A new trend is poised to change shopping as we know it: pretailing. This emerging practice could really throw a wrench on our beloved “path to purchase. According to agency JWT, pretailing is not just a fad but a “top ten” consumer trend.
What may be game-changing about this is it’s not about giving consumers a sneak-peek at your new creation, as at an auto show. Instead, it’s about people creating the product they want to buy. In fact, they want it to so much they are willing to pay you to make it. It’s like being commissioned for a great work, Leonardo da Vinci-style.
Success can quickly go to your head in the new world of pretailing because you actually see the money pot being raised. Yet the idea of shopper-as-mad-scientist — co-creator of your grand idea — may not actually thrill because you could lose all control.
Pretailing is brought to you via the new darlings of the “internether”: crowd-funding. Sites such as KickStarter, Christie Street, Outgrow.me, the winsomely-named Tiny Light Bulbs, and others are where they have you at: “Hello…what the heck is THIS?” And every new “this” means money.
The “pretailing marketplace” grew 85% to USD 1.4 billion during 2012. Trendwatching reported that in one year, Kickstarter recorded 2.2 million people in 177 countries putting down $275M to see their favorite products produced.
With all this warm & fuzzy acceptance pre-prototype, marketers may fear the R&D, focus groups, ideation sessions, channel analyses etc. they excel in will all go pffft… Do we need to destroy the smoke machines and wrap the mirrors in black?
Before we panic, let’s remember that this is all about getting a product made. But how about its survival? Only time will tell if pretailing will decrease the high rate of new products that fail on the shelf. In a fragmented distribution world, the right product is a good thing but the right channel is the secret of life.
That’s why we don’t see any decreased demand in expert marketing research and roll-out strategies for new products. In fact, in a crowd-funded world, the challenge may be to stand apart from it.
In fact, we predict the demand for comprehensive market and trends research to ensure staying power will be even greater with pretail, especially since there is OPM (or, “other people’s money”) involved. As every public company executive knows too well: where there is OPM, there are rules.
- The Rise of Pre-Commerce (fastcoexist.com)
- Can’t wait for the latest gadgets? Try ‘pretailing’ (scotsman.com)
- Equity Crowd-funding Site, SeedAsia Launches (techcrunch.com)