'The sharing economy is estimated to grow $335 bn by 2025' (the globe and mail, 2017).
Save money whilst making a positive impact to the environment through renting you baby and toddler wear with FUTURO.
After three years of studying Fashion Business and Promotion, I have gained a lot of knowledge and experiences that have impacted my journey. The skills and techniques in which I have learnt, have helped me produce my best work throughout my Final Major Project. Through detailed analysis and research from my Competition title (small landscape video), an innovative idea which focuses on producing an online renting shop for baby and toddler wear was generated. The skills and knowledge I have learnt throughout such as presentation skills, conducting primary and secondary, key drivers, consumer research, marketing plan, marketing mix, and finance plan were all adapted towards this piece of work for a professional outcome.
Futuro is an online, renting, commerce shop for baby’s and Toddler’s ranging in ages from 0-3yrs. The sharing economy has become an emerging trend in the UK and US leading to successful businesses such as Air BnN and Uber. ‘Futuro’ focuses on prolonging the life of childrenswear products. Futuro looks to target Millennial’s, the generation most committed to sustainable living. These millennial’s benefit from enjoying business model’s under the sharing, circular economy and with the influence of strong collaborations will encourage many more consumer’s to subscribe to Futuro’s renting service. Millennials are known as ‘Digital Native’s’ so marketing this brand mainly through social media platforms is the smartest move to generate sales.
Marketing focuses on communication and building relationships with consumers and predominately improving the brands' sales. With social media transforming our society, retailers are constantly discovering new ways to communicate and market them to their consumers. During the Marketing module, I was able to show my ability to innovate and try new ideas. Through a marketing research book, finding areas in which French Connection could elaborate on to improve their brand made the development of the marketing strategies a lot easier. This involved identifying their existing consumers, demonstrating an understanding of their competitor's marketing techniques and also identifying how my newly developed marketing strategies will be developed.
The marketing strategies developed involved enhancing their social media profiles and introducing a mobile/tablet app in order for them to be up to date with competitors. This included discounted promotions to encourage consumers to shop either in store or online. Competitions were created to re-establish relationships between the brand and their consumers.