DRIVEN ON PRICE OVER SUSTAINABILITY(MINTEL, 2017., CITED IN SANER, 2017).

MACRO TREND: DIGITAL AGE

We now live in a digitally dependant “always-on” world with consumers “obsessively tracking their personal data [and] social media” (WSGN, 2017). The average UK adult spends nearly 9 hours a day on digital media and 98% of homes or businesses have access to 4G at all times which increases connectivity (Woods, 2016). This increased amount of time spent online directly correlates with the increase in laptop, smartphone and tablet ownership. Research conducted by Deloitte found that 87% of 18-75 year olds owned a smartphone, 79% a laptop, and 64% a tablet (2018). Furthermore, the frequented use of the digital realm has meant that the online fashion retail industry has grown alongside it. The fashion ecommerce market was worth $481 billion in 2018, rising to $731 by 2022 (Statista, 2018, cited in Charlton, 2018). For the fashion industry, it is mobile devices that bring in a higher amount of sales than desktop devices (57.1% vs 42.9%) (SaleCycle, 2017, cited in Charlton, 2018). Consumers are now using the internet in every aspect of their lives, from helping with mental health, connecting with friends and family, to buying anything at the touch of a button. For children who are being born now, the internet is part of their DNA. 12

MICTO TREND: CONSUMERS AS THEIR OWN BRAND CISCO’s report, Consumer 2020, found that there has been a “monumental shift” in the “power of the consumer since the emergence of digital media” (2018, p.2). Consumers now have the power to redistribute control from brands to peers as “user generated content will far exceed branded content” (Brandt, 2018, p.3., cited in CISCO, 2018). CISCO argues that consumers will take on brand roles, such as ‘the consumer as a store’ where “consumers can curate, sell and purchase products and services anywhere and anytime” (2018, p.7). This proposes that peer-to-peer (P2P) platforms and collaborative consumption are major trends to be acted upon by brands in the near future – and furthermore suggests that a P2P rental fashion service could successfully stay afloat in the changing consumer landscape. 13

THE CURRENT RENTAL MARKET Fashion rental services have arisen in response to societies demands for sustainable clothing, with the sharing/circular economy and collaborative consumption driving this. The global online clothing rental market is predicted to have a compound annual growth rate (CAGR) of 10% from 2017 to 2023, from $1,013 to $1,856 million (Allied Market Research, 2017). According to Allied Market Research (2017), if geographically segmented, North America are the market leaders accounting for 40% of the global market, with Europe being a close second. Additionally, the main consumers are fashionconscious females that lack financial resources and are looking to rent at the luxury end of the market (Allied Market Research, 2017; Braithwaite, 2018). Fellow rental service, Rent the Runway, typically cater to the needs of a â&#x20AC;&#x153;welleducated 29-year-old female professionalâ&#x20AC;?, or as a whole demographic, millennials (Reuters, 2018).

1. ANSOFF’S MATRIX NEW PRODUCT

MARKET ANALYSIS TOOLS

MARKET PENETRATION

PRODUCT DEVELOPMENT

MARKET DEVELOPMENT

DIVERSIFICATION

NEW MARKET

EXISTING MARKET

EXISTING PRODUCT

Ansoff’s Matrix is a tool that shows four potential strategies that companies can utilise when trying to achieve profitable growth. Re:lease is a new product/service that is entering both existing markets and new markets. This therefore means that re:lease will be using product development and diversification strategies. Product development means that the product or service needs to be differentiated in order to remain competitive, such as carefully responding to consumers’ needs and being the first in the market. Diversification refers to new products in new markets, it is a high risk strategy that can pull in high rewards. Although the rental market is an existing market, re:lease is marketed towards a different target consumer and is distributed in an alternate format to usual rental services. 17

2. MARKET POSITIONING MAPS HIGH PRICE

PRICE VS QUALITY

LOW QUALITY

HIGH QUALITY

WHERE DOES RE:LEASE FIT IN THE MARKET?

