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When Kickstarter burst onto the online scene, no one could have predicted the kind of effect it would have on the landscape of starting a business (if you do not know what it is – check it out NOW!). This week, we decided to take a look at how Kickstarter has affected the budding fashion industry online by going through statistics gleaned from Kickstarter itself as well as Sidekick. We have also created a neat little infographic (skip to the end if you prefer visuals to words) for you to share with everyone!
There have been over 5 MILLION unique individuals who have pledged to a Kickstarter campaign to date (all figures taken as of 24th October 2013) with $722 MILLION dollars changing hands between these individuals and just over 50,000 successfully funded Kickstarter campaigns on the platform! This means that on average, each campaign has received over $14,000 dollars and each individual has pledged over $140. Extremely impressive numbers to be sure! So we decided to look a little more closely at the numbers for the Fashion category on Kickstarter.
Of the 50,536 successfully funded campaigns, 1,215 belong to the fashion category, which is 3.6% of the total Kickstarter campaigns successfully completed. Most of the successful campaigns raised between $1,000 to $9,999 with only 1 campaign breaking the $1Million mark. The spread of amount raised for campaigns in the fashion category is on par with the rest of Kickstarter campaigns and on the Fashion category, $18.9Million dollars have been raised to date.
Where fashion starts deviating from the rest of the Kickstarter campaigns is in the success ratio. The overall success ratio – successful to unsuccessful when looking at only completed campaigns – for Kickstarter in general is 43.9% while the Fashion category has one of the lowest success ratios with only 27.6% of campaigns being successful!
Data from Sidekick (which only has over 35,000 campaigns in their database) shows that successful fashion campaigns last on average 30.53 days while unsuccessful campaigns are normally longer at 32.49 days. Within the fashion category, successful Kickstarter campaigns have an average goal of approximately $9600 while unsuccessful campaigns have an average goal of approximately $14923.
This means that in order for you to run a successful Kickstarter campaign in the fashion category, you should be looking to raise around $10,000 over a period of 30 days to have a higher probability of successfully raising the funds. The good news is that 69% of Kickstarter campaigns in the fashion category that reach 20% of their target end up reaching their goals, so getting the first $2000 of your $10,000 campaign means you can count yourself two thirds of the way to success!
There are currently over 200 ongoing campaigns in the fashion category, including one that we are running for Hucklebury. If you found this article useful, do show us your support!
Here is the infographic:
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