The Impact of Social Media on Fashion and Its Lean Towards the Sharing Economy

Written by Sydney Claire Francis and Yujin Ahn

KEYWORDS: Fashion, Social Media, Rental/Sharing Economy, Sustainability, Overconsumption

Social Media as a Catalyst for Overconsumption

Trends are Dead! (Or Almost...)

Social media is a game of novelty and shock factor. Both positive and negative interactions can amplify and circulate content quicker than ever before. A trend that may have taken weeks or months to catch on can now reach the same audience in a matter of hours or days. Platforms allow users to share information and ideas at unprecedented speed, accelerating with each user. The viral nature of social media has created a breeding ground for trends, however, not as they’ve been previously known.

Fashion trends have been drastically impacted by the quick pace of social media. Trends are now shorter and much less predictable than those of the past. The lifecycle of fashion used to follow about a 20-year cycle, including the introduction, rise, peak, decline, and obsolescence of the trend. However, in recent years, trends have become a fleeting moment. The new lifespan of trends can be described as micro trends, which typically last less than a season. The exponential acceleration of trends can make it challenging to even identify trends before they’re over, leading to a coexistence between all trends.

Rise of Overconsumption

Microtrends create an environment that feeds on whoever can convince the audience that their fashion choices are the best. As a result, users are buying clothes at an even faster rate to keep up. This has given rise to fast fashion retailers, who can produce trendy and affordable clothing articles, but often at the expense of quality. This low quality contributes to articles requiring to be replaced more frequently than traditionally manufactured clothing items. This direct correlation between social media and fast fashion has caused a sharp increase in overconsumption within the fashion industry.

Current marketing tactics that rely on short forms and influencers to push brand endorsement have also contributed to the rise of overconsumption. Shortened versions of content are successful in keeping users’ attention for longer and provide an addictive element to keep engaging. Influencers can develop a closer relationship with the consumers, unlike traditional advertising mediums, so people are more persuaded to consume what is advertised to them to support the influencers. This often can result in followers of influencers purchasing items that do not resonate with their lifestyle and frequently become waste.

The current model of consumption is not sustainable if it continues in the same direction. The fashion industry alone is responsible for 2.1 billion tonnes of greenhouse gas emissions in a year and this could increase to 2.7 billion tonnes a year by 2030. Of the 100 billion articles of clothing being produced each year, 92 million tonnes end up in landfills. These statistics paint a grotesque picture, demanding change from consumers and businesses alike.

Sharing Economy as a Curb to Overconsumption

Stop Production to Stop Overconsumption

As the fight against global warming has gained more and more attention over the years, there has been a call to halt the production of unnecessary goods to curb the effects that accompany, such as greenhouse gasses, the waste of drinkable water supply during production, and the contribution to landfills from unused goods. In the fashion industry alone, it is reported that a third of all clothing produced will never be sold and an additional third of clothing will not sell for the intended full-price. This means that over one-half of clothing production is not reaching its full potential which is expected whenever it’s being produced. This overproduction is mostly attributed to deals associated with bulk purchases, inaccurate market predictions, and ever-shifting consumer preferences. Overproduction also illustrates the problems arising not only from the fashion industry but the capitalistic consumption trend as a whole.?

However, in recent years, there has been a shift in the paradigm, transitioning from the call to stop overproduction to instead holding consumers more accountable. Although production has been the target of sustainability in the past, the growing awareness of the consequences of overconsumption has resulted in the reevaluation of how to tackle the issue at hand. The current accepted model of consumption has pushed various industries to aim at the production of goods they know will become obsolete, and therefore, can be replaced with new products that will be bought again and again. This quickening cycle of consumption has caused the shortening of lifespan for products in almost every industry, and the fashion industry is no exception. Fast fashion has become a prevalent topic in this field due to the low-quality products and the low price point that makes it so alluring for consumers who are also attempting to keep up with the quick turnaround of trends.?

