One Daily: The Strategic Juggernaut of Internet Clothing Stores
I’ve touched upon the psychology of choice before, as it pertains to food and drink recommendations. Choice is integrated into so many facets of life that…
I’ve touched upon the psychology of choice before, as it pertains to food and drink recommendations. Choice is integrated into so many facets of life that it becomes second nature to us. Aside from what and where to eat and drink though, what is more forefront on our minds than what to cover our bodies with each day? Many people, especially me, rarely update their wardrobes because this task is too daunting or we just don’t care enough.
Fortunately, there are websites to lend a hand. Although most often for women, these sites use different operating strategies while offering trendy clothes with monetary incentives. One of the leaders in the mix is Gilt Groupe, a members only access portal to designer labels at deeply discounted prices. There are clothes for everyone (women, men, and kids), but Gilt began as, and continues to be centered around, women’s fashion. There’s no doubting the fact that women are more often on the hunt for shopping deals, moreso than the average American man. Items on Gilt are available in a first-come, first-served manner to encourage members to pick up the products as soon as they’re on the site. Thus, Gilt’s hefty revenue is a result of a perceived supply shortage.
The theme is clear: high-end fashion on the cheap. If you’re a woman that doesn’t obsess over the clothes you wear, and you just need something nice to get you through an event, Rent the Runway is the way to go. As the name suggests, customers rent top label dresses that they receive through the mail. The price to rent is obviously far less than buying outright, so it’s an innovative and price efficient alternative to purchasing, even if the prices are lowered like they are on Gilt.com.
Fresh newcomer One Daily is eerily similar to Gilt, but, in some ways, surpasses Gilt in the intelligence of its core strategy. One Daily’s offerings can be thought of as a ticking time bomb - just one great, discounted piece of clothing is available each day, and members have just 24 hours to jump on the deal. This assumes that the product is still in stock before time runs out. Yes, to make this website almost thrilling in a way, is that a very limited amount of each item is supplied. At the moment, just 20 pieces of an item are up for grabs before they sell out. This capitalizes on two effective sales tactics: exclusivity and choice limitation. People want to be unique. Customers of One Daily can become one of only twenty people to have gotten a certain item on the website. Even if it’s a nationally popular product, the scope of the website makes it seem as though only a few people have it. Secondly, as studies suggest, to limit the number of items a person may choose from works wonders for sales. Because one can get just a single item on any given day, not only will sales skyrocket, but consumers will be more satisfied with their purchase and have fewer opportunity cost regrets than if choices were nearly unlimited.
According to the One Daily website, the founder came up with the idea one night while dreaming. In cinematographic fashion, she woke up from the dream and subsequently pursued her vision. It’s still a small company, and coincidentally taking an “improvement break,” but One Daily is poised to make waves in the fashion industry when it resumes routine practices.