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DAMI ONABOTE THE NETFLIX OF FASHION CUSTOMER EXPERIENCE November 19, 2018

THE NETFLIX OF FASHION In the next few weeks (let's be optimistic!), many of us will be working professionals again. Some of us also have a finite fashionista budget but still want to look like a million bucks. I, along with many of us, am often disappointed by the shopping experience: 1) Malls are often an unending maze 2) Online shopping frequently presents smoking mirrors (late delivery, poor quality material, product looks totally different online vs. in person) 3) Inconsistent sizing triggers returns and prolongs fulfillment time

WHAT NEXT

With the growing progress in AI, Machine Learning, I wonder what the Apparel Shopping industry will look like in the next 5-10 years?

Most likely, traditional retail will be non-existent. Shipping time for deliveries may be dramatically reduced by drone technology. Maybe robots that read minds and predict our needs will become our personal shoppers.

Certainly, the WOW Factor, Human Touch, Technology and Customization will continue to work hand in hand to create the ULTIMATE CUSTOMER EXPERIENCE.

Create possibilities - drones for immediate delivery

Enhance AI / Machine Learning opporutnity

Eliminate non-value add activities

3. Save Money

There is an ever-growing list of subscription box business model. See link: https://boxes.hellosubscription.com/country/spain/

Traditional retail outlets have seen the writing on the wall and have proceeded to get in on the action.

This applies to men and women alike.

Take Nordstrom's July 2014 acquisition of Trunk Club for example. Trunk Club in 2009 initially started as men's clothing subscription service but began serves both men and women in 2012.

Also, Ann Taylor, the clothes designer now provides an online subscription rental service that gives you access to hundreds of Ann Taylor looks for one flat fee.

Focus on significant customer group - men

Streamline customer spend

Deliver personal touch in Trunk Clubhouses

1. Save Energy

Rent The Runway

Rent The Runway (RTR) Unlimited subscription service provides access to unlimited number of rentals (dress, shoes, jewelry, coats, etc.) for $159/month. Customers can also limit order to 4 items per month for $89.

In the face of struggling traditional retail outlet, RTR has redefined the shopping experience by connecting luxury designers to new customer segments.

At the brick and mortar stores in NYC, personal shoppers are also available to provide the human touch and WOW Factor.

Create scaling possibility in similar markets

Deliver unlimited choice

Discover new customer segments

In spite of this, there are companies that have disrupted this industry - creating memorable experiences by combining: 1) WOW Factor 2) Human Touch 3) Technology 4) Customization

2. Save Time

StitchFix

Stitch Fix leverages technology through Big Data to create algorithms on personal style preferences, coupled with the Human Touch of personal stylists to deliver affordable fashion to the individuals and families.

Leverage Big Data & Personal Touch

Co-create solution through 2-way customer communication

Provide Accessible Luxury