The current economic model for the fashion industry follows a linear system that relies heavily on non-renewable materials and impulse purchases. This ultimately results in the tremendous waste of valuable resources, such as drinking water and energy, for products that are constantly decreasing in wear-life. Consumers are sold the “high” that accompanies purchasing a new item instead of the actual product itself. Thus, when the products do not meet the quality standards, it often goes unnoticed. If a consumer purchases an article of clothing due to the actual want or need of that piece, their effort would go towards the care of that article instead of immediately moving on to the next infatuation.

The key to our solution lies within the economic model itself. Suppliers and consumers feed into one another to push this current state of overproduction; suppliers drive consumption and consumption further drives supply. Suppliers will do whatever it takes to make money. In this current state, that means producing whatever they can to predict new trends or intrigue consumers with new products. However, if we reduce the consumer’s role in this cycle, the producers will slow in response as they are unable to make a profit. The overall impact of a united front from consumers would force companies to side with a more sustainable approach to production.

Introduction to the Sharing Economy

One way that the current consumerism trends can be modified to be more sustainable is by utilizing a wide-scale approach to the sharing economy model. The rise in popularity of the sharing economy has made a significant change in how we utilize resources, shaping a new norm for ownership and consumption. The sharing economy is a model based on collaborative consumption, most notably sharing products, properties, or services. This emerging economic model promotes an opportunity for more sustainability and a collaborative approach to consumption. For the sake of this essay, we will be defining the sharing economy as an economic system in which people can share possessions, services, etc., usually employing the Internet.

The key characteristic of the sharing economy that sets it apart from more traditional models is the peer-to-peer nature of transactions. In the conventional linear model, consumers hold sole proprietorship over the products or goods that they purchase. Each person propels the economy themselves with the perpetual purchase of new goods. The sharing economy, however, allows the transformation of goods into services. Instead of a product only having a lifespan of one individual, it has the opportunity to extend the lifespan to multiple individuals.

The basis of the sharing economy also has relied heavily on the advancement of technology. This model has been able to flourish due to the streamlining and enhancement of interaction between consumers. Online platforms and mobile applications have allowed for the expansion of transactions and more connections not previously possible11. Through the development of user reviews, ratings, and secure payments, these platforms have also created an even deeper level of trust between consumers and suppliers. Furthermore, social media has allowed for the spectatorship of how the sharing economy continues to grow.

The growth of the sharing economy could provide a plethora of benefits that could improve current lifestyle trends. The most prevalent for our current discussion is the opportunity for environmental sustainability. Sharing economy encourages reduced waste and sustainable spending habits. These benefits have unlocked potential in a variety of industries, including transportation, food, and of course, fashion.

One platform that has arisen in response to the sharing economy is Danggeun Market. This South Korean platform was founded in 2015 and facilitates the exchange of second-hand goods between consumers. Although some may argue that it is not entirely modeled by the sharing economy, the key elements align it with the economic model nicely and set the stage for future development.

The main premise of Danggeun Market that constitutes our comparison to the sharing economy is the continuation of peer-to-peer transactions. The platform functions as a forum where users can post goods that they wish to sell and then connect them to potential buyers. Online marketplaces, such as Danggeun Market, have allowed an expansion of sustainable practices by creating a sense of ease. Potential buyers don’t need to leave their residences until they find a product that they are sure that they are interested in purchasing. This strategy preys on human resistance towards difficult or energy-consuming tasks and creates an environment of easy access. These elements in design are important to acknowledge for future development in this sector.

However, one of the pitfalls that Danggeun Market has faced has been fraudulent postings. This potential threat to users has provided insight into what similar platforms can utilize to build user trust in the company. Danggeun Market created a system where users could verify their real location in Korea, reducing the number of frauds. This technique allows for increased user vigilance and safety.

Danggeun Market has also proven to be profitable for the South Korean economy, generating over 1 trillion Korean won in 2020 (approximately USD 655 million). This profit came after the rise in popularity of second-hand transactions in 2019, which illustrates the desire for second-hand markets in this region. Although multiple platforms cater to the second-hand market, specific industries have an unlocked potential to expand the sharing economy into the South Korean audience.

