Fashion lines simulate scarcity to create a buzzThe fashion world is coming up with unique marketing strategies to sell to younger Koreans, working to profit from their sense of individuality.
Rather than just selling products the old-fashioned way - by selling them - companies are seeking ways to offer unique experiences to millennials and to Generation Z.
One such strategy is so-called raffling, in which lotteries are held to limit the number of people who are able to buy a newly available item.
In September, Wusinsa, a brand from Musinsa, adopted a raffling strategy to sell handbags from luxury fashion houses, like Louis Vuitton and Chanel, at reduced prices.
It held five events in total, and 55,000 people took part to earn the right to purchase the luxury bags.
Consumers can’t control whether to make the purchase or not, which has the tendency to increase expectation and create a sense of scarcity.
Drop sales are another strategy that fashion companies adopt to keep younger consumers interested in brands or shopping platforms.
Usually, fashion labels release clothes twice a year in the spring/summer season or fall/winter season. But these days, they are compressing the product cycle. Instead of introducing large volumes of apparel during only two seasons, companies are releasing smaller numbers of items faster, sometimes on a weekly basis.
It’s a trick especially popular with the sellers of street fashion.
This strategy enables fashion houses to better gauge demand and therefore raises the efficiency of stock management, according to Musinsa.
Street fashion brand thisisneverthat rolled out its fall/winter in 11 installments.
Noting the trend, Shinsegae International last week introduced Drops, an online fashion platform. Clothes sold on the site are collaborations between rookie designers and well-known influencers. Drops releases a limited number of items in a designated period.
Amazon in May introduced The Drop.
The new shopping model releases limited edition items designed by influencers. They are only available for 30 hours.
The fashion industry has also increased the use of unexpected and usual combinations, which helps them change their image fast. Working with a brand with a different identity could also maximize the strengths of the two different brands, according to Musinsa.
Brands work with not just other fashion brands, but also with those in different industries altogether. Sports fashion brand Fila, for instance, launched a collection with the 10 Corso Como Seoul concept store, while fast fashion chain Spao introduced a Harry Potter collection.
Outdoor brand Nepa collaborated with singer P.O from Block B to release a jacket and a coat.
BY JIN MIN-JI [firstname.lastname@example.org]