Jog-lot: Joggy's Retail Debut
the Glossier effect permeates to f&b
Peek into the future 🔮
CPG: community packaged goods
TYB: the Glossier effect permeates to f&b
Joggy’s jackpot: from online community to retail
CPG: Community Packaged Goods
What’s in a product, that buying it all the same would serve just as good? At the dawn of the 2010s, we saw the rise of platforms where one could use “community as proof” to put forth a product—think Kickstarter for example, and leverage friends, family or followers who believed in you as a founder, or your idea as a product, enough to put money where their support was. Part of the DTC (direct-to-consumer) boom if you think about it (in essence this method was DIRECT TO CONSUMERS) this ability to raise helped bypass red tape, barriers of entry around pushing a product, while also lending validity, people ARE willing to buy this, as well as serve as an alternative to institutional funding like VC, think Fly By Jing for example, raising initially via Kickstarter, and well, the rest is history, considering just how massively successful the brand has become in the short time it’s been around.
In simple terms, we are talking about a fairly simple transactional experience: support = product, merch etc, and for the most part it served its purpose to see the brand launch through, and alongside Kickstarter, came other crowdfunding platforms such as Republic (when you invest through its ecosystem, you provide capital in exchange for a financial stake in a company, fund or project) and WeFunder (uses a provision in the 2012 JOBS Act which allows unaccredited investors to purchase equity in early stage private companies) that served as a more “stake in the game” kind of scenario, but still all of the above have felt like there’s a certain degree of separation between the brand and consumer itself—consider the usual dynamics of TOP-DOWN benefits: the brand, built around a criteria/feature that is then passed down unto consumer.