re:lease LOW PRICE

HIGH MARKET

MARKET VS AGE

YOUNGER CONSUMER

OLDER CONSUMER (50 Y/O)

re:lease

Positioning maps are helpful when positioning a new brand or product into the market. The maps are formed by examining competitor brands and where they sit within the market, in order to correctly position the new brand (Posner, 2015). Four different criteria have been researched: quality, price, market level and age of consumer. These are key aspects that helped to decide where re:lease fitted into the market. From the positioning maps it can be concluded that the higher the price and quality, in general, the older the consumer and higher market level of the brand. However, users of eBay often sell products of lower quality and price, yet have an older consumer base (although this may be due to the type of product being sold ie. not apparel). Depop also stands out as they have the youngest consumers buying high quality goods for low prices. This is important as this is the closest to where re:lease is positioned, therefore the brand needs to make sure there is a distinct USP in order to differentiate itself.

MID MARKET

PRODUCTS

RETAIL

1500 luxury Rent online sustainable or in London products, both store. UK only everyday and occasionwear

Approx 10000+ designer items, mostly occasion wear and dresses

4000 occasion dresses. Mixture of designer dresses and high street

COMPETITOR ANALYSIS

There are five competitors that could challenge the success of re:lease each for different reasons; Wear The Walk, Rent The Runway, GirlMeetsDress, Depop and EBAY. The first three are direct competition as they are companies that rent out garments, whereas Depop and EBAY are indirect, offering a peer-to-peer service yet only for buying and selling. The following table outlines their products available, how they retail them, their consumer base and their promotional tools. 21

USA only. Onetime rental, RTR Unlimited or RTR Update. Online and instore - 5 flagship stores across 4 states (California, DC, Illinois and NY). Rent online and in London store. Rents within Europe

Any item can be sold, but the bulk are used clothing and accessories. Most popular items are vintage, designer, individual and collectable pieces.

Part-Instagram, partEbay. It is an app downloaded on iOS or Android platforms. Most active users are in the UK, US, and Italy.

Any product can be sold on eBay - it is popular for home decor & tech, and collectables amongst the second-hand fashion and accessory market.

Online only - bid in an auction or pay ‘Buy it Now’ price. Customer can barter with peers on the price point.

CONSUMERS

Millennial women who wish to wear designer outfits with sustainable credentials

PROMOTION

Press days, events & parties, popup shops, magazine articles and founder interviews 9 million Partners with female members over 500 in the brands and ‘sisterhood’ investors. of a shared Often use closet. promotion Typically ca- codes and flash ters to well- sales to draw educated 29 consumers in. year old female professional Varied, from Launched a 14 year old showroom to off to prom, showcase it’s to young products, free professionals, Uber transand an older port, and a generation of partnership ‘mothers of with W hothe bride’ tels who hire dresses on behalf of guests who wear them for free. Allows users Former CEO, from 14 years Peter old. Main Reistrup, demographstated that ic are 16-26 the growth was year olds. 70% through word female, 30% of mouth. male. Consumers promote their own stores on other social medias such as Instagram or Facebook to create traction. Baby boomers Ebay use selland Generation er promotions X are main (no. of free consumers. listings) to Younger entice generations people to sell (Milennials their items on and Gen Z) their site and more likely not their to use othcompetitors. er platforms They have also (such as partnered with Depop). branded clothing companies to sell their products new and unused (such as BooHoo).

MARKETING MIX From this it can be deduced that re:lease’s main competitor is Depop, as many aspects of Depop’s marketing mix are similar to re:lease’s. Depop’s marketing mix have been summarised in order to compare the similarities and differences of the brands and define re:leases USP.

PRODUCT -Intangible product of a downloadable mobile application

PROMOTION

-Peer-to-peer buying and selling service

-Word-of-mouth marketing -Recent collaboration with DesignStudios to create their first ever global campaign showcasing their own customers as “creatives, ‘proudly’ individual and entrepreneurial” (Feeley, 2018). The campaign launched on both digital and social platforms across major international cities and key Universities in the USA, as well as printed adds in cultural magazines such as PUSH (Baines, 2018).

