Successful business owners understand that their success depends on a ton of factors. One of the largest factors in the success of a business is in what people have to say about the company. Kate Hudson understands this, which is one of the reasons that she has helped grow her company into a large and successful enterprise. One thing that she does and advises other business owners to do is leverage the power of the crowd. There are different methods to this. One of the most effective methods of using the crowd is actually engaging with them in order to understand what they want from the company.
The power of the crowd is more important than ever since the internet makes it a lot easier for people to find out what others think about a certain product, service or brand. People do not rely on editorials or reviews from professional critics in order to help them decide on whether or not to buy a product. All they have to do is read a bunch of reviews on a certain page and then decide based on what they read whether or not it is worth pursuing something with the company.
One of the ways that Fabletics is taking advantage of this new approach is by using strategies that are centered on reviews that are released by the customers. This is a very wise decision because people are more likely to pay attention to what others that are in a similar walk of life to them say as opposed to what the company says or a professional reviewer says. Fabletics also uses customer reviews in order to help them determine how to improve and what direction to take in the industry. The goal is to provide a satisfactory experience to as many customers as possible.
The internet has put an end to the days where customers are told what they wanted without any input on their part. These days, it is the customer that is encouraged to bring their ideas to the company that they are shopping at so that the products that are offered can be improved. This is especially the case in the fashion industry. People need to be vocal about what they want in the fashion industry so that their influence will be effective. Fabletics is another step in the direction of true diversity and fashionable freedom for people who want to express their true selves.
When Amazon hears that another competitor is going to wrestle them away from the top spot, they usually don’t worry because of their complete dominance in the fashion e-commerce market. Looking at the sales alone, they rake in around 20 percent of all the sales in this space despite having to fight thousands of other clothing retailers who all want that same customer. One company is not going to simply sit back and let Amazon have their was, as Kate Hudson’s Fabletics makes the climb towards the top in this industry. In only three years, Amazon has sold nearly $250 million of their workout apparel for women, setting the stage to perhaps catch Amazon.
Many people have tried to copy the success of this athleisure brand, but are still struggling to get out of the starting blocks. When you ask Hudson to give her analysis as to why her company has seen this success, she will credit her membership program and reverse showrooming as the catalysts for the explosive growth. In order to see these two in action, we need to go to the Fabletics stores at the local malls first. Here you will find women in the store buying things off the rack, taking the lifestyle quiz, window-shopping for all the latest active-wear, and trying on all the workout apparel that they can without pressure from sales associates.
What Kate Hudson’s Fabletics is doing in this fashion e-commerce market that differs from the rest, it all comes together at the online store. When these members try on the clothing at the mall store, it gets instantly uploaded to their online account, allowing them to continue their shopping when it is more convenient for them. This takes away that part of the buying process where you are waiting to see if the apparel fits before you buy more. Since you already know how it looks on your body, you go impulse shopping, and Kate Hudson’s Fabletics sees sales numbers explode.
Membership at Kate Hudson’s Fabletics unlocks other things too, like free shipping, discounted clothing prices, and your own personal shopper. Your shopper looks over your lifestyle quiz answers and picks a piece of active-wear at the top of the month for you to consider. This unique shopping experience is beginning to separate Kate Hudson’s Fabletics from the pack and bring them that much closer to catching the top seeded Amazon.
Glen Wakeman is a successful executive and investor mentor, a small business owner, financial services manager, public company CEO, and board member. He has a 21-year experience in management at GE in P&L and business development roles.
He is passionate about growing businesses through improving company agility and performance and by using a proven methodology that enhances and assesses five key dimensions of performance; human capital, leadership, risk management, execution, and governance.
Glen Wakeman is currently the founder and CEO of LaunchPad that has a fully automated software service that helps new entrepreneurs organize their ideas into plans that can work. The company has broad and massive tips and suggestions that will guide start-ups as they start. It is supported by a large number of capital ventures and mentors.
Before this, Glen was the founder and president of Nova 4, a business accelerator that provides access to funders and strategic advice to developing companies. He is still acting as the CEO of coaching and board duties as a way of sustaining the developments.
Glen has received several locals, national, and international awards for his exceptional leadership and his passion and dedication to the corporate world.
Glen attended the University of Chicago where he received his MBA. For his BS in economics and finance, he participated in the University of Scranton.
Role of GE Capital
Glen spent 20 years in successful complex roles in leadership in business development, general management, and operations management. In his last position as the CEO of GE Money Latin America, he grew a nine-country operation from a startup that exceeded $12B in assets and more than 17000 workers.
Enjoying any measure of success while a single company has control of 20% of the fashion eCommerce market is not easy. However, Fabletics is doing just that. In just three years, the company has grown its net worth to $250 million. Fabletics is using a unique subscription strategy to make sales. Their plan is quite simple; they mix convenience with the subscription mechanism, which has proven to be a potent combination.
The Old Ways Do Not Work
Traditionally, companies have relied on brand power to make sales. However, recent shocks in the economy mean that brand power alone is no longer enough. Consumers now want brands that can give them value for money without lowering quality. Besides that, factors such as gamification and exclusivity are becoming quite important in making sales.
Fabletics liken their model to Warby Parker or Apple, which are brands that succeeded by using unconventional tactics. Their strategy thus far seems quite successful. They plan to open more stores in the near future. This will be in addition to those that they already have in places such as Illinois, Florida, Hawaii, and California.
