Stage: Revenue generating
Number of employees: 1-5
Short URL: vator.co/SizeXchange-Limited-Watch-it-Grab-it-Wear-it
SizeXchange is an online trading website where members can exchange clothes using Xchange Points they have earned or purchased. A key element is that the exchange is cash free, that is you earn points through sales and use those points for purchases. Members will watch items they are interested in go down in points over the specified period to purchase the item they need to 'grab' it before another 'watcher' does.
Over the next three years SizeXchange intends to create an iconic e-commerce brand through a focused marketing plan and will grow to 3 million in revenue.
SizeXchange will market and sell subscription-based memberships to use the exchange site as a venue.
These memberships will be available in the following offers:
30 Day Free Trial Subscription: 10 Xchange ‘start up’ Points, and access to our online community and special auction events, *Bonus 20 exchange points if a trial member lists 5 items in the first 2 weeks of joining. – Free
Basic Monthly Subscription: 75 Xchange ‘start up’ Points, and access to our online community and special auction events – just $10.95/month
Premium Subscriptions: There will be silver and gold level subscriptions that will cost an extra $2.95 or 4.95 per month in addition to the standard monthly subscription.
Discount Options: There will be discounts off the standard pricing to purchase your memberships 3, 6, or 12 months in advance.
Health and personal wellness is a significant trend in New Zealand, and abroad. As a result people are taking a much more proactive interest in their weight. This is exemplified by the increase of health clubs and health club memberships. People are looking to avoid heart problems, premature death, and diabetes by taking an active role in the maintenance of their health to prevent obesity related disease by
loosing the extra kilo’s and living a healthy lifestyle. Because of this dieting products and services are now seen as normal and in fact a necessity
The US weight loss market alone was worth $46.3 billion in 2004 and is forecasted to reach $61 Billion by 2008. In New Zealand reports show that 1 in 3 people are currently overweight and 1 in 4 are obese, throughout the world the statistics are similar. Women late 20’s to mid 50’s are becoming a focus. It is reasonable to believe, this demographic segment will continue to grow the sales of diet related products.
Currently there is limited business providing clothing solutions and services to this market.
Swango.com - Our closest competition was a small US based website called swango.com a US focused clothes swap website also utilising a credits/points system. They are very gender specific and in design and functionality catering to a female target market. Where SizeXchange is designed to be more gender neutral to encourage men and women to utilise our service. It is interesting to note that within the past couple of months this company has gone offline and can no longer be found.
Transitionalsizes.com – this is another site focused on this core need. However this is more of a direct online sales site focused on selling or renting clothes. While focused on the same problem it only offers part of the solution, another way to buy clothes, rather than a fuller solution.
BigWardrobe.com - is another clothes swap/sales site however it is a 'Swap for a Swap' ie members have to have something that the other member likes of their own in order to swap their clothing, otherwise the currency is dollars. This is very limiting as not everyone has the same tastes in clothing which is why the 'Xchange Points' currency is implemented on SizeXchange.