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- Fashion Act for Sustainability | Shopify Tokengated Commerce
Fashion Act for Sustainability | Shopify Tokengated Commerce
Industry Fact:
Generation Gap In Small Business Ownership
The gap between Millennial business owners and earlier generations continues to be steep. According to survey, Baby Boomers (39.63%) and Gen X (47.20%) make up the majority of small business owners. Millennials made up nearly 13 percent (12.92%)
| INSIGHTS
The fashion industry has a major sustainability problem that needs to be addressed urgently. This industry contributes between 4 and 8.6 percent of global greenhouse gas emissions, which is more than the aviation industry or the combined emissions of Germany, France, and the United Kingdom. Additionally, it is responsible for contaminating water, destroying forests, abusing toxic chemicals, clogging landfills, and exploiting workers.
To address these issues, lawmakers and environmental advocates in New York have collaborated to push for the Fashion Sustainability and Social Accountability Act (Fashion Act).
Introduced by former State Senator Alessandra Biaggi and Assembly Member Dr. Anna R. Kelles, the act aims to establish legally binding environmental and labor standards for the industry. The act will be reintroduced with new amendments to make it stronger in the coming weeks. The Act on Fashion Coalition, comprising clothing and apparel companies, labor rights organizations, environmental justice organizations, and other nonprofits, supports the bill.
Rich Schrader, NRDC’s legislative and policy director for New York, said that the act goes beyond the measures taken by the European Union and aligns with New York's Climate Leadership and Community Protect Act, which targets a 40 percent reduction in carbon emissions by 2030.
| NEWS
Shopify merchants can now use “tokengating” tools to create tokengated experiences for their communities, such as exclusive products, NFT drops and other benefits.This allows brands to:• Mint and sell brand NFTs: Mint custom NFTs on popular blockchains like Ethereum, Polygon, Solana, and Flow. List and sell (lash sales or drops) them right from a merchant’s store with Shopify checkout experience.
• Curate collections specially for token holders. Buyers must connect a crypto wallet and verify tokens to shop gated merch, events, and more.and more
US is a key market for any global payments provider and in December 2022, it became Klarna's largest market by revenue. In 2022, many large US retailers joined Klarna including Samsung, Groupon, Booking.com, Instacart, Tractor Supply Company and Fossil Group. [TechCrunch]
The competition to be the backend powering fashion e-commerce is heating up as brands such as Glossier and Supreme join Shopify while Farfetch prepares to bring a pipeline of new clients onto Farfetch Platform Solutions. [BOF]
Chinese e-commerce apps are making a play for the spoils from Americans’ favorite hobby—shopping. Affordable prices and clever use of social media have worked wonders for growth. [WSJ]
Measuring customer experience with the right set of metrics to provide situational awareness that is correct, accurate, and constructive for commercial success highlights the significance of focusing on customer needs throughout the entire customer lifecycle. Underperforming metrics can be explained by a mismatch between what customers need and what is offered, presenting 20 selected metrics that measure business viability and focus on the quality of the audience's customer experience. [CMSWire]
| EVENTS
March 23 • Online
2023 Retail Industry Outlook
The retail industry has changed tremendously due to the rise in technology. Join Moss Adams for their annual webcast, 2023 Retail Industry Outlook, highlighting trends that could impact your business in 2023.
Key topics include:
Using predictive analytics to enhance the customer experience
Resell: circularity versus renewable solutions
Global industry trends, including interest rates, sourcing movement, and luxury
The importance of personalization
UPCOMING EVENTS
Mar 16 Find Your Brand’s Perfect Influencer
Mar 22 SocCal Biz
Mar 28 Disciplined Entrepreneurship: 24 Steps To A Successful Startup
| PODCASTS
Over the years, we have seen brands come and go, each with a different reason for not surviving. But most, if not all, have made the crucial mistake of Selling their Soul.
This happens when a brand has carefully crafted a premium positioning in their respective marketplace and then decided to sell out and move into a channel their loyal customers did not expect or create a product not up to the brand's standards, much less the customer. So you end up Selling Your Soul for either short-term gain in exchange for long-term pain.
| FEATURED PROVIDER
GUSTO's people platform helps growing businesses onboard, pay, insure, and support their hardworking teams with payroll, benefits, and more.
A full-service payroll, HR, and Benefits. and HR platform serving over 100,000 small businesses nationwide. Gusto provides solutions for employee benefit plans in over 38 states. Gusto is also a completely cloud-based platform that offers software integrations with platforms like Xero and QuickBooks.