Rental Specific for Fashion

As we’ve discussed previously, the fashion industry has had disastrous effects on not only the environment but the habits of consumerism as well. Although fairly new to the fashion scene, rental fashion has revolutionized how consumerism within the fashion industry is defined. Rental fashion provides the opportunity for fashion enthusiasts to rent clothing and accessories for a specified period instead of purchasing them right away. This is one of the many appeals of rental fashion. There is less pressure to invest hard-earned money until the consumer knows that they like the product.?

Rental fashion can also utilize online platforms to reach a wider audience and typically curates items that can range from everyday attire to luxury pieces. Consumers get to choose what appeals the most to them or on what occasion they need the item. The rented garments are shipped directly to the customer and they can be shipped back after the rental period is over. Some companies even offer pickup, depending on the location of the customer.?

The new model proposed by rental fashion can soothe several consumer concerns about the fashion industry. As briefly mentioned before, rental fashion can offer a sustainable alternative to the fast fashion industry and has the potential to reduce environmental impact as it expands to be more widespread. Furthermore, rental fashion allows users to try out styles that they might not otherwise invest money in without the consequences of being stuck with articles that they are not satisfied with. Rental fashion encourages a shift towards individualism and eco-friendly alternatives as it continues to evolve.?

The brand that started the rental fashion craze is called “Rent the Runway”, a company founded in 2009 and based in New York. The website is still strong, with 145,200 active users in June 2023. The platform was marketed as an alternative for fashion enthusiasts who bought a piece of clothing only to wear it once or twice and then shoved to the back of the closet. Although the idea was initially met with criticism from designers, the brand fought that their service would be able to bring more users to luxury fashion brands that wouldn’t usually be able to afford the products.?

A portion of the success of Rent the Runway in recent years can also be attributed to the Covid-19 pandemic. The pandemic caused a shift in consumers’ mentality, with a heavier-than-ever emphasis on e-commerce and online shopping. Covid-19 also caused a growing concern regarding the sustainability of products. This momentum can be harnessed to further promote eco-friendly habits that can revolutionize the fashion industry.

But how sustainable is Rent the Runway? In January of 2023, the brand came under fire due to an emerging partnership with Amazon. Rent the Runway stated that they will sell new clothing through the storefront platform, which has raised concerns. The shift away from the sharing economy model that the company was founded on seems to counteract the sustainability efforts that helped make the platform so appealing.?

One of the most successful examples of rental fashion, Nuuly, is a sister company of Urban Outfitters. Nuuly was founded in 2019 and has reached 198,000 users as of November 2023. Nuuly charges users $98 per month to borrow six items for the time. The platform boasts clothing pieces from its family of brands, such as Urban Outfitter, Anthropologie, and Free People, but also more than 400 other brands and designers. Not only does it have a wide range of products to choose from, but the platform also hosts an algorithm that will use data collected from the user’s choices to recommend and re-sort the products that users see accordingly. This incorporation of an algorithm relates to the idea of ease of access, which only encourages users to use the platform.

How to Make the Sharing Economy for Fashion More Widespread

Existing Presence

Rental fashion originally emerged as a means to provide consumers the option to rent high-end garments for a fraction of the price. Since then, the market has been expanded to include everyday products as well. However, there seems to still be a lean towards luxury goods within the industry, most likely attributed to the high price point, which makes the items more likely to be rented.?

In 2022, it was reported that North America held 33% of the market share in fashion rental, followed by Europe with 25% and Asia Pacific with 18%. However, a commonality between these regions seems to be the increasing interest in sustainability from younger generations, such as Millennials and Generation Z. This illustrates the potential for a growing market, with a growing emphasis on a sustainable and affordable lifestyle.

Social media has also had a considerable, although indirect, impact on the rise of rental fashion. Social media has transitioned from platforms that only facilitated interaction between friends and family into online realms of connection between entertainment, marketing, and individuals. This has shifted advertisement away from traditional methods and towards social media influencers who have been able to reach a far wider audience. It has also incited more buzz around the sustainability of the fashion industry and how individual users can make changes in their habits to make a difference.??

