Retraced: The Answer to Our Jeaneaology Problems
There are many of us trying to cut the crap and give real value to the world, but it’s hard for the ones who are actually walking the walk not just talking the talk to truly differentiate themselves from the greenwashers out there. That's why traceable value chains are the answer to this problem.
Adam Taubenfligel, co-founder and designer of Triarchy, told me in our recent Kingpins24 Canada interview that he approaches his business and design with integrity, and transparency is a huge part of that. After getting to speak with Adam and Jordan Nordase, founder of Boyish Jeans, on how their brands are implementing transparency through traceability, I was introduced to Retraced.
Retraced uses blockchain technology to create transparent supply chains that foster better working conditions and more sustainable manufacturing practices by providing easy access to honest (and accurate!) information about the products we use. Our "jeanealogy" problems solved!
In order for consumers to connect with their jeans and understand the value of them, its extremely important to tell the stories and impact behind products. It's also important to analyze where you have room for improvement within your supply chain!
I feel so lucky to be able to witness the passion, hard work, and dedication to working with sustainable materials and processes which is why I am constantly trying to share amazing success stories in the industry. There are may powerful stories worth sharing and it's very cool that technology like Retraced can help us do just that because it's time we all understand the value of our jeans!
But does sharing your supply chain's sustainability efforts actually help customers make a purchasing decision? Retraced conducted an A/B test for their transparency widget showing that online shoppers who saw the widget were indeed more likely to purchase the item, compared to online shoppers that didn't see it! They specifically saw a 19.46% increase in conversion clearly showing us that consumers are starting to get it.
I am a huge supporter of traceable supply chains, so I wanted to get some of the inside scoop from the Retraced team themselves.
WHAT IS YOUR FAVOURITE ASPECT OF RETRACED?
Working with brands and suppliers is definitely my favourite part of the job. While the fashion industry is generally an old, dirty, and often an unethical business, there are some key players that believe in making quality clothing in the right way.... And they are very passionate about it! It’s been great meeting these progressive companies, seeing the efforts and energy they put into reducing water consumption or treating their employees and downstream suppliers as people and partners. It’s been fun working with them to figure out what their core sustainability business challenges are, and then equipping our system to help them meet those challenges, and ultimately aid their awesome efforts to make better clothing.
WHAT ARE THE FUTURE POSSIBILITIES WITH RETRACED?
One of the best parts about being a digital tool is that we can offer a useful service now, while also keeping our eyes on the horizon, and plan for future possibilities. We are creating an ecosystem that will enable fashion companies to essentially find and forge relationships within sustainable supply chains. We plan to build a network of fashion companies that care about where their materials come from, and how they are produced…and ultimately use that knowledge to connect with their customers, as well as new and current suppliers. Having important parties connect via a blockchain-based solution also open us the possibility for more efficient and time-saving operations. In the future, we plan to enable ‘smart contracts’ into our system, allowing suppliers and vendors to track and process payments securely, and very quickly. Additionally, other important parties, such as certification and audit agencies can help verify the authenticity of relevant data points via blockchain, allowing for a more multi-partied approach to sustainability. These are some of the many ways we hope to empower more stakeholders through greater supply chain connectivity and transparency. I know I say it a lot, but we're in exciting times as brands start to use this kind of tech! See how it works for yourself on Boyish Jeans site here. Until next time friends, stay curious and STAY DILIGENT! Bonus: A little video from the founders :)