Ruskin Felix Consulting (RFC) partnered with ASOS to devise a robust growth strategy for their fashion business, incorporating alternate channels of revenue and innovative business models gaining traction in the market. The comprehensive report prepared by RFC encompassed a meticulous assessment process, starting with market analysis, opportunity identification, and viability assessment to select the most promising options for ASOS.
Through a detailed market assessment and opportunity analysis for ASOS, RFC identified the clothes rental market as a high-potential segment, boasting an impressive ROI of 31% and strong validation in the industry. As a result, the growth strategy primarily focused on the successful implementation of the Rental and Reselling Model, with plans to integrate the Subscription Model in subsequent phases.
To ensure a successful market entry and manage the inherent risks and marketing costs, RFC designed a phased implementation plan for ASOS. The CAPEX allocation was earmarked for branding, marketing, and campaigning, with the initial focus directed towards Rental and Reselling Model. The subsequent phases involved Prototyping & Testing, Market Presence & Penetration, Market Growth, and Development & Diversification.
An integral part of the growth strategy entailed leveraging influencer marketing to facilitate the launch of the models. RFC recommended initiating influencer-based marketing campaigns, encouraging influencers to resell their used clothes on the apps. The large following and subscribers of these influencers would attract customers to the platform, driving the growth of the rental and reselling segments.
The project timeline, spanning over five years, delineated the phased approach to ASOS’s market entry and expansion. Year 1 focused on testing and launching Rentals & Reselling, followed by the launch of the Subscription Model and expansion of other business units in Year 2. Year 3 involved further expansion of existing businesses and testing the Recycling Model, while Year 4 concentrated on market share expansion and growth. By Year 5, ASOS aimed to establish itself as a prominent player in the Rental, Reused, and Recyclable market, with an internal subscription model enhancing customer retention.
With RFC’s growth strategy consulting services, ASOS was equipped with a well-defined roadmap, market-tested models, and impactful marketing initiatives, positioning them for success in the evolving fashion industry. RFC’s analytical prowess and strategic recommendations paved the way for ASOS to become a frontrunner in the fashion domain, catering to customer preferences for sustainable, reusable, and innovative fashion experiences.