Lots of different kinds of people love fashion; to watch, to talk about, to wear. Unfortunately, for some, wearing new fashion trends can be difficult during the current economic situation. This is particularly true for Millennials. Many Millennials are just starting their careers and others are having trouble finding jobs. Consequently, it should not be surprising to see more solutions, such as swapping, enabling access to newer fashions. Although the act of swapping clothes with friends has been implemented for generations, we are now seeing swapping opportunities materialize on a larger scale.
It’s not just about the economic benefits of swapping. Millennials are more likely to seek experiences over purchases. The story they are more interested in sharing is the one about the people met or new places explored rather than the deal scored or status that comes from owning something. For example, smartphones are popular because they are full of experiences, not because they make phone calls or make someone look cool. Some people probably still think it helps them look cool, but there is truth to the phrase “too school for cool” when we look at the popularity of sites like mental_floss among Millennials.
Technology has certainly helped make swapping possible on a larger scale. Websites, such as 99Dresses and swapstyle.com, are dedicated to helping people swap. Meetup.com facilitates meetings all over the country. Even smartphones facilitate swapping through apps such as Poshmark. Social networking sites like Facebook have multiple groups discussing the topic and make it easy for people to connect on a large scale and have swapping parties.
What does this mean for marketers? Swapping is part of a cultural shift, not just a response to economic downturn. Knowing that younger people seek experiences over things should influence every aspect of the retail experience. Cost is certainly a current factor to deal with and helping people swap today could be impactful, but thinking about and looking at how to connect in the future is just as important. What is the story one could share about interacting with your brand? How can your current vision translate into the customer experience? Many brands are copying Apple stores right now because of the experiential success (AT&T, Microsoft, Samsung). But, at some point soon, this experience will be diluted due to copycats. How could your brand make the customer experience different and better? Not an easy question to answer, but critical for future retail success.
