ET Ecomm Summit 2022: How fashion tech platform Fashmates is redefining the e-commerce retail shopping experience with personalized style and attire
188 billion US dollars
by 2025 compared to US$46.2 billion in 2020, according to an IBEF report. With an exponential growth trajectory charted for online retail in India, offering a product or service is simply not enough for brands to thrive in today’s competitive market.
Especially considering how factors, such as increased internet penetration, increasing accessibility and easy access to the latest technologies, are changing the needs and demands of customers and the e-commerce experience they are looking for right now. This and many other factors have led companies to abandon a one-pronged approach (like simply having a website online) and rethink, redefine and recalibrate their business strategies. The evolving nature of consumers has, in fact, also paved the way for vertical retail trends such as direct-to-consumer commerce, mobile commerce, phygital shopping, content and building communities to deliver a valuable overall experience. and transparency to attract, engage and retain customers.
As e-commerce continues to redefine the retail experience, the second edition of the E-Commerce & Digital Natives Summit 2022 recently bought the who’s who of the tech world, straight from over 30 decision makers, industry leaders industry and solution providers, more than 150 senior executives in e-commerce, D2C to logistics to engage in a physical exchange of ideas on creating the best online shopping experience for consumers. The summit featured engaging panel discussions, exclusive fireside chats and engaging industry presentations discussing the latest trends, innovations and technologies. Two of the most important topics discussed in this high-level congregation were how brands can drive sales and ensure seamless omnichannel enjoyment for the new-age consumer.
Harish Ramchandani, the founder of Fashmates, a leading AI-powered personal styling platform that offers outfit-based shopping recommendations for online fashion brands, shared his key insights during an exclusive session on
How do you drive incremental sales by offering outfit- and style-focused shopping experiences?
“The problem is that today’s fashion e-commerce scene is focused on selling individual products instead of creating a custom look,” he said at the ET Ecomm summit.
The value proposition of his company Fashmates is that it drives product discovery, as well as increases customer engagement, conversion rates and average order value for brands and retailers. The founder explained how Fashmates achieves this for its brand partners.
Personalize the online experience
“If you change your approach from selling products to creating whole outfits/looks around the product and customizing it to suit your customers’ needs, the whole game changes. A customer can then see multiple visually similar products from choice and is likely to purchase not one but several products in a single visit,” Ramchandani said.
Use the latest technologies and data
Fashmates, for example, has 2,50,000 stylists on its platform across the globe, a sophisticated advanced AI stylist, styling software, and a cloud of trend, customer, and merchandising data — all of which contribute to generate a high-quality, interactive and buyable style. content for their brand partners.
“We take the catalog of brands, put it into our style engine, and then using what omnichannel connectors are, we put the outfits back on your website. Those sharp looks are then made available across all channels (e- Commerce, advertising, social, direct), as well as in-store. The result is that your customers end up buying multiple products in one transaction,” said Ramchandani, adding that Fashmates has so far styled more than 9 million looks.
The fashion technology platform is also based on “a bank of clients’ comprehensive style profiles ranging from fit preferences, size, to what they want to show off or minimize in their outfits, customizing the outfit to suit. customer needs that drive sales.”
This powerful setup is helping the brand redefine shopping experiences around style and gear across the globe. On average, Fashmates style outfits and appearance-based solutions result in 4x product discovery, 3x customer engagement, 32% increase in order value, and 46% decrease shipping costs.
To watch more insights from Harish Ramchandani on how to boost sales, watch the full video from the summit session below:
Meanwhile, Fashmates co-founder Arvind Singh also shared his insights on how brands can deliver seamless omnichannel enjoyment to the new era consumer during a panel discussion at ET Ecomm Summit.
He emphasized, “Personalization is a must for an omnichannel experience. This usually comes with issues of data privacy and personally identifiable information, which in a way are the only growth opportunities we are working on with our brand partners. Another aspect from the consumer’s perspective is that the shopping experience should be easy and fun and should be a feel-good experience. In our experience, these two areas of opportunity can really change the game of e-commerce, he said.
To watch more insights shared by Arvind Singh, watch the ET Ecomm Summit video below:
The Indian e-commerce market is expected to welcome 300 to 350 million buyers by 2025. E-commerce is clearly not a choice for brands. It has become the need of brands and the wish of consumers. And again, the ET E-commerce and Digital Natives Summit is a key milestone in facilitating the exchange of innovative ideas between industry stalwarts and key executives on creating the best shopping experience for consumers. new age consumers.