Social media also has the unique ability to change the opinions of its users. Unlike printed mediums, social media connects users with real-time communication and information. This has shown that social media can act as an auspicious network to transform consumption practices to be more sustainable. Peer engagement offers information in concise sizes that are much more likely to be interacted with instead of alternative methods.

The current rental fashion industry is projected to grow to $700 billion by 2030 with consumers declaring that they want more sustainable options. This has resulted in many brands scrambling to appease these consumers without much evidence to back up their new claims. A major presenting problem is that most brands are trying to force sustainability upon their existing business models instead of making them truly sustainable from the ground up. Another presenting problem is that users are not completely committing to only rental or second-hand options, which means that new articles being produced still outweigh the benefits being presented by rental fashion.?

There are also a few physical pitfalls that could uproot the sustainability of fashion rental. One of these issues is greenhouse emissions associated with transportation. Fashion rental relies heavily on shipping products from the warehouse, to the consumer, and then back to the warehouse. This results in double the amount of emissions as compared to the standard model of purchasing new clothing. Another concern lies in the sanitation of garments between each renter. Most consumers don’t wash their jeans or jacket after every use, however, with clothing rental, it must be washed before the next renter receives the item. This large-scale use of water and chemicals can be harmful to the environment and only exacerbate the environmental crisis at hand. It is important to note, though, that despite these current issues, fashion rental still has the potential to be more sustainable than the traditional fashion industry. However, it’s important to acknowledge areas that can improve. The rental industry itself is not a solution if the practices within rental are still harmful.

Target Market

Since the early 2010s, there have been numerous attempts to introduce Korean versions of Airbnb and Uber to the Korean economy. Even since then, South Korea hasn’t managed to catch up to the global development of the sharing economy. According to the Economic Information and Education Center at the Korea Development Institute, in 2019, only 29.7% of the Korean public had experienced services that pertained to the sharing economy, but nearly 70% expected Korea’s sharing economy to continue to grow within the next five years. These statistics help to demonstrate that the Korean market is a prime place to begin new sharing economy ventures since there hasn’t been an explosion in saturation yet.

Korean culture also has another valuable asset to potential rental fashion brands: an obsession with luxury. South Korea has the highest per capita spending on personal luxury goods, with a total of about $325 per person in 2022, outpacing both the United States and China. South Koreans have a groupist culture, meaning that they highly value how others view them. There are numerous accounts of individuals spending their first salaries on luxury items, despite the discrepancy between earnings and the price.?

A common problem arising, though, is that younger generations are spending too much of their income on luxury goods as compared to what they are saving. This sets the stage for an introduction to fashion rental. Rent the Runway, based in the United States, was created as a way for individuals to have access to luxury items without the luxury price tag. However, as it continued to evolve through its success, it was able to expand to everyday brands and fashion. By applying this same model, there is a potential to help boost not only rental fashion but also the sharing economy within the South Korean market.?

Closet Share is an application based in South Korea that allows users to make money by renting out their clothing and bags to other users. The app offers shipping, cleaning, care services, and insurance to users in an attempt to make the platform more convenient. However, the platform has evolved a smaller portion of the platform to serve as a secondary mediator between brands and users. Closet Share receives part of its inventory from well-known brands and if renters end up liking these items, they have the option to purchase them directly from Closet Share. In 2020, Closet Share had 100,000 registered users and over 35,000 cumulative purchases.

Similar fashion rental platforms in Korea ultimately failed due to questions of usability. While many users praised the innovation of the concept, there was a disconnect between the actual supply. The CEO of Closet Share attributed their success to the users of their platform. While most fashion rental companies start by buying products and then lending them to the users, Closet Share mainly relies on the people who lend clothes. Closet Share manages the distribution of the clothes, but they feel no burden in terms of inventory. However, the CEO also emphasized that it was a fine balance between providing clothes to assure other lenders and finding potential suppliers.?