PLACE -App downloaded on smartphone platforms (such as iOS or Android) -UK based but has recently expanded into US -Offices in London, Milan, New York and Los Angeles -2 brick-and-mortar stores in the US, with plans to open a third in London

PRICE -Free downloadable app -Generate profit by taking 10% commission + 0.20p PayPal fees on every item sold 23

/ IGEN / THUMBIES / / GENERATION SCAPEGOAT / MEME GENERATION / DELTA GENERATION / MEMELORDS / MEMENNIALS / GENERATION SNAP / HOPEFUL GENERATION / THE LAST GENERATION / THE CLEANER-UPPERS

THE XANAX

GENERATION / DOOMED / SISU GENERATION / POSTMILLENNIALS

/ 25

SPIMES

TARGET MARKET According to secondary research and analysing competitors, rental services are often targeted towards the millennial market (Reuters, 2018). However, re:lease is targeting an even younger generation, Gen Z (individuals born between 1995-2012), as they are extremely inter-connected, experience-driven and sustainably conscious. Generation Z place a higher importance on environmentally friendly products than their predecessors and as a whole “want to buy less, not more” (Mickiewicz and Buchanan, 2016). 26

The success of re:lease’s competitor, Depop, is due to a key part of Gen Z’s characteristics - they want to be their own boss, linking back to the micro trend of consumers as their own brand. According to Greene (2017, cited in Bearne, 2017), “Gen Z are generally much more entrepreneurial and creative in the way they make money. They see themselves as brands, creators, marketers and are using social media to monetise their influence”. Furthermore, as a generation they have grown up as digital natives, spending over 3 hours a day on digital media, higher than any other age group (Dogtiev, 2018). Due to their constant technological reliance, this cohort of consumers are the most likely to engage with a service that is offered online only. Additionally, targeting this market may prove lucrative for the brand, as by 2020, 40% of consumers in the US, Europe and BRIC countries will be Gen Z which allows the brand to attract a large quantity of consumers.(Posner, 2015). 27

GEN Z = GEN WE 29

GEN ME OR GEN WE Delving further into generation z research, it is argued that the generation is actually “deeply divided” into two micro-segments, Gen Me and Gen We (Owen, 2018, p.10). Gen Me crave competition, are follower-focused and push self-empowerment, whereas Gen We participate in collaboration, are feelings-focused and empower their peers/ people (Owen, 2018). According to Owen, Gen Me represent the vast majority of Gen Z consumers reacting to their anxiety by escapism often on their “fabricated and filtered” social media outlets (2018, p.15). Gen We are community-based, bringing others out of their anxiety by being collective and sharing their struggles with one another. Sustainability is at the top of the list of issues that Gen We are trying to tackle collectively as they are conscious of the future, investing time and demanding change (Owen, 2018). As a result of these findings, the rental app would be more appealing to the Gen We cohort as they stand for sustainability issues, optimism for the future and collaboration – all of which the concept stands for. Despite this, it is not to say that Gen Me wouldn’t also use the service, as although it is born out of issues not close to the groups beliefs, it does provide a platform for them to filter and fabricate their lives as it could be used as another form of social media. 30

DEMOGRAPHIC - 20 years old - Female - Generation Z - Student at The University of Leeds reading English Literature & Film Studies - Single - Middle Class

E N V I R O N M E N TA L

MEET:

PSYCHOGRAPHIC - Spending time with friends is key to Emily’s happiness - Has travelled to far corners of the world on several occasions and deems travelling the greatest form of learning - Loves to party and let her hair down so needs a wardrobe that can suit these needs - Would rather go out and do an activity than sit in and watch TV - Loves to make new memories and documents them on social media such as Instagram

BEHAVIOURISTIC - Rarely buys clothes as she places little importance in having a large wardrobe - Often borrows garments from her friends - If Emily does buy clothes they are from Depop, EBAY, or second-hand shop - Shops with a budget in mind, won’t pay high prices even if she really wants the item - Buys at low prices so doesn’t feel guilty wearing an item once - Living in a country that fast fashion has directly affected, she has concerns for the environment and tries to practice ‘conscious consumption’ when she can

EMILY

CUSTOMER PROFILE

GEOGRAPHIC - Her family home is on the coast in Kenya, Africa but resides in a central London apartment when in the UK out of term time. - Lives in a shared student house in Hyde Park, Leeds with 5 other girls in term time of University. - Due to often switching between arid, hot climates to cold and rainy, Emily needs an array of clothing pieces and a versatile wardrobe at her disposal.

