Crowdfunding Campaigns That Changed Retail
Crowdfunding has become a popular way for individuals and companies to raise money for various projects and causes. From medical treatments to business ventures, crowdfunding has opened up opportunities for people to support and invest in a wide range of ideas. In the retail industry, it has been particularly impactful, with numerous crowdfunding campaigns changing the way we shop and the products we buy. In this article, we will take a look at some of the most successful crowdfunding campaigns that have revolutionized the retail sector.
Campaign 1: Pebble Time
In 2012, a startup company called Pebble Technology created a smartwatch that could connect to smartphones and display notifications, messages, and calls. The company launched a crowdfunding campaign on Kickstarter to raise funds for mass production, with the goal of raising $100,000. However, the campaign ended up raising $10.3 million, making it the most funded project in Kickstarter history at the time.
Impact on retail:
Pebble Time’s success showed that there was a huge demand for wearable technology, and it paved the way for other smartwatch brands to enter the market. Today, smartwatches are a popular accessory for tech lovers and fitness enthusiasts alike, with major retail stores stocking a variety of models from different brands. Pebble Time’s crowdfunding campaign proved that with the support and backing of consumers, a small company could disrupt and change an entire industry.
Campaign 2: Oculus Rift
Oculus Rift started as a crowdfunding campaign on Kickstarter in 2012, with the goal of creating a virtual reality headset. The campaign was hugely successful, with the company raising $2.4 million, surpassing their initial goal of $250,000. In 2014, Facebook acquired Oculus for $2 billion, and the Oculus Rift became one of the most anticipated and talked-about products in the tech world.
Impact on retail:
Oculus Rift’s success in crowdfunding showed that there was a market for virtual reality technology, and it sparked a race among major tech companies to develop their own VR headsets. Today, virtual reality is used in a range of industries, including gaming, education, healthcare, and retail. Companies like Sony, Samsung, and HTC have released their own VR headsets, and retail stores now sell VR products and experiences.
Campaign 3: The Coolest Cooler
The Coolest Cooler is a multi-functional cooler with a built-in blender, Bluetooth speaker, USB charger, and more. The company launched a crowdfunding campaign on Kickstarter in 2014, with a goal of raising $50,000. However, the campaign ended up raising over $13 million, making it the second most funded project in Kickstarter history.
Impact on retail:
The Coolest Cooler’s success showed that there was a demand for innovative and functional products in the market. This encouraged other companies to think outside the box and develop unique products that could change the way we approach everyday tasks. In the retail sector, stores started stocking more products that combined traditional items with modern technology, catering to consumers who were looking for convenience and efficiency in their products.
Campaign 4: Exploding Kittens
Unlike the previous campaigns, Exploding Kittens is not a tech-based project. It is a card game created by Elan Lee, Shane Small, and Matthew Inman (the creator of the popular webcomic, The Oatmeal). The team launched a Kickstarter campaign in 2015, with a goal of raising $10,000. The project ended up raising $8.8 million, making it one of the top five most funded projects in Kickstarter history at the time.
Impact on retail:
Exploding Kittens’ success showed that crowdfunding was not limited to tech or business projects only. It brought attention to the fact that there was a demand for unique and creative products outside of the mainstream market. This inspired other artists and creators to turn to crowdfunding to bring their ideas to life. In the retail sector, there has been an increase in independent and niche products that cater to specific interests and communities, thanks to the success of campaigns like Exploding Kittens.
Crowdfunding has undoubtedly changed the retail industry, with innovative and successful campaigns paving the way for new and unique products to enter the market. These projects have not only shown that there is a demand for different types of products, but they have also decentralized the traditional retail model, allowing smaller companies and independent creators to compete in the industry. As crowdfunding continues to grow and evolve, we can expect to see more exciting and game-changing campaigns that will shape the future of retail.