Adopt, Adapt, Adept

So how can rental fashion become more widespread? By analyzing the promising aspects as well as the pitfalls of the provided case studies, we can begin to formulate an improved business model that could expand the reach of the current market.

The first emphasis that we have to consider is user-friendly platforms. As we’ve learned from the success story of Closet Share, users may love an idea but may be turned away from the service due to failed consideration of usability. A platform should be fine-tuned to be appealing and intuitive to the simplest of customers, not necessarily the most advanced. To make an effective interface for new users, new rental fashion companies should note the layout and functionality of predecessors that have already reached success while also adding elements that make it their own. User testing and feedback are also highly important as they allow businesses to realize pitfalls in their interface that would turn away potential customers. It is critical to the success of a company that a user is not faced with learning a difficult task to achieve what should be a simple task.

Another aspect that we have to be aware of is honest sustainability. The concept of rental fashion is mainly appealing due to the praise that it is more sustainable than traditional fashion retail. However, many brands are opening a rental sector in addition to their existing businesses, such as Banana Republic and Urban Outfitters.? While this is a step in the right direction, continuous production in their traditional sectors overshadows the sustainable efforts of their rental departments. It can be acknowledged that change takes time, but it can also be questioned whether brands are just using it as an environmental facade to generate more income.?

Sustainability is also heavily reliant on the actual practices of the company. Currently, there are concerns regarding the potential carbon footprint with the increased transportation. Since rental fashion requires twice the amount of transportation to ship the clothing articles back and forth, this means that companies need to remain vigilant about how they can offset their carbon emissions28. For rental fashion to truly live up to its intended purpose, companies need to implement modes of transportation that result in net-zero emissions such as electric vehicles, or by planting a designated number of trees for every order. Executing specific methods such as these examples would allow rental fashion to remain a sustainable practice instead of following in the footsteps of the traditional fashion industry.

Additionally, rental fashion companies should strive to be inclusive and cater to a wide range of styles. Rental fashion needs to be seen as a better alternative to the traditional market to be seen as an attractive option to consumers. While companies can have a target market when starting, such as luxury fashion or corporate fashion, the eventual goal of a company should be to expand to serve a wide audience. Various clothing collections can draw in new customers and allow renters to try new styles that they wouldn’t pay the full price to try.?

The key to drawing more consumers, however, is through brand and customer interaction. Fashion rental companies are heavily reliant on good customer service and interaction because it is more reliant on trust than the traditional fashion industry. The foundation of the company relies on good standings with customers so that they will return and continue to rent articles of clothing. A strategy that companies should adopt is continuing to further those relationships through the use of social media. Creating a brand identity that is constantly answering questions and appearing in a user’s feed is additional traffic that can be harnessed. The younger generations, especially Millennials and Generation Z, are heavily driven and influenced by a brand’s marketing strategies on social media. These platforms can also be a source for brands to post educational content, informing users of the impact of their choices, which can also reach new users and alert them to a new alternative that they can pursue to be more sustainable.

Potential Impact of Widespread Clothing Rental

The anticipated aims of universal clothing rental go beyond environmental indicators, incorporating a transformational shift in consumer behavior. The old linear model of fashion consumption, characterized by continual purchase and disposal, demands an adjustment of the buying habits of consumers. By shifting to a sharing economy model, the fashion industry strives to stimulate a cautious and sustainable attitude in customers, urging them to prefer quality over quantity. Consumer preferences are predicted to shift away from the current impulse-driven, trend-centric approach pushed by quick fashion. The psychological components of customer behavior define that fashion consciousness is becoming increasingly important in determining a business they buy from. This novel mindset is causing a transition in the fashion industry away from traditional means. This therefore means that the transition to a circular fashion sector, enabled by rental clothes, might encourage a more persuaded and positive attitude to consumption. The emphasis will be on gaining value and function from rental goods, signaling a shift away from the prevalent throwaway mindset that characterizes modern fashion. Clothing rental breaks this straight flow by encouraging a circular economy, which has the potential to provide economic advantages through a wide range of directions.?

