Source: TrendWatching
Brazilian fashion brand Basico unveiled its Black Friday Transparente (Transparent Black Friday) promotion, giving customers three price options for items.
On its e-commerce site, the company listed three prices for a selection of merchandise. The highest price is the ‘original’ price, which includes the business’ profit margin. The middle price covers the business’ operating and marketing costs, with no profit margin. The lowest cost simply covers the basic production and core operational costs. Customers could choose which price they pay, with the business suggesting that even at the lowest price, the products will ‘market themselves’ in the long-term.
The fashion supply chain is notoriously opaque and rife with exploitation – shoppers at Zara recently found notes from unpaid workers slipped into their clothes. As a result, this is not the first transparency-focused initiative: Basico’s campaign follows the aptly-named Honest By, Everlane and Oliver Cabell.
Will Basico’s transparency convince people to opt for the higher price options? Probably not, but that’s besides the point. Customers value being in control. And, more importantly in an age of GLASS BOX BRANDS customers increasingly expect clear, honest information about what happens inside a company, not just about the product on the rack in front of them.
With great (purchasing) power comes great responsibility. What parts of your business – from pricing to sourcing – could you expose to customers? And in doing so, could you enable them to better know where their reals, pesos, euros or dollars go?
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