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Nike Has Taken a Page Out of the Tech Industry’s Playbook. Here’s Why You Should, Too

Over the last several years, the technology industry has continued to double down on subscription models. And now, Nike seems to be learning a thing or two.

Starting this week, Nike will begin offering a subscription service for kids who want to stay stylish throughout the year. The service will offer three pricing tiers of $20, $30, and $50 per month. The cheapest option in the Nike Adventure Club will let kids get new sneakers every three months. The middle tier will allow for sneaker upgrades every two months and the most expensive option will allow for upgrades every month.

If the program, which is only available to children between the ages of two and 10, sounds familiar, it’s because the technology industry has turned subscription models into an exceedingly profitable business model.

Nowadays, it’s nearly impossible to find a prominent technology company that isn’t charging subscription-based access to something. Amazon does it with Prime, Apple does it with iCloud and Apple Music, Google does it with G Suite, and Netflix gives you access to its entertainment library for a monthly fee.

The reason subscriptions have become so popular is consumers and businesses find it, in some ways, more appealing. Instead of plunking down hundreds or thousands of dollars on a new solution and with a limited budget, companies are instead offering nominal monthly fees. Consumers and businesses then pay those fees each month, feeling as though the $10-a-month charge for Apple Music, for instance, is a small price to pay.

Companies, meanwhile, love the subscription models. Sure, they’re not getting so much upfront, but they’re getting a little bit each month. And as long as consumers or businesses stick with them, they can make far more over the years than they might in a traditional business model.

If we’re to assume that kids get a new pair of sneakers every year or every other year to accommodate their growth, even for an expensive $100 pair of sneakers, we can safely assume that they’ll pay no more than $200 of a two-year period for new sneakers.

With the Nike Adventure Club, however, even the cheapest option will cost consumers $240 per year. At its most expensive, it’ll cost $600 per year.

Looking solely at the numbers, it wouldn’t make much sense at all for folks to sign on to Nike Adventure Club. But consider that kids could get a new pair of sneakers each month, and Nike ostensibly believes that at least some folks might go for it.

That’s perhaps a lesson any business owner can learn. The fact is, consumers and businesses have become conditioned to pay monthly for the services or products they want. They do it with everything from CRM platforms to smartphones. And they seemingly do it without caring too much how it’ll affect their bottom lines.

Is there, then, an opportunity for you, the business owner, to do the same? Perhaps it’s time to consider it. Whether you provide a software solution or sell through the retail channel, there are clearly ways for subscriptions to work. And although you might take a short-term revenue hit by changing your business model, over the long term, there’s clear value in sticking to subscriptions.

After all, if it’s good enough for Apple, Amazon, Google, Microsoft (which has totally transformed its business with subscriptions, mind you), and now Nike, why shouldn’t it work for you?

By: Don ReisingerTechnology and business writer

 

Source: Nike Has Taken a Page Out of the Tech Industry’s Playbook. Here’s Why You Should, Too | Inc.com

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Monetize Your Closet With New Peer-To-Peer Fashion Marketplace, Wardrobe

The millennial consumer psyche has changed the way we think about fashion and how we shop. Is it instantly gratifying, convenient, and am I getting the most out of my purchase? Is this product sustainable? Can I test-drive before buying, or rent without having to buy at all? Newly launched mobile app, Wardrobe appeals to these behaviors by offering a digital platform that allows users to both monetize items in their own closet that might not get a ton of play, or rent product from peers in the same space: a new approach to the sharing economy in the world of fashion……….

Source: Monetize Your Closet With New Peer-To-Peer Fashion Marketplace, Wardrobe

The Moscow Seven: Meet Russia’s Future Fashion Stars – Stephan Rabimov

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In times of strife and struggle, Russia has always placed its biggest trust in human resources. “We’re rich in minerals and minds,” goes an old saying. While the population of the world’s largest (by territory) nation has steadily declined since independence in 1991, recent years have marked a potential reversal of fortunes with ‎0.05% growth recorded in 2017. The government aims to prevent the dreaded brain drain, but it’s the creative industries that often are the most flexible to adapt to new challenges. Mercedes Benz Fashion Week Russia just took place in Moscow in October 13-17. Its Fashion Futurum program is an example of successful strategic support for emergent talent within a specific economic sector………

