The Online Fashion Retail Industry, particularly at the luxury end, seems to be doing well. Over the past few years, lot of money has been invested into fashion retail businesses like Moda Operandi ($46 million), Nasty Gal ($49 million), ShoeDazzle ($66 million), BeachMint ($75 million) and Gilt Group (whopping $236 million). Valuations of these companies might seem inflated, but these companies are growing fast with the help of clear revenue stream and a value proposition that’s beyond price advantage. But while some companies in Fashion technology are successfully raising more money and growing, there is another segment that’s struggling to survive. These businesses are stalling because of their inability to adapt to the shift in the media consumption behavior of the consumer.
Content is the new social currency
Today, we’re spending big chunk of our lives staring at our computer and mobile screens, soaking more information than probably our brain can process. The impact of this changing pattern in content discovery and consumption is big, especially in the fashion industry. Today, we’re what we share and this is what’s building identities of individuals and brands. If you can be the source of new fashion ideas and inspiration, you can be the fashion; people will follow you and buy from you. This article is for you, if you’re a Fashion start-up aiming to exploit the curated fashion opportunity. You will learn how to be unique and selective to draw people away from biggies like eBay & Amazon, but broad enough to scale and yet offer a luxury buying experience.
