The Rise Of Music Retail, P2P Fashion And Text Verification

Music Retail, P2P Fashion And Text Verification

A pandemic-powered surge in individuals wanting to learn how to play piano and guitar has provided the nation’s biggest retailer of musical instruments with a second chance at life. In clothing retail, rental platform Wardrobe is gaining a geographic footprint in the southern U.S. and growing its presence in the “peer-to-peer” fashion space with its recent Rent My Wardrobe acquisition. And in digital onboarding, some companies, financial institutions and other organizations are turning to text message-based verification solutions. All this, Today in Data.

Data:

80%: Amount that British sales of instruments and music equipment increased from April to June.

73%: Share of consumers who are frustrated by onboarding process inefficiencies.

51%: Portion of North American banks that still require customers to visit branches to prove their identities for onboarding.

8%: Share of financial services onboarding applications that can be completed on mobile devices.

$4M: Value of Rent My Wardrobe, which was acquired by fashion rental platform Wardrobe.