After conducting primary research in the form of an interview (see Appendix B), a customer profile was created to show re:lease’s ideal consumer. 31

THE TOTAL PRODUCT CONCEPT:

re:lease

CORE OR GENERIC PRODUCT: THE TOTAL OR AUGMENTED PRODUCT:

THE DOWNLAODABLE APPLICATION

ADDED VALUE OF P2P RENTING, BRAND VALUES AND INSURANCE/WARRANTY

STEPS TO ACHIEVE OBJECTIVES: THE MARKETING MIX

1. PRODUCT

POTENTIAL PRODUCT:

ACTUAL OR EXPECTED PRODUCT:

A product can be either a tangible (a physical item which can be seen or touched) or an intangible product (services and ideas, with aesthetic, emotional and psychological elements). Re:lease is an intangible service that offers clothing for rental amongst peers. 35

FEATURES NOT OFFERED YET SUCH AS MAKING THE APP A FORM OF SOCIAL MEDIA

GARMENTS RENTED WITHIN THE APPLICATION

2. PROMOTION

POP-UP SHOPS

Initially, for the release of re:lease, there will be a focus on pop-up shop rental shops around the country in University Unions as people at University are firmly in the Generation Z target market of people who are born between mid 90s – mid 2000s. Pop-up events are a form of personal selling promotion, as personnel from the brand will get to talk directly to potential consumers in order to encourage them to try out the service. This will create a buzz around campuses, where word of mouth travels fast (competitor, Depops growth is due to word-of-mouth marketing).

Pop-up shops are renowned for their success as they deliver “shock and sense of surprise” to the consumer (Cope and Maloney, 2016). This will drive people to make a purchase (or rental ‘purchase’) as the shop will open just as rapidly as it will close (Cope and Maloney, 2016). According to Posner (2015), this will satisfy consumers appetites as it attracts them in, increases interest and desire and therefore they act on this. In order to attract customers and retain them as consumers of the brand, there will be a chance for the customer to win a ticket to a well-known and sought after music event in their area if they sign up to emails, download the app and create a profile. By capturing potential consumers’ emails means that further down the line the brand can practice direct marketing by communicating by email with immediate links to rent out an item, or view profiles similar to ones they often rent from.

re:lease CONSUMER CAMPAIGN

Re:lease will launch a campaign featuring brand ambassadors picked out at random from who attended and made a profile at the re:lease pop-up shops around the country. These brand ambassadors will be the face of the campaign each with a quote explaining their style/ shop. Re:lease will use young unknown consumers rather than a celebrity for the face of the brand (often a popular and successful technique) as it provides primarily mid-market, high-street, low-priced clothing and the brand ambassador should reflect this. Moreover, by using unknown faces with a succinct quote may leave the onlooker with a sense of curiosity, leading them to look-up the brand and become part of the community themselves. This campaign will be largely featured on billboards across the country, in tube stations where there is high-traffic and thousands of passers-by daily (Cope and Maloney, 2017). This type of paid media will in turn create earned media as there will be a hype around the launch and increased word of mouth (Cope and Maloney, 2017). 39

PAID DIGITAL ADVERTISING r:l

Alongside the pop-up shops and brand ambassador print campaign around the country, re:lease will also invest in paid digital advertising on social medias with similar user demographics. Re:leases customer demographics are generation Z individuals, particularly 16-24 year olds. Instagram is often used for advertising as it has a huge following and a large market of consumers â&#x20AC;&#x201C; out of 200 million active users in 2015, 53% were between the ages 18-29 (Walton, 2015). Furthermore, Instagram has a near 50:50 split between male and female users, which could help re:lease cater to both genders, much like their competitor, Depop (Walton, 2015). Paid advertising can prove to be very successful when targeting generation Z, as 96% of the generation own a smartphone, 74% of their time daily is spent online, and they are 2/3 more likely to purchase via social media directly through advertisement (Commscope, 2017).

r:l

re:lease

re:lease One-Stop Borrow Shop

re:lease One-Stop Borrow Shop Is this top your style? Click here to download the app and start renting now!

