Beta Byte is a series underwritten by Bust Out Solutions for that early stage tech found somewhere between idea and traction
What is the name of the company and/or product?
Our company is named Rethread
What problem does this solve and what was the “aha” moment?
Our goal is to reduce annual textile waste and help customers conserve resources while keeping up-to- date with fashion trends. Rather than making clothes from scratch, our designers transform and return the customer’s original clothing using the principles of upcycling. The Rethread model enables us to have lower raw material costs compared to other fashion brands. We then pass on these savings to customers.
Rethread’s platform simplifies the shopping experience by limiting the amount of time spent parsing through choices. We accomplish this by personally curating, and creating designs based on the customer’s preferences as well as the latest fashion trends.
What is the full launch/release date planned?
We are currently asking individuals searching for information about Rethread, and/or interested in learning about beta testing opportunities, to sign up on our website.
Who is on the team?
What is the specific technology or combination of technologies is used?
Rethread uses a combination of web hosting, and e-commerce tools that allow us to create a simple, yet immersive user experience. The main opportunity lies within the process, and the various logistical issues associated with it. Seamless communication between, as well as integration of on and offline units will determine exactly how well Rethread performs in the marketplace.
What is the size/scope of your market and how will you scale?
Based just on this current target, we estimate that our market is comprised of 75 million U.S. women between the ages of 15 and 54. Research has shown that on average these individuals own close to 90 pieces of clothing, but only wear 18 pieces consistently. The trend of underused garments actually helped us see that there is an opportunity in this space.
Our plan for scaling involves working with highly skilled designers, and clothing industry experts outside of Rethread to bring the best quality garments to customers.
Who is the customer and what is your revenue model?
Rethread’s target customers are interested in keeping up with the latest fashion trends, without sacrificing sustainability. The importance of the latter value cannot be understated; 21 billion pounds of textile waste are generated annually, and our customers will have an opportunity to impact the way clothing consumption is approached in the U.S. We are concurrently developing related solutions for multiple demographics to spread our mission as widely as possible.
We aim to sell directly to consumers, while maintaining extremely low raw material costs as the customers themselves provide the garments. Service/transactional fees will have the most impact on Rethread’s margin.
What is your greatest strength?
Our team has seemingly identified an underserved population in a relatively unexplored market that may be looking for personalized, upcycled clothing. As one of the first players in this growing space, our decisions, and offerings are neither dictated nor limited by market norms or traditional ways of doing things. This in turn allows us to bring the best product experience to our customers on our own terms. Simply put, we have the personnel and plan necessary to meet our immediate goals before oversaturation of this nascent market begins.
What is your biggest weakness?
Our biggest weakness/toughest challenge has been reaching our intended user base effectively. Though we are currently focusing on proving the concept, it is important that we understand that verification of the idea alone will not ensure success.
Figuring out the most effective channels to focus on to maximize our output has become a key challenge ever since we recognized that communicating with consumers is a more fragmented process than ever before, largely due to social media.
Not only will this impact our ability to make sales, but it also decreases the total feedback we receive about the process itself.
What is one resource you could use that would take this to the next level?
At its core, Rethread is something of a clothing retailer, so regularly communicating with someone who has experience in that space could be invaluable. We would definitely appreciate speaking with people who are proficient in building fashion brands in order to learn what some of the most important metrics for sustained user growth and product development typically are.
Numerous disruptive, outside of the box ideas have floundered due to lack of foresight when it comes to building a strong identity, and we’re working hard to avoid the same outcome.
Is there anything else you would like to add?
If you have any thoughts, questions, or just want to talk about the idea, please feel free to reach out to us at firstname.lastname@example.org. We appreciate any feedback regarding Rethread.