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The fashion industry, especially luxury brands, is facing increasing pressure to become more sustainable. At the same time, the second-hand market for luxury goods is booming. However, brands often lose connection with their products after the first sale, missing out on potential revenue and valuable customer insights.
Fibrant was developed to address these challenges. It aims to help brands maintain a connection with their products throughout their entire lifetime, incentivize customers to keep products longer or return them to the brand, and make repair and remake services a viable business model.
We started by reimagining how luxury products could be tracked and valued over time. Our team developed a system that creates a digital record for each product, tracking its history and ownership. This digital record grows richer over time, potentially increasing the product's value. We also designed ways to reward customers for keeping products longer or returning them to the brand for repair or recycling.
We then focused on how brands could use this system to stay connected with customers long after the initial sale. We developed features that allow brands to offer exclusive services, repairs, and upgrades to product owners. This approach opens up new revenue streams for brands while encouraging more sustainable consumer behaviour.
Fibrant offers several key benefits for luxury brands and their customers:
- Extended Product Life: By tracking products and rewarding long-term ownership, Fibrant encourages customers to keep items longer, reducing waste.
- Viable Repair and Take-Back Programs: The system makes it financially attractive for brands to offer repair services and take back old products for remaking or recycling.
- Ongoing Customer Relationships: Brands can stay connected with customers throughout a product's lifetime, offering services and building loyalty.
- New Revenue Streams: Through repair services, upgrades, and resale opportunities, brands can generate revenue long after the initial sale.
- Valuable Data Insights: Brands gain a wealth of information about how their products are used over time, informing future designs and business strategies.
- Enhanced Sustainability: By keeping products in use longer and facilitating repairs and recycling, Fibrant helps brands reduce their environmental impact.
While the technology behind Fibrant involves complex elements like blockchain and digital twins, the core value is simple: it helps keep beautiful products in use longer, benefiting brands, customers, and the planet.
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