Do you want to rent this item? Click here to download the app now!

From past research it can be deduced that the fashion rental market exists predominantly online rather than in physical brick-andmortar stores. Therefore, research was conducted into the usage of mobile applications vs. websites to find which aligned more with the brand and what the Gen Z consumer market demands as well as their preferred method of purchasing and how they like to use their time. Commscope’s (2017, p.9) report on Generation Z found the following about their technology usage:

WHY A MOBILE APP?

Re:lease One Stop Borro... Shopping

3. PLACE The marketing channel decisions are arguably some of the most important strategic decisions to be made, as where and how the product/service is distributed directly affects the other segments of the marketing mix (Kotler and Armstrong, 2001). In order to get the peerto-peer (P2P) rental service to the targeted Gen Z market, a marketing intermediary is used to act as bridge between business and consumer. By using a marketing intermediary, this forges a distribution channel – “a set of interdependent organisations involved in the process of making a product or service available for use or consumption by the consumer or business user” (Kotler and Armstrong, 2001, p.432).

- 96% of Generation Z own smartphones - 74% of their time is spent online - Gen Zers aged 18-22 check their phone 30+ an hour - Smartphone usage is up 78% compared to laptops/desktops up 42% On average in 2017, over all age groups, smartphone apps were used 50% of the time in comparison to 34% on desktop (Dogtiev, 2017). However, for younger age groups (18-24), smartphone app usage goes up to 66%, and desktop down to 23% (Dogtiev, 2017). Therefore, re:lease’s rental service will have the best potential at infiltrating the Gen Z market as a smartphone app.

r:l Re:lease One Stop

SIZE OF APP MARKET Number of app downloads worldwide, 2016, 2017 and 2021 (Statista, 2017, cited in Dogtiev, 2018) * predicted growth

App downloads in billions

400

PRODUCT

(Rental Service App)

352.9

300

RETAILER A:

APPLE APP STORE

149.3

GOOGLE PLAY STORE

CONSUMER GROUP A CONSUMER GROUP B

100

(iPhone users)

2016

2017

2021*

Number of apps downloaded in the United Kingdom in 2013, 2018, and 2021 (Statista, 2018b) * predicted growth 20

20 15.5

10 5.8 5

RETAILER B:

197

200

App downloads in billions

DISTRIBUTION INTERMEDIARY - APP STORES

2013

2018

2020*

(Samsung & Google phone users)

After the mobile app has been coded and developed, a 1-level indirect distribution channel will be employed in order to get the service to the consumer. The intermediary utilised will be App stores for different smartphones, making the rental service accessible to the target market who use app stores frequently to get access to other services. However, re:lease will adopt a multichannel distribution system known as a hybrid marketing channel (Kotler and Armstrong, 2001). Although the service is aimed at one demographic of consumers (Gen Z), these consumers can be divided further as they own different branded smartphones. According to Commscopes research in 2017, 71% of Generation Z individuals in London (reflecting the rest of the UK) owned an iPhone, 25% a Samsung, and thirdly, 6% owned a Google phone. This research means that the Apple App Store (iPhones) and the Google Play Store (Samsung and Google phones) should be the two main â&#x20AC;&#x2DC;retailersâ&#x20AC;&#x2122; as it distributes to the majority of the target market. The budget only allows for the app to be available in the UK initially for the first couple of years, this can be a form of product testing and profit building before it is revised for the wider rental Gen Z market such as the Asia-Pacific market in which rental is booming. 46