Firstly, shifting to a circular fashion model may promote design and production innovation. Designers may prioritize producing timeless objects with a longer lifespan by focusing on durability, repairability, and recyclability. This transition has the potential to increase demand for high-quality materials and workmanship, promoting a market for sustainable and long-lasting fashion goods. Manufacturers may also invest in technology that allows for simpler clothing repair and recycling, opening up new opportunities for economic development in the fashion industry as well. Due to this change, the renting model opens up a new revenue source for fashion manufacturers and retailers. Instead of just selling items, companies may create revenue by continuously renting out items. This transition may drive businesses to experiment with new and innovative business models, such as subscription services and collaborative collaborations. On top of that, as customers appreciate brands that correspond with their sustainability values, the long-term lifespan of items in a circular economy may contribute to increased customer loyalty.

Beyond the environmental and economic consequences, broad acceptance of clothing renting can have major social and cultural consequences. The fashion business has a considerable impact on setting cultural norms, affecting society's attitudes toward consumerism, and defining individual identity. As clothing rental grows increasingly popular, it can transform the narrative surrounding fashion and consumerism, and the development of a more inclusive and varied fashion culture is one prominent feature. Traditional fashion cycles sometimes exclude particular groups since trends shift quickly, leaving some people feeling alienated or excluded. Clothing rental, with its emphasis on timeless and flexible pieces, may help to make the sector more inclusive by catering to a wide range of tastes and interests. This inclusiveness may extend to different body shapes and personal preferences, producing a more welcoming and diversified fashion scene. Likewise, the transition to clothes rental corresponds with the rising desire for environmentally friendly and ethically manufactured items. Transparency in the supply chain, ethical labor standards, and environmentally friendly production processes are becoming increasingly important to consumers. The adoption of circular models by the fashion industry can improve its image, making it more acceptable to socially aware consumers. This shift in attitudes may have an impact on other businesses, supporting a social movement toward sustainable and ethical consumerism.

While widespread clothing rental has tremendous potential benefits, it is critical to recognize and overcome the problems connected with its implementation. One major problem is the requirement for a strong infrastructure to support the logistics of rental services, such as efficient clothing washing, maintenance, and transportation. Establishing and sustaining such infrastructure may need major expenditures and coordination among numerous fashion industry consumers. Furthermore, both customers and organizations that are thoroughly invested in the classic linear paradigm may be resistant to change. Convincing people to rent rather than buy may require overcoming psychological hurdles associated with ownership and the need for individuality. Brands, on the other hand, may need to rethink their business strategies and adapt to the rental economy, which may provide financial and operational issues from the beginning. In addition, the success of garment rental models is dependent on strong communication and education about the environmental and social benefits of cycle-like fashion. Building consumer awareness and influencing customer views will be critical to the broad adoption of renting services. Collaboration between governments, companies, and groups that promote sustainability may play a critical role in encouraging the essential cultural transition toward sustainable consumption.

These Elements in Practice

In order to demonstrate the potential of our proposed actions on existing companies, we will lay out the particular applications we would apply to three chief examples; Nuuly, Closet Share, and Reebonz.

Nuuly has had numerous notable accomplishments that have contributed to its popularity in the fashion rental industry. One of its significant accomplishments is the vast range of items it provides for sale, cooperating with its sister brands such as Urban Outfitters, Anthropologie, and Free People, as well as an extensive list of other designers. However, since Nuuly is run by the company URBN, it is barely making an impact as a sustainable company. URBN’s daughter companies can be classified as “fast fashion” due to the rapid turnover in products in response to trends. Since Nuuly is favored due to its supposed environmental impact, this two-sidedness of their mother company can be viewed as an ingenuine effort and a marketing ploy. The criticism of? Rent the Runway's cooperation with Amazon can serve as an example of the problems associated with business associations and highlights a need for Nuuly to carefully analyze its business relationships to guarantee compatibility with its broader sustainability aims21. Nuuly is especially notable for its user-friendly website design and a specific part for upcycled content, demonstrating a dedication to user-friendly design and supporting sustainability. Despite having a social media presence, Nuuly's curated feed largely promotes curated goods as opposed to its sustainability efforts. While it is important to market the available goods, it could be seen as equally important to emphasize the sustainability efforts to grow their audience due to social media’s growing emphasis on eco-friendliness.

