What fashion startups should know before launching Crowdfunding projects: Focusing on Wadiz reward Crowdfunding
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Wadiz, the largest Korean crowdfunding platform, recorded a 197% year-on-year growth of reward in crowdfunding projects for the fashion and accessory category in the first half of 2019. With this in mind, this study collects 135 cases of fashion and accessory projects from Wadiz to explore the success factors and impactful variables on the funding ratio. The study found that the project signals (the number of backers), social engagement (the number of Instagram followers) affected the funding state. In contrast, reward properties (category, target, and product property), had a significant impact on the level of funding ratio. As an initial study focused on fashion crowdfunding, this study provides practical implications to predict the success factors of fashion crowdfunding that small fashion companies can meaningfully utilize.
Abstract
Wadiz, the largest Korean crowdfunding platform, recorded a 197% year-on-year growth of reward in crowdfunding projects for the fashion and accessory category in the first half of 2019. With this in mind, this study collects 135 cases of fashion and accessory projects from Wadiz to explore the success factors and impactful variables on the funding ratio. The study found that the project signals (the number of backers), social engagement (the number of Instagram followers) affected the funding state. In contrast, reward properties (category, target, and product property), had a significant impact on the level of funding ratio. As an initial study focused on fashion crowdfunding, this study provides practical implications to predict the success factors of fashion crowdfunding that small fashion companies can meaningfully utilize.
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