4. PRICE & FINANCIAL CONSIDERATIONS

Re:lease’s profit will be generated in a similar way to Depops, following their success, by taking a 10% commission on the full transaction price (product price + delivery price). Below is an example of the profit made on one item over a period of 6 months: EXAMPLE ONE DRESS PROFIT REVENUE IN 6 MONTHS -

PRICE: £12

SMALL PARCEL DELIVERY PRICE APPROX: £3

- RENTED OUT FOR 7 DAYS (+ 2 DAYS FOR DELIVERY) - RENTED OUT TWICE A MONTH = 12 TIMES IN 6 MONTHS (MAXIMUM 3 TIMES A MONTH – 18 TIMES IN 6 MONTHS)

Price is a vital part of the marketing mix which has an “interactive effect on the other elements of the marketing mix” (McDonald and Wilson, 2011, p.349). Due to this, it is important to research the costs and gains that will arise from the start-up business by looking at both internal and external elements affecting pricing. In 2017, there was 253.91 billion free app downloads in the world, rising by approximately 40 billion annually (Statista, 2018). Furthermore, the number of paid apps available on the Google Play Store has declined in the recent years, suggesting that free apps “will continue to dominate the market in the future” (Statista, 2018). Due to this research, alongside competitor research of apps such as Depop, the app will be free for the consumer to download. However, often when apps are free, developers choose to employ a variety of other methods in order to generate revenue, such as in-app purchases or advertising (banner/pop-ups) (Statista, 2018a). However, both of these forms of generating revenue are more successful and popular on game or information sharing mobile apps (such as Facebook or Instagram) and are rarely seen on shopping mobile apps. Despite this, free apps have value as they are easier to create a larger user base which you can later sell to (Blair, 2017).

£12 + £3 = £15

- 15 (price of dress + delivery) x 12 (how many times rented in 6 months) = £180 -

RE:LEASE TAKE 10% = £18 Aligned to one of the marketing objectives, there is a plan to have 1000 users in the first 6 months. If every user rented out one item twice a month, and on AVERAGE re:lease takes £18 p/item then: 18 x 1000 = £18,000 revenue would be generated in the first 6 months. Therefore, if every user rented out two items, twice a month each, and on AVERAGE re:lease takes £18 p/item then: 18 x 1000 x 2 = £36,000 revenue would be generated in the first 6 months (and so on). With a hope to have a 150% increase in customers every 6 months in the first year, and an increase of 100% the following year, by the end of the first year (if customers rent out two items each, monthly) re:lease’s revenue is £126,000.

COSTS There are various different costs to consider with creating and managing the mobile app. Costs fall under two umbrella terms; fixed costs and variable costs, added together to create the total cost. Furthermore, start-up businesses bring investigatory costs (researching the market) and pre-launch costs (advertising before launch) (Workspace, 2018). FIXED COSTS: Fixed costs refer to overheads and the cost of setting up operations. The largest cost of the re:lease app is the initial creation and production stage. According to Burn-Callander (2016), “the average UK start-up spends £22,756 in its first year” on legal costs, accountancy, HR and the formation of the company. Burn-Callander (2016) suggests that the formation of the company costs £5,518, however this doesn’t take into context that the service needs to be developed as an app. Waracle (2014, cited in Furlan, 2018), reported that a single platform app costs between £8000-13,000, whereas a three-platform app can cost up to £50,000. Although more expensive, it would be beneficial to distribute the app on both the Apple App Store and Google Play Store as both have large markets and the Gen Z user demographics are split between the two. In line with Waracle’s suggestions, this means that £30,000 is needed for developing the app. Whilst this is a large cost, it is only in the first year of implementing the app, following years will need a much smaller sum of money to develop the programming. 49

