Rent the Runway is making moves to keep up with competitors like Amazon and Zara with their new in-app same-day delivery service in New York City.
The company, founded in 2009, offers designer garments and accessories that can be rented for a fraction of their cost and then returned. RTR styles start at $30 and come with a back-up size. Their new delivery service guarantees that orders placed by 12 p.m. will be delivered by 5 p.m. to customers in New York City.
RTR is giving consumers the option to “say yes to all spontaneous evening plans, swop your workwear for a classy cocktail dress for a networking event, or change into a quirky jumpsuit for an impulsive Tinder date.” The new service is allowing the company to keep up with the fast-paced lifestyle of many of their customers and their immediate need for fashionable items at a lower price.
“With the launch of same-day delivery we are one-step closer to our vision of a closet-less future,” Jennifer Hyman, CEO and co-founder of Rent the Runway, said in a statement. “Consumers are accustomed to on-demand services like Seamless, Uber and Netflix. By giving them the ability to get last minute looks on demand, we are bringing the modern woman’s closet into the twenty-first century.”
RTR has plans to expand this service to other cities if it proves successful. The company wants to be as seen as a similar service to successful fast-fashion chains while also keeping up with consumers’ new expectations, emphasizing on their site that they are “reinventing retail to be smarter and more in line with how we actually live our lives.”
In addition to their rental service, RTR is also branching out with their “Keep it Forever” model, selling pieces that are about to be taken off the site to customers at a lower price.
“We’re aiming to pull off what we consider to be the ‘ultimate convenience’ — designer clothing at the same price as something from Zara, on demand,” Hyman said. “It’s essentially a never-ending closet. We want women to think about Rent the Runway in the same way you think about going to Zara or H&M for a new piece.”
With Amazon conditioning its Prime members to know they’ll receive their orders in two days and instantly being able to stream entertainment from services such as Netflix, Rent the Runway is hoping to keep the fashion industry in touch with new customer behavior and demands. Consumers want a variety of fashion at lower prices and they want these products immediately.
“Right now, we continue to see the decline of the department store and full-price retail alongside the growth of those off-price stores like T.J. Maxx and fast fashion brands,” Hyman said. “What the customer is indicating is that she wants trends and variety at a cheap price, and she wants it on demand.”