For the 1,600+ fashion stores that are part of the online fashion platform Miinto, revenue rose by more than 200% compared to the Black Friday event last year. This corresponds to a record-breaking revenue of more than 50 million DKK during Black Friday.
Black Friday has traditionally been a party for the big, physical stores and web shops, but the fashion platform miinto.dk gathers the best physical fashion stores in the country, so they can take part in the biggest shopping event of the year – and Black Friday 2018 was a bigger success than ever before.
This year, Miinto had already surpassed last year’s Black Friday revenue a day ahead of the actual event, by opening the sale on Thursday to customers who had previously made a purchase on the portal throughout the year. This early access became a much bigger success than anticipated and provided a fantastic start to Black Friday.
– “I’m glad that we can sell a lot of great products from the best, physical fashion stores. The shops around the country are suffering, and I don’t want to see empty shops in the future or not having the opportunity to come down and receive that personal service and experience that you get from shopping in the physical stores. So, I’m very happy that we succeeded in beating all records and selling a lot of products from Danish shops. There are plenty of products on the market, they just need to be sold, and rather sell those that are already in the country than letting the large, foreign web shops take the sale” says Konrad A. Kierklo, CEO of Miinto.
The shops can feel the significant extra revenues that were generated in the last few days, and that makes a great difference to each individual store, says Trine Kær from Butik Blossom in Nibe:
– “We’re a local fashion boutique with our own web shop. We have nice traffic, but it doesn’t come close to the traffic miinto.dk has. Without Miinto, we would’ve been pressured on sales by the large web portals these days. Instead, this year’s Black Friday event has helped us generate a revenue of more than 500.000 DKK in few days that we otherwise wouldn’t have had, and that, of course, makes a huge difference to us” shares Trine Kær of Butik Blossom.
According to Miinto, the impressive revenue is the result of a good dialogue with their partners and an extraordinary marketing effort:
– We have been in close dialogue with our partners to gain insights into what products they expected to discount, and we’ve provided them with recommendations as to how much we believe they should discount the products to get the biggest possible outcome. Subsequently, we’ve sent purchasing recommendations to the stores, so they’ve been given the chance to stock up on popular products before Black Friday. At the same time, we’ve expanded advertising and strengthened our marketing effort. We invest the entire commission we receive from the stores in marketing for the platform. This means that this year, we’re investing 50% more in marketing than last year, and that shows on traffic, says Malthe Cederborg, CMO of Miinto.
Background:
Black Friday 2017 vs. 2018
- Miinto’s revenue has more than doubled from 2017 to 2018
- Miinto has now more than 1,600 partner stores across all markets
- The investments in digital marketing have risen by more than 50% in the past year
- The number of developers and tech-employees has increased significantly to make up for a third of all employees
A strong collective of local fashion stores
Miinto makes it possible for the best physical fashion stores to sell their products online in a way that is fast, easy, and cost-effective, thereby helping them expand their markets. By joining Miinto, they become part of a large community of the best shops collected on a single, powerful sales platform for fashion.
Miinto’s network
Miinto was founded in 2008 and now employs more than 120 people across the headquarters in Copenhagen and regional offices in Oslo, Stockholm, Amsterdam, Warsaw, and Zurich. Miinto sells products online in seven European countries – Denmark, Sweden, Norway, Belgium, Poland, and Switzerland – thanks to a strong network of the best local fashion stores in each country.
Download full press release (DK)