Further fixed costs for the company are marketing and promotion fees, again which are highest at the beginning of a start-up business. Hiring an office space, paying for utilities in the office space, and providing equipment and supplies (such as tables, chairs, computers etc) all add to these fixed costs as well. Additionally, there is a moderate insurance cost covering both consumer and employee. Insurance covers when an item is damaged/lost/stolen with re:lease refunding the amount for repairs, or 70% of the original RRP of the item (as it is used and does not have 100% of the original monetary value). And finally, there is a fixed cost of the employee wages. As a start-up business, it would be sufficient to have a small team of 3/4 people, ranging from marketing, IT support and accounting. VARIABLE COSTS: Variable costs refer to costs that change depending on the level of output of the product/service. Usually variable costs include delivery and stock and product costs, however due to the products being rented on the app being a peer-to-peer platform, these do not cost the company anything. A variable cost would be PayPal fees, which depend on the total sales volume of re:lease, ranging from a 3.4% fee to 1.9% + 20p per transaction. On top of this, there is a variable cost of paying a percentage of the profits back to the initial investor. 50

TOTAL COSTS: YEAR ONE

PREDICTED TURNOVER REVENUE/TARGETS

Production of App : £30,000 Employment : £50,000

(calculated on if customers/items increase at a rate of 100% every 6 months after the first year)

Marketing : £20,000

YEAR TWO: £540,000

Insurance : £10,000

YEAR THREE: £2,160,000

Office Space & Amenities : £10,000 Maintenance of App : £6,000 Paying back Investor 5% of profits : £6,300

CONCLUSION: To conclude, although the total cost outweighs the total profit in year 1 by £11,300, it is not abnormal for a start-up business to run at a loss in its first year. This is due to the pricing strategy being a customer value based pricing strategy that puts customer value and retention over initial profit. Furthermore, the largest costs are within the first year, and with a growth of 100-150% each 6 months, it is scalable. Profit is made within the years after it has been on the market for its first year, and by 5 years it will be operating at a large profit.

PayPal Fees : £5,000 = £137, 300 TOTAL PROFITS: YEAR ONE (calculated on figures on average re:lease makes £18 p/item rented twice a month) 1st 6 Months - £36,000 2nd 6 Months - £90,000 = £126,000

FUTURE CONSIDERATIONS VISION STATEMENT

POTENTIAL RISKS TO AVOID

1. Expand the company into different countries such as the US and Asia-Pacific countries where rental is booming.

1. Risk of prevailing negative connotations of around both second-hand clothing and renting from strangers which may affect consumer confidence in the brand.

2. Create and maintain a sustainable and responsive community for users to be a part of.

2. There may be a risk of competitors entering the same market.

3. Continue pop-up shops as an ongoing promotional tool and brand ‘quirk’. 4. Expand employee team to offer best customer service possible.

3. There may be a risk that consumers would rather buy an item for a mid-market price than rent the same item for a lower price as it may be seen as a ‘better deal’. 4. Consumption levels are still high despite sustainability being a macro trend - there is a risk that the concept is too radical.

APPENDIX A

APPENDIX B

PESTEL ANALYSIS POLITICAL

ECONOMIC

• Crime rose by 10 per cent last year as rape, stabbings, robbery and murder all increased • US ready to negotiate free trade deal with UK ‘as soon as’ Britain quits the EU, says Trump envoy • Theresa May says Brexit could be extended by a ‘matter of months’ amid row with Tory MPs • Britain will face £36 billion Brexit bill if it fails to agree a trade deal with EU, Chancellor warns MPs • Brexit: Eurostar services ‘could be disrupted by nodeal’ • PM warned of ‘voter backlash’ over Brexit • Manual workers are most at risk from Brexit • Japan says EU could join trade pact post-Brexit • UK trade minister rejects Saudi summit

• • • • • • • • • • • •

TECHNOLOGICAL

SOCIAL • • • • • • • • • •

Kleenex bins ‘Mansize’ tissues Marijuana legalised in Canada Gender equality in Hollywood is still a long way off Millions of jobs at risk from global trade war, WTO warns Waitrose renames ‘sexist’ Gentleman’s Roll after complaints Patients told they’re ‘not thin enough’ for eating disorder treatment Harvard - should race count in university admissions? England is falling behind other countries on obesity, mental health and infant deaths. It predicts rising health problems by 2030 without changes in policy. Childhood sleep problems are on the rise - and phones are to blame Weight Watchers rebrands in bid to distance itself from dieting