Read more: https://www.forbes.com/sites/stephanrabimov/2018/10/31/the-moscow-seven-meet-russias-future-fashion-stars/#6c8360473b98

 

 

 

 

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Entrepreneurs Create $750M Bra Business By Exposing Victoria’s Weakness – Natalie Robehmed

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In December 2011, Heidi Zak was shopping for a bra to go with her dress for the holiday party at Google, where she worked at the time. She wound up at Victoria’s Secret, the lingerie retailer that has long dominated the $12 billion industry, and bought an ill-fitting bra. “I took the pink bag and shoved it in my black backpack because I was embarrassed to carry it,” recalls Zak, a diminutive five-foot-four woman who is now 39……

Read more: https://www.forbes.com/sites/natalierobehmed/2018/10/18/next-billion-dollar-startup-entrepreneurs-create-750m-bra-business-by-exposing-victorias-weakness/

 

 

 

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11 Fashion Brands That Support Breast Cancer Awareness Month – Barry Samaha

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Orange, red and yellow are generally what spring to mind when one considers October colors. But instead of rocking those autumnal hues, think pink instead. It is Breast Cancer Awareness Month after all. The use of pink to symbolize breast cancer awareness started in 1992, and came in the form of an overlapping ribbon. It was meant to show solidarity with those that have been impacted by the disease, which affects one in every eight women in the United States. Needless to say, over the years, the use of the color has evolved and it is now cast on a number of items…….

Read more: https://www.forbes.com/sites/barrysamaha/2018/10/04/fashion-beauty-brands-support-breast-cancer-awareness-month-pink-products-2018/#27e5e066d3cb

 

 

 

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Why 95.8% of Female Newscasters Have the Same Hair – Torey Van Oot

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Esther Katro was 22 when she landed her first job as a reporter at a local TV station in Fayetteville, Arkansas. The recent graduate loved the thrill of breaking news and being on air. But when she was out chasing stories in the college town, people kept mistaking her for a student. She went to her news director for advice, and his response had nothing to do with developing her fledgling reporting skills. “He was like, ‘You have to cut your hair to look older,’” she recalled…..

Read more: https://www.instyle.com/hair/secret-beauty-rules-of-television-talking-heads

 

 

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How a Working-Class Couple Amassed a Priceless Art Collection – Mag

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Herb Vogel never earned more than $23,000 a year. Born and raised in Harlem, Vogel worked for the post office in Manhattan. He spent nearly 50 years living in a 450-square-foot one-bedroom apartment with his wife, Dorothy, a reference librarian at the Brooklyn Public Library. They lived frugally. They didn’t travel. They ate TV dinners. Aside from a menagerie of pets, Herb and Dorothy had just one indulgence: art. But their passion for collecting turned them into unlikely celebrities, working-class heroes in a world of Manhattan elites…..

Read more: http://mentalfloss.com/article/48844/how-working-class-couple-amassed-priceless-art-collection

 

 

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Redefining the Hero: The Extrapolated Costume Design of Wonder Woman — Discover

Wonder Woman was filled with beautiful, powerful costuming, and a rich, detailed culture for the Amazons — and it all came from Lynda Carter and her 1970’s leotard.

via Redefining the Hero: The Extrapolated Costume Design of Wonder Woman — Discover

 

 

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Gucci Is Going Gangbusters Online, Leaving Louis Vuitton In The Dust | Online Marketing Tools

 

Gucci was named as 2017 Momentum Award winner in online retail traffic by SimilarWeb.com, being the only luxury brand in the retail category. A deeper look into what is driving Gucci’s online traffic shows very different strategies compared to its next closest online competitor Louis Vuitton.

Source: Gucci Is Going Gangbusters Online, Leaving Louis Vuitton In The Dust | Online Marketing Tools

Redefining the Hero: The Extrapolated Costume Design of Wonder Woman — Discover

Wonder Woman was filled with beautiful, powerful costuming, and a rich, detailed culture for the Amazons — and it all came from Lynda Carter and her 1970’s leotard.

via Redefining the Hero: The Extrapolated Costume Design of Wonder Woman — Discover

 

Your kindly Donations would be so effective in order to fulfill our future research and endeavors – Thank you
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