Next-Gen Proof Your Business
Generation Z owes traditional retailers nothing, in their eyes. This haughty demographic would rather launch their own businesses — and many have — than settle for less-than-ideal product quality, merchandising, ethics, etc. To better understand what resonates with this generation, WWD interviewed investors and industry experts as well as entrepreneurs to define key traits of the next-gen entrepreneur while understanding how traditional fashion and beauty retailers and brands can essentially “next-gen proof” their business. Who is the next-gen entrepreneur? Hayley Barna, a cofounder of BirchBox and the first female partner at First Round Capital, compares mission-driven next-gen entrepreneurs to “heat-seeking missiles” in their forthright behavior that helps them accomplish their goals. “Successful entrepreneurs are constantly collecting data, listening to customers and adjusting course if necessary,” she said, citing an example of a recent investment she made in San Francisco-based start-up called The Lobby, founded by Abigail Holtz. “She [Holtz] balances a techie’s data-driven approach with a commitment to the vision,” Barna said. When asked of what constitutes a “disruptor” in fashion and beauty today, Barna believes, “Disruptors don’t come in one flavor, but the common thread is that they are able to cut through the clutter to deliver on a 10-times better experience for customers.” Next-genFollow WWD on Twitter or become a fan on Facebook.
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