Borrow Your Closet
Peer-to- peer Online apparel rental marketplace
Having too much stuff in your closet that you never wear? or Wanted to wear some specific dress,sweater,jackets or any pair of shoes for just once or twice? If yes, Borrow your closet can help to answer all these needs. We are peer-to-peer online rental platform that offers a space for customer to give out and take in, any apparels or accessories without having them to sit in your closet for too long.
Market Overview
Bangkok as a cosmopolitan and capital city of Thailand, the consumption of fast fashion and apparel industry is growing alongside with the speed of the internet. Consumers behaviour in online shopping has grown exponentially as it is quick, variety and very convenience. With 40% estimation of young professional women spent 250 euros monthly on fashion goods and over 70% purchase clothing through an online website. (Source: K. Napompech , 2014. Factors Driving Consumers to Purchase Clothes through E-commerce in Social Networks.)
As of now ‘peer-to-peer renting’ is a rising business model, emerging many sectors from accommodation, experience, products to service. Fashion is one of them, together with collective online market place and the growing peer-to-peer market. This platform is created to respond to new consumer’s need with fast online marketplace for apparel rental goods, where people can browse through a wide selection of items on the website.
Key customer of the platform falls into three groups: Lenders, Borrower and designer. ‘Lender’ is a person who wants to Lend out the outfits or accessories and list it up on our website. Second group is a ‘Borrower’ who would browse through the list and would like to wear the items. We also give space for designers that would like to launch their new clothing line of their brand by using our platform to increase brand awareness and sales number.
Pricing
The rental pricing on each items will base upon the retail price of each pieces. The lender will set the price according to the guide line in the website, the system will help to calculate automatically. In every transaction of the pieces, platform will get 5 % commission and the lender will get 7 %. If the items get sold by designers or lenders we will take another 10% of commission.
Marketing strategy
From first year we will promote through online in most of the social media channels such as facebook, instagram, pinterest and twitter. Also will be using the fashion bloggers to endorse the platform and spread the word about the website and service. We will implement the offline marketing as well, where there will be an event gathering that brings groups of lenders, borrower and designer to meet and do the rental in one place. In the second year we will introduce the style influencer and stylist to style up the wardrobe and create different looks from the listing apparel and accessories.
The looks will be shown through instagram and pinterest website in our account.
We want to implement this share economy model which is the current trend that spreading around in many countries to the city of Bangkok (as a starting point). Our business mission is to provide an ultimate wardrobe selection that does not take up your temporary space, together with create a small community amongst people.
