Internet Rental Platform Rent The Runway Opened Its First Independent Store In San Francisco

A few days ago, Rent the Runway, the Internet rental platform in the US, opened in San Francisco's first independent store.

This is the fifth entity store opened by Rent the Runway. Consumers can try them on at this store before leasing and returning them.

As a digital retail platform starting from the Internet, Rent the Runway's physical stores are naturally equipped with various technology innovation technologies, so that offline experience is as convenient as online, and even can not communicate with people all the time. There are self-service checkout kiosks and self-help return systems at the entrance of the stores.

The reason why the independent store is located in San Francisco is also because the company is the third largest company.

Field.

At the same time as the new store opened, Rent the Runway also provided a "big gift" to customers in San Francisco.

The company has launched a test of on demand short message service VIP Concierge, which is only open to invited San Francisco customers.

VIP Concierge provides customers with all-weather personal modeling and wardrobe consultancy services. Users can send short messages to Rent the Runway, and then receive rental recommendations and styling suggestions from the company. At the same time, they can enjoy faster delivery services, including door-to-door delivery.

Of course, users can also go directly to the store to try out the goods ordered.

COO Maureen Sullivan said that the current VIP Concierge service for customers is still a real stylist. In the future, it will move closer to the mode of "Ai + real person".

Up to now, Re

Stores (New York, Washington, D.C., San Francisco, Chicago and Losangeles) grew by more than 100% a year.

In 2016, Rent the Runway opened a 1800 square foot (167 square meter) retail space in the San Francisco store of Neiman Marcus, a luxury department store.

Maureen Sullivan said that the growth of Rent the Runway San Francisco stores was 150%, so more space was needed to open a larger San Francisco store next year.

Rent the Runway is the first batch of supply lines.

One of the platforms.

In recent years, Stitch Fix, Trunk Club, and other competitors have been born in the monthly order industry.

On the difference between Rent the Runway and Stitch Fix, Maureen Sullivan said that the other side is still trying to promote consumer shopping, while the company is helping the user's wardrobe to subtract -- letting the rented clothes occupy 50% of the wardrobe space of the user. "Some users are wearing rented clothes for 120 days in a year, 85% of the customers visit websites or app once a week, and more than 1/3 users three times a week."

In addition to the traditional one-time rental services, Rent the Runway also provides monthly subscription services.

For example, Unlimited $159 / month service can rent 4 single products at once, and then lease other products.

The $89 / month Update service provides users with the right to use 4 pieces of goods for a whole month.

It is reported that these monthly subscription services contributed nearly half of the sales to the company.

Trent University, Nottingham (Nottingham Trent University) researchers pointed out that the rent

Promote the sustainable development of the entire fashion industry, because these services can change consumers' shopping habits and reduce waste.

A survey conducted by the University and Westfield, a shopping mall in London, showed that 46% of respondents said they would ensure that they could keep up with the trend of fashion and ensure sustainable environmental protection by leasing clothes.

For the brand side, Rent the Runway has provided a different distribution channel, new marketing mode and customer data, and the number of cooperative brands has exceeded 500.

In terms of category, Maureen Sullivan points out that the focus of the development of Rent the Runway is focused on the "women's clothing category" that has grown at an unprecedented rate, and will gradually expand to men's clothing in the future.

2018, since the beginning of the year, Rent the Runway has won the $20 million investment from Ma Yun and Cai Chongxin in March, and was awarded the 200 million dollar credit loan of Singapore's sovereign fund Temasek in August.