How CrowdFunding has changed the fashion industry

Image: Courtesy of www.hji.co.uk

Image: Courtesy of www.hji.co.uk

CrowdFundBeat – Nicole Chow – Staff Writer – The fashion industry is very competitive and challenging for aspiring designers who want to break into this field. This particular industry is so vicious that it is almost impossible for startups to get financial aid. This is where crowdfunding comes in. Various crowdfunding platforms have given fashion designers the ability to get their works notice and receive funding. This article is going to discuss the ways crowdfunding platforms has changed the fashion industry:-

Promoting newer and creative designs

The traditional or mainstream individuals in the fashion world usually tend to focus on promoting high-end fashion designs. Crowdfunding has created a platform for designers to come up with newer and creative styles such as eco-friendly pieces. A few designers who have gained momentum using this method are The Versalette and {R}evolution Apparel.

Creating platforms for freelance designers 

Picture Courtesy of Zazzle

Picture Courtesy of Zazzle

The Web is a powerful tool and with a click, any designer can spread the word and promote their pieces. Crowdfunding platforms enable freelance designers to gain a huge customer base even if they do not have any connections in the industry. This has vastly impacted the creation of various t-shirt designs. Some successful examples are Beast Clothing and Cameesa, a Zazzle affiliate.

Buyers are the decision makers

Crowdfunding has also given more flexibility in the fashion industry whereby the power shifts to the buyers and no longer solely rest on the designers. A number of designs will be submitted onto crowdfunding websites such as IAmLaMode and interested investors can back the project. If the funding goal is reached, these backers will receive the desired pieces plus, a few perks from the designers. Therefore, potential buyers have the freedom to choose what they want instead of going to a shop and pick up a generic piece.

Ability for companies to cut cost

Picture Courtesy of Getacoder

Picture Courtesy of Getacoder

Crowdfunding has revolutionized the fashion industry in a number of significant ways. Besides funding and building a platform for a plethora of emerging as well as independent designers, crowdfunding platforms offer established companies the opportunity to gather feedbacks from consumers through a voting or liking system. Based on the results, companies can choose to only produce designs that are in demand. Getting rid of unpredictability in sourcing materials enables companies to cut their losses. Vivien Westwood, are you paying attention?

Although crowdfunding is beginning to change the face of the fashion industry, unfortunately, a recent survey shows the fashion category still gross the lowest success rate on multiple crowdfunding platforms such as Kickstarter. Perhaps, it’s time for fashion designers to move with the flow. Come on, people. Chop! Chop!

Source: Nicole Chow – CFB Staff Writer – CrowdFundBeat

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