Closet Share's success is largely due to its peer-to-peer concept, which distinguishes it from other clothes rental services. Peer-to-peer transactions are widely seen as more environmentally sustainable due to saving resources and reducing costs. Closet Share develops a broad and diversified collection by encouraging individuals to lend items without the financial and logistical challenges involved with handling massive quantities of items. This strategy generates a sense of community and shared responsibility among users, which contributes to the success of the platform but it also prevents partnered brands from producing items specifically for rental purposes. Closet Share's sustainability over time, however, may be threatened by problems with accessibility. Learning from previous mistakes in the Korean fashion rental industry, the platform should prioritize continuous review and improving the quality of its user interface to create a seamless and user-friendly experience. Furthermore, maintaining a balance between supply and demand is critical for the platform's preservation, which requires creative approaches to motivate lenders and guarantee a consistent and diversified inventory. There is also limited to no information on their sustainability practices. This could be a missed opportunity to market a very popular reason for using rental services over traditional stores. Beyond this, Closet Share has seemingly no social media presence, which means there is a lack of brand-consumer relationships. This is invaluable for building the loyal consumer base required for fashion rental businesses.

Through its transformation to a personal styling service, Reebonz, as a much smaller and less known company, exhibits flexibility in strategy and response to changing consumer demands. This transition indicates the company's dedication to providing a one-of-a-kind and personalized experience in the competitive sharing economy scene, potentially broadening its target demographic. However, Reebonz must solve delivery and inventory system concerns, as these issues represent significant risks to the sustainability and efficiency of its operations. Overcoming these obstacles is critical to ensuring a flawless user experience and allowing Reebonz to compete and thrive in the dynamic sharing economy sector in general. Reebonz is active through live streaming on Facebook, which shows a promising effort to connect with its consumer base. However, their Instagram seems to be more of a look into the life of the founder instead of a marketing tool of the brand. To utilize these platforms to their fullest potential, Reebonz should consider adding more emphasis to sustainability campaigns and brand marketing to appeal to a wider audience. These campaigns could be key in educating users about the benefits of rental fashion, shedding light on the environmental implications of traditional consumption, and emphasizing how their choices contribute to a more sustainable future, as well as exploring collaborative efforts with other sharing economy platforms or combining existing sustainable fashion initiatives. This collaborative strategy has the potential to generate a network effect, increasing Reebonz's impact and leading to greater adoption of sustainable practices in the fashion industry. Another point of weakness in their marketing is a lack of information on their sustainability, similar to Closet Share. Publishing these statistics or mission statements could help to market rental fashion on a larger scale in the Asian region.

So What Now?

In conclusion, the development of rental fashion has shown promise in reshaping the fashion business into a more environmentally friendly and customer-focused industry.? Renting clothes is becoming more and more popular as a sustainable alternative to traditional, resource-intensive consumption patterns, and at the same time, success stories from companies like Rent the Runway, Nuuly, and Closet Share demonstrate this trend. A diversified strategy is needed to increase the sharing economy's influence on the fashion industry — such as user-friendly platforms, open sustainability policies, diverse style options, and active brand-consumer interactions are essential elements. There is a clear potential for growth given the popularity of rental fashion along with the rising interest that millennial and Generation Z consumers have in sustainability. With this, South Korea offers an unexplored potential for the expansion of rental fashion, given its strong luxury culture and growing interest in the sharing economy. Businesses interested in this field should take note of the lessons from past initiatives, placing a strong emphasis on peer-to-peer transactions, enhancing platform usability, and encouraging a feeling of community.

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