• China to launch artificial ‘moon’ into orbit to light up city • AI-powered fashion sales company Thread raises £17 million in funding • Facebook ‘to launch camera-equipped TV streaming device’ amid privacy concerns • Tech giants to sign up to new code of conduct to reduce risk of cyber attacks • Economist who predicted financial crash warns Bitcoin is ‘mother of all scams’ • Facial recognition system to approve alcohol and cigarettes sales to be trialled by first British supermarket • Huawei launches Mate 20 Pro that can wirelessly charge other phones • Tiny companion phone released in Japan • New safety features on UBER - can call emergency services at the press of a button

ENVIRONMENTAL

• ‘Largest living thing’ is dying due to human impact, scientists say • Two thirds of millennials favour ‘green collar’ jobs, government study finds • Solve recycling chaos with traffic light labels on supermarket packaging, Government told • Dead dogfish found with plastic wrapper stuck in its mouth • Scottish Power to become first 100% renewable major UK energy company • Nature ‘will need 5 million years to fix man-made extinctions’ • Venice and Pisa among heritage sites threatened by sea-level rise • Climate change already negatively affecting mental health, study shows • Huge reduction in meat eating ‘vital to maintain world food supply’

Cheaper food drives UK inflation lower in September Food sales drop as barbeque summer ends Benefits error triggers £5000 refunds Pound rallies - sterling pushes back above $1.31 on positive Brexit comments UK wage growth fastest for nearly 10 years Universal credit rollout delayed again Drastic tax cuts mean tens of thousands of NHS staff are fleeing their gold-plated pensions High earners to miss out on £860 tax cut in Budget Taxman chases parents who have been overpaid child benefit Inflation-busting pay rise for pensioners as triple lock delivers £220 Cash usage continues to decline in UK as contactless surges Half of twenty-somethings have no savings

LEGAL • Labour pledges to end ‘cancer commute’ with travel scheme for under 25 • Labour promises free wifi in town centres and scrapping ATM charges • ‘Golden passports’ firm was consulted by government over investor visas • Racial bias in stop and search is getting worse, black people are nine times more likely to be checked for drugs than white people • UK consumers could lose EU legal rights in event of no-deal Brexit • Government considering a change in the law of full ingredient labelling on food products after teenage girl suffered nut allergy in Pret sandwich • In countries that have full bans on smacking, rates of physical fighting among adolescents are up to 69% lower

CUSTOMER PROFILE INTERVIEW 1. What are your favourite pastime activities? My favourite pastime activities would definitely be socialising with friends, or if it is hot, being outdoors.

5. What type of clothing would you primarily rent from others?

2. How would you describe your fashion sense?

I think primarily I would rent items I would deem bold/daring and not brave enough to buy myself. Also it would be perfect for items for fancy dress occasions such as society/ sports nights out or house parties that are specific to a theme.

My fashion sense is probably a bit strange, obviously living with two fashion students for the past two years I think I’ve become more conscious about fashion and my choices. But I still don’t hold fashion and my clothes as a priority. I think I sometimes try to look ‘cooler’ rather than ‘nicer’ which sometimes doesn’t pay off!

6. What type of clothing would you rent out to others?

3. What are you favourite clothing brands/ sites to buy from?

Assuming there would be security guidelines in place, I don’t think I would have an issue renting any of my clothing out. But based on what I would rent from others, I would rent out party clothing, nicer casual wear (not basic white tees and my wardrobe staples), as well as evening wear/ballgowns that sit in my wardrobe untouched for months on end.

Depop, Urban Outfitters, charity and vintage shops (such as Blue Rinse in Leeds)

4. Why would you use the rental app (if you would)? I would definitely use the rental app. I don’t place that much importance on my clothes but I do like to look nice, especially when going out or socialising. Being able to rent clothes and then give them back is firstly cost effective and secondly, wouldn’t clog up my wardrobe.

7. How much would you be willing to pay for a simple item such as a top (for 3-4 days)?

Maybe £4-6 depending on the top and why I’m renting it – if it’s a really delicate evening top I would pay more.

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re:lease