E-commerce giant, Amazon has made two major announcements within the last 5 days; Whole Foods acquisition (on Friday) and Prime Wardrobe (Tuesday). As a response from the market, their stock price peaked at $1004.29 as investors went bullish on their stocks.
Amazon Prime is a membership model used by the company to provide value-added services (VAS) to members.
“Prime members also enjoy exclusive access to movies and TV shows, ad-free music, Kindle books, original audio series and unlimited photo storage.” according to their website.
It goes for $10.99/month.
What is Prime Wardrobe?
Prime wardrobe is a VAS that enables you to try out clothes and other fashion items before you buy.
With Prime Wardrobe, they are pushing their apparel arm and creating even more value for the eligible Prime member.
The Prime Wardrobe has three key selling points.
- Try before you buy
- Hassle free return
- Discounted prices
Try before you buy: Due to my laziness, I don’t like visiting the fitting room at boutiques. I just estimate on what would be my size. Only for me to get home to find out my estimation was wrong. Mind you, I travelled a distance to get to my favourite boutique. Amazon’s Prime Wardrobe would give someone like me a 7-day window to try out my orders within the comfort of my bedroom/home.
Hassle-free free return: So, I’ve ordered 5 shirts and 3 trousers but I don’t like two of the trousers and 3 of the shirts, no problem. With Prime Wardrobe, all I have to do is put the unwanted items into the re-shippable box and leave it outside my home for it to get picked up by their drivers. This comes at no costs to me.
Discounted prices: Obviously, Amazon did not come here to sell groundnut. They want to increase the conversion rate from ‘try’ to ‘buy’. Hence, they sprinkled in the discount option. Where, if I buy at least three of the items I ordered, I’ll get a 10% discount and if it’s five or more the discount rises to 20%.
If you are excited about this, you can sign-up here to get notified when it officially launches.
In the meantime, you can watch their introductory video on Youtube.