We upgrade our phones every 12-24 months, even when there’s absolutely nothing wrong with the handset we’ve got. We buy things (clothes, shoes, spiralizers…) ’cause they’re the hottest thing right now, and end up using them only once.
It’s safe to say we’re living in a time of fast fashions and trends, and we’re all on the bandwagon. And it looks like businesses are catching on to our new shopping habits if this new subscription service is anything to go by.
It’s no surprise then, that Uber, Netflix and Airbnb are so popular. They all appeal to our “want it now, won’t want it later” culture and soon, a trip to the local high street to pick up some new wears could look pretty different:
Yes you read that right, a subscription service that allows you to ‘rent’ outfits instead of spending cash on something you might only wear once.
It looks like there’s a market for it too, as a recent report found 1 in 5 people in the UK are interested in renting clothes from their favourite retailer, and in London that figure rises to one in three!! 😱
The trend is particularly strong among millennials for whom renting is the norm, with nearly half of 25-34 year-olds revealing they are interested in renting everything from clothes and exercise equipment to electronics and bikes.
The traditional retail landscape is changing.
Brands and businesses are responding to the changing habits, needs and requirements of shoppers. And it’s something you need to do too, if you want to keep growing and keep your customers coming back for more.
The trick, of course, is knowing how to meet those changing needs. It might not be a subscription service – it might be simpler than that. But it IS always worth looking at what your customers need (and want) and making sure you’re the one delivering on that.
What do you think? Let us know by dropping a post on our Facebook page Great Elm Bookkeepers we love hearing what you have to say, and always respond! 😁👍