Purpose
In addition to achieving the profit goal, brands should also stick to their purposes. Purpose determines the existence significance and long-term development direction of a brand in the industry. Brand philosophy, including the brand’s mission, vision and value proposition, guides the brand and decision-makers to make good choices and adopt appropriate strategies. This also requires Corporate Social Responsibility in a disguised way, which means that enterprises should also consider improving the lives of workers who have no voice in the industry, their families, and the community in which they reside and society at large, as well as sustainability (Londrigan, M.P., & Jenkins, J.M., 2018).
Taking Warby Parker as an example, the brand has a clear purpose of providing glasses with good design and affordable prices to help people easily cope with vision problems. At the same time, Warby Parker also pays attention to the groups who have poor eyesight due to their inability to obtain glasses and have obstacles to their realisation of educational goals, employment or activities of daily life. It can be said that Warby Parker has provided significant benefits for consumers and made contributions to society.
Sharing economy is also an interesting concept, bringing benefits from the sustainability perspective. Girl Meets Dress is an organization that provides luxury dress rental services for each consumer’s life’s special occasion with the core concept of sharing (GMD, n.d.). Sharing economy like this expands the use of a piece of clothing as much as possible to make it play its best role, especially for this luxury dress that is only worn on special days. Sharing economy is excellent for the environment and consumers who love fashion and trends.
The concept of a brand can often build a more stable bridge between the brand and consumers. The increasing proportion of Gen Z in the mainstream consumer group means that brands must pay attention to communicating with them. In 2021, 51.3% of Gen Z and millennial shoppers said environmental and ethical sustainability was either fairly or very important. This year, that has grown to 57.7% (Drapers, 2022). Therefore, a significant purpose related to this will have an advantage among Gen Z consumers for the brand.
Figure 1(Drapers, 2022)
Gen Z has been surrounded by the Internet since birth and takes online shopping as an interest, so it would be a better choice for brands to publicize their purpose and products online. Brands can also seek cooperation with popular bloggers with the same values and communicate with and attract Gen Z consumers from various perspectives.
References
Drapers, 2022. Gen Z and Millennials 2022. [online].
Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 16 October 2022].
Girl Meets Gress, n.d. What is GMD. [online].
Available at: https://hire.girlmeetsdress.com/pages/how-it-works# [Accessed 30 October 2022]
Londrigan, M.P., & Jenkins, J.M., 2018. Fashion Supply Chain Management. [online].
https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf [Accessed 30 October 2022]
Figure 1
Drapers, 2022. Gen Z and Millennials 2022. [online].
Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 16 October 2022].