Rent the Runway is hoping to make fashion more accessible to the public
by giving rentals instead of sales.
The part that mainly caught my eye, though, was the innovative approach
and the close involvement of the designers who were benefiting from
customer feedback and spotting trends. Moreover, the data analytics they
have in place helps the company tailor products that meet the
characteristics the customers look for, and, through these, support an
economy based on repairs and reuse as opposed to wasting.
Initially, the company only lent clothes to people, but the situation has
changed due to the purchase of clothes through subscription services and
also clothing for people to wear daily. With such an arrangement, business
entities grow their customer base and secure their standing during crisis
periods, such as COVID-19, during which the number of people who need
formal clothing has decreased. Their shift into casual wear and the
implementation of activities to streamline operations—just like the
organization managing the largest dry-cleaning facility across the globe—
are concrete examples of how they are continually bringing about better
customer experiences thru the introduction of new thought processes.
As a result, I discovered from Rent the Runway's experience how important
it is for the company to make good use of data, be agile, and avert any
unforeseen issues in today's ever-changing market.
