Over the past decade, high fashion has converged into mainstream culture; increasingly so in recent years. During this time, more and more individuals have began to wear luxury brands daily and consequently, there is a great search for available rare products from brands such as Saint-Laurent, Raf Simons, Givenchy and many others. In addition, shoppers are also trying to find the most affordable means of getting these items. In the past, this search almost always included attempting to buy on eBay, which could have mixed results. Resold clothing could often be fake, damaged or different in some other way to their listing. In response to this, Grailed.com was started in 2012 by Arun Gupta to help better this process, and improving the overall consumer experience shopping online.
The Grailed website is an online retailer for pre-owned products from high fashion brands and popular streetwear brands such as Supreme and Air Jordan. It was made primarily for consumers already present in the online fashion reselling world, using forums and other avenues to talk to other like minded shoppers and find items. That said, Grailed, offers an experience catered to that consumer, more so than an eBay. In this case, consumers know when going to Grailed that the products curated by the website are coming from similar minded individuals and consequently, there is a greater sense of trust between them and the retailer. The products submitted to the site are actually screened by a group of curators to make sure that they are line with the common taste of the website. The products are then posted to the website with accurate pictures and descriptions of the items’ wear and tear. The website also provides a great variety of choice, offering dozens of brands and types of clothing in one place, making it a one stop shop for multiple clothing types and possible items.
Grailed also places an emphasis on securing low prices for their customers, and are actually receiving little profit for their service. Before February 5, to buy a product on their website, the customer would pay only the price of item, shipping and Paypal processing fees. And since, they have only been charging a 6% fee on their clothing items, which goes to them.
That said, I believe that they can continue providing the same rate of service to their customers while monetizing their business further by incorporating a loyalty program. Given the faithful nature of their target consumer, who looks to Grailed as the most convenient means of finding new rare clothing, I believe that a loyalty program offering relevant benefits would not only improve relationships between the consumer and the company but help retain these customers. Possible benefits include being included in possible product raffles, exclusive access to certain items when they come into stock, etc. The program could also include a mailing list, as to provide a presence and reminder outside of the website for consumer to visit the website, increasing the number of possible sales.
Sources
http://closetfullofcash.com/grailed-com-starts-charging/
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