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IT Assignment 2

The document proposes a business called ThreadCycle that operates an app allowing users to sell their old clothes or purchase second-hand clothes from others. The business aims to promote sustainable fashion while providing an affordable shopping platform for youth.

Uploaded by

Kinisha Mehra
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© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
37 views

IT Assignment 2

The document proposes a business called ThreadCycle that operates an app allowing users to sell their old clothes or purchase second-hand clothes from others. The business aims to promote sustainable fashion while providing an affordable shopping platform for youth.

Uploaded by

Kinisha Mehra
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Objective of the Business:

● In recent years, with the coming of ‘Fast Fashion’ the waste


generated by the fashion industry has sky-rocketed. Through my
business, I wish to provide consumers an alternative to dumping
their old clothes and instead resell them.
● WE shall promote ‘Slow Fashion’. Slow fashion is a sustainable
fashion concept that focuses on the processes and resources required
to make clothing. It's the opposite of fast fashion
● The main aim of this venture would be to create an engaging platform to connect consumers who
wish to free their wardrobe with those who wish to thrift relatively cheaper garments.

How do the features work?


1. Sell your Old clothes to earn -
Users can sell their old not-needed fashion items on the app to earn, instead of dumping them.
2. Be able to thrift your favorite brands at cheap prices-
Users can shop their favorite luxury brands at cheap rates
3. Level up to be a ‘Certified Thrifter’.
After completing a specific goal, like thrifting 5 items, 10 items ,etc users level up to be a newbie
thrifter, certified thrifter, and so on. At these levels they are provided with coupon codes and
various reward points.
4. Earn thread points on every sale and purchase:
The reward points earned on their purchase would be called ‘Threads’.

Execution:
● Finances: I would begin with a plan defining the finances, investors, etc.
● Designing and Developing: After planning this we would create the app with the help of a
team of UX designers, Web Developers and Coders.
● Launching and Gradual Expansion: Next, we would launch the app in major Metropolitan
cities like Mumbai, Bengaluru and Delhi first and later to tier-two cities as well.
Target Audience:
The target audience of this app would be millennials and Gen-Z.
● The youth, often facing budget constraints, seeks unique and expressive ways to curate
their wardrobes without breaking the bank. ThreadCycle, as a sustainable fashion
business, addresses these concerns by providing a platform that aligns with their needs
● Additionally, Sustainable Fashion is becoming a hot topic among Gen-Z. They are
becoming increasingly conscious of the
environmental impact of fast fashion. Thrifting
has become quite popular among them.
● We would encourage Gen-Z to tag us where they
wear clothes thrifted from us in order to
popularize the idea of thrifting.
● Our Ads and Campaigns would emphasize on how
waste can be reduced through thrifting.

Sustainability Initiatives:
ThreadCycle is committed to promoting sustainable fashion practices. The business would
organize clothing drives on campuses, encouraging students to donate their used clothing.
Donated items could be sold through the platform, and a portion of the proceeds could be
directed towards environmental initiatives or local charities.

Revenue Model: Commission-Based Model


● Similar to Amazon, Meesho ,and other e-commerce sites, ThreadCycle would have a Commission-
Based Revenue Model. A commission-based revenue model allows companies to generate
revenue by receiving a commission from each transaction it facilitates. Again, the company acts
as a mediator between sellers and buyers.
● The prices of the goods being sold would be increased by a definite percentage. This would be
the main source of revenue. Some amount of our revenue would be invested in environmental
conservation campaigns.
● Other sources of revenue include Ads displayed on the App.

How would we reach customers?


● Online Ads
● Influencer Marketing
● The platform would also host events, both online
and on campus, to bring together the community.
● Blog posts, newsletters, and social media content would aim to raise awareness about
conscious consumer choices.

Conclusion: ThreadCycle emerges as a youth-centric business that not only addresses the
financial constraints faced by them but also aligns with their values regarding sustainability. By
promoting thrifted fashion and encouraging the resale of old clothes, ThreadCycle aims to
redefine the student shopping experience.

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