Innovation of the Week is a series highlighting retail initiatives that have caught the eye of our team. Every week, we bring you new ideas and case studies across consumer, technology, sustainability, economy, policy and industry.
What is it?
A student marketplace with a focus on sustainability is launching in the UK in September.
Hazaar is able to connect brands and retailers with students to give excess stock or past-season items a second life and offer exclusive, discounted products – helping students save money and be sustainable.
Though several UK universities have seen students use Hazaar, it will officially launch this month. It will feature a range of brands that resonate with university students including fashion items for freshers week, or tech products for studying.
Some of the brands on board so far include Oh Polly, Public Desire, and Art of Football.
Why does it matter?
Hazaar founder Harriet Noy said the marketplace is “solving a problem” for brands looking to offload excess stock.
Brands can tap into the approximate 5.2 million UK students and find a new demographic to connect with, raising brand visibility and engagement with shoppers.
It also allows for selling excess or dormant stock at a decent price rather than destroying it or imposing heavy discounts on items.
In fact, research from WRAP shows that in the UK alone, around £140m in discarded clothing and retailer’s excess stock goes to landfill every year.
Meanwhile, students with limited budgets can shop from well-known, trusted brands in line with their sustainability goals.
Strategic implications
Hazaar operates with a drop shipping model and can scale up easily depending on demand, along with low acquisition costs.
It also combines brand partners existing reach by featuring on their channels, as well as its own.
“Our strategy is grounded in community-driven marketing, with students at the core of every decision,” Noy said.
“By focusing on the right channels, the ones that we know our audience use, and staying clear on the needs of that audience, we’ve built a repeatable formula for success, nso matter which brand we’re launching with.”
Winning Strategies
- Sustainability initiatives
- Focus on customer experience
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