A Few Words for Those at the Helm of Fabletics
According to their General Manager, Fabletics has managed to modernize and reinvent the ‘high-value brand.’ It is something that they set out to do from the day they launched the company. The company offers high-end pieces combined with personalized service at half the price of the competition.
How Fabletics is Doing Things Differently
One of the ways the company is going against the current is by using a concept they have labeled ‘reverse showrooming.’ Through this model, the company is able to avoid the problem where people browse for clothes at a store but make purchases elsewhere. Their strategy entails having a great understanding of the local market. Thus, when a customer steps into the store, about 30-50% of them are already members of Fabletics. Besides that, they ensure that 25% of them become members inside the store. When a customer tries on an item, it is placed in their online cart. For Fabletics, there is no difference between the physical store and the online store.
Another strategy that Fabletics uses to pull ahead of the competition is the use of data. They understand the value of showing the right products to the right customer at the right time. As a result, they rely on a heavy data analysis to stock up each physical store. What is contained in the store is a reflection of the tastes expressed in that locality. Besides that, Fabletics has a creative team that keeps up with global fashion trends. With such a combination, customers are always assured of finding something they will like.
Fabletics can also attribute their success to a great people culture. One reason they have been so successful is that they have an authentic spokesperson. Kate Hudson has been a great representative of the brand. Consequently, people are able to put a face to the brand, which is always great for sales.
Fabletics is one of the most successful fashion companies in the United States. The institution was founded by Adam Goldenberg, Kate Hudson, and Don Ressler, and it has been dedicated to offering consumers high-quality athletics, gym and yoga wear for women. The products from the company have done well in the market.
Before Fabletics was established, women had to spend a lot of money buying high-quality gym wear. However, this is no longer the case. The products from the successful company are sold at very affordable prices, and they are available through online and offline stores. Clients can get a variety of activewear from the institutions. Some of these include tees, hoodies, sports bras, tops, shorts and many others. Fabletics has won the hearts of many clients in the United States because its customer service that is available twenty-four hours a day. The platform is also secure, fun and friendly.
If you want to get start getting the products from the organization, then you must meet the stylists in the company for a short interview. This helps the stylists to understand the customer tastes on different items. The new client is also supposed to create an account with the company, allowing the stylists to send items of their choice every month. After the customer has acquired enough clothes, they are authorized to unsubscribe from the service. Signing into the company website is free for the new clients.
At the moment, Amazon is considered to be one of the largest online selling platforms in the world, because it controls twenty percent of the fashion online marketing. However, in just three years, Kate Hudson and his company have gone against the odds, growing the fashion business that is worth two hundred and fifty million dollars. Under the leadership of its founders, Fabletics has managed to establish a massive online customer base in a very short duration. This has been possible because of the monthly subscription service and the strategy of selling the products directly to the consumer. The company has also achieved this by motivating the clients to stay fit and healthy. The convenience of online shopping offered by the organization has also played a huge role in the success of the company.
Before Fabletics was introduced into the market, the high-quality brands were very pricey, and many people could not afford them. This strategy cannot work in the modern market that is considered to be very competitive. The economy of the world has also changed, and this has forced people in business to develop different strategies so that they can become a success. Most brands in the market currently consider customer experience, brand recognition, and fashionable designs so that they can win the heart of the modern consumer.
Fabletics is expanding fast, and it has announced its plans of establishing itself in several locations in the world. The firm is also planning to open better and bigger stores to cater for the needs of the growing clientele. This means that the strategies used are working and also paying the institution well.
The future has come knocking on our doorsteps. The sci-fi concepts people grew up watching on movies are now found in their houses. The tech world, for instance, has continued to grow by astonishing leaps and bounds over the decades. The fashion scene has undergone a revolutionized over the course of the years. As a matter of fact, both sectors have grown together. They often complement each other. According to Chris Burch, the future is going to be amazing judging from the past and present accomplishment of collaboration in these niches.
The Evolution of Music PlayersThe musical world has witnessed a lot of transformation since the 1970’s. It all started with people carrying around the bulky boom boxes. These boxes came fitted with cassette slots for both listening to and playing music. Soon after that, the Walkman was invented. It was smaller, and the quality of music experienced was superior compared to the previous models. Closing into the 2000’s, the compact iPod hit the markets. One startling revelation is that technology always tries to stay on par with fashion.
Tech designs available today are fashionable. The fashion designers are always looking for means and ways to infuse their creations with the latest technology. This, in turn, leads to innovative, superior quality designs for the consumers. Here are some of the awe-inspiring inventions arising from the marriage of technology and fashion.
• The self-painting dresses known as the Pseudomorphs.
• The Airbag for Cyclists by Anna Haupt and Terese Alstin
• The Frontline Gloves for Firefighters by Ashwin Rajan and Kevin Cannon
• Jackets and shirts made from the recycled inner tubes of bicycles
• Gowns made from recycled radiator coppers
• Shoes which charge phones
Popularizing Google Glasses
For such peculiar technology to be accepted by the larger society, it has to be publicized. There has to be a concerted marketing effort done to ensure the products get to live to see the light of day.
About Christopher Burch
Chris is the founder and CEO of Burch Creative Capital. He has an experience spanning back 40 years. He is an investor and an entrepreneur specializing in the creation of new brands. He has created an outstanding business brand which has been accredited by leading titans of industry. Ellen DeGeneres, Cocoon9, Nihiwatu, and Trademark are some of the well-known and established enterprises Christopher has helped make a splashing impact on the marketplace. The company’s portfolio is broad and traverse. They specialize in retail, apparel and home furnishings, and organic foods and even in technology.