Millennials are driving the luxury fashion market. They account for 29% of the global market today and will reach 50% by 2024.
Millenials are setting new standards in the industry, such as :
- More sustainability and transparency in production processes
- Multichannel shopping habits
- Personalised services
They are also boosting the global market of second-hand / vintage items ($25 Bn in 2017), that has seen a double-digit yearly growth in the past five years and is expected to gain +100% before 2024.
This fast-growing yet highly opaque market is currently structuring around handy third party marketplaces selling trust in product integrity and authenticity (generally for a costly commission fee).
Brands ought to understand these changes and adapt their strategies in order to position themselves in this new context and capture business opportunities.
At Traceparency, we believe that product traceability is key to unlocking new business horizons for brands. We provide them with a system that efficiently tracks products throughout their whole lifecycle.
In addition to the traditional benefits of such a system in supply-chain management, our protocol enables brands to :
- Guarantee the provenance of their products
- Optimise and personalise services such as customer service, repairs or product insurance
- Understand, secure and galvanise the multichannel experience including the second-hand market
Want to know more ? Meet us at the FashionTechDays, the European reference for innovation in the Fashion industry, taking place on the 29/30 October 2018 in Roubaix, France.
Or send us an e-mail at firstname.lastname@example.org, we would be glad to talk 🙂
[Source of numbers & figures : Forbes, BCG]