US$ 188 billion
by 2025 from US$ 46.2 billion as of 2020, according to an IBEF report. With an exponential growth trajectory carved out for e-retail in India, offering a product or service is just not enough for brands to thrive in the current cut-throat competitive market.
Especially given how factors, such as increased internet penetration, rising affordability, and easy access to the latest tech, are altering the needs and requirements of customers and the e-commerce experience they seek as we speak. This and many such factors have led companies to ditch a single-pronged approach (like just having an online website) and rethink, re-strategise 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, mobile commerce, phygital shopping, content, and community building to deliver a valuable and seamless overall experience to attract, engage and retain customers.
As e-commerce continues to redefine the retail experience, the second edition of E-Commerce & Digital Natives Summit 2022 recently bought the who’s who of the tech world, right from 30+ decision makers, industry leaders and solution providers, 150+ top executives in e-commerce, D2C to logistics to engage in a physical exchange of ideas on building the best online shopping experience for consumers. The summit included interesting 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 could drive sales and ensure seamless omnichannel delight to the new-age consumer.
Harish Ramchandani, the founder of Fashmates, a leading AI-powered personalized styling platform that powers outfit-based shopping recommendations for online fashion brands, shared his key insights in an exclusive session on
How to drive incremental sales by offering outfitting and style-driven shopper experiences?
“The problem is that the current fashion e-commerce scene is focused on selling individual products instead of creating a personalised look,” he said at the ET Ecomm Summit.
His company Fashmates’ value proposition is it drives more product discovery, as well as increases customer engagement, conversion rates, and average order value for brands and retailers. The founder explained how Fashmates has been achieving this for its brand partners.
Personalising the online experience
“If you change your approach from selling products to creating entire outfits/looks around the product and personalise it for your customer needs, the whole game changes. A customer can then see multiple visually similar products of their choice and is likely to purchase not one but more products in a single visit,” said Ramchandani.
Putting the latest tech and data to use
Fashmates, for instance, has 2,50,000 stylists on its platform across the globe, a sophisticated advanced AI stylist, styling software and cloud of data on trends, clients and merchandising – all of which help generate high-quality, interactive, and shoppable style content for their brand partners.
“We take the catalogue from brands, put it in our styling engine and then using what are omnichannel connectors, we place the outfits back on your website. These on-point looks are then made available across all channels (e-Commerce, advertising, social, direct), as well as in-store. The result is: Your customers end up shopping for multiple products in a single transaction,” said Ramchandani adding that Fashmates has so far styled 9 million plus looks.
The Fashion tech platform also sits on “a bank of complete style profiles of customers ranging from fit preferences, sizing to what they want to show off or downplay in their outfits, thereby personalising the outfit as per customer needs that bolster sales.”
This powerful setup is helping the brand redefine shopping experiences around styling and outfitting across the globe. On average, Fashmates styled outfitting and look-based solution results in 4x product discovery, 3x customer engagement, an increase of 32% in order value, and a decrease of 46% in shipping costs.
To watch more of Harish Ramchandani’s insights on how to bolster sales, watch the full video of the summit session below:
Meanwhile, Fashmates co-founder Arvind Singh also shared his insights on how brands can ensure seamless omnichannel delight to the new-age consumer during a panel discussion at the ET Ecomm summit.
He pointed out, “Personalisation is a must-have for an omnichannel experience. It is usually accompanied by data privacy and personally identifiable information concerns, which in a way, are the only opportunities for growth that we work on with our brand partners. Another aspect from a consumer perspective is for the shopping experience to be simple and fun and need to have a feel-good experience. From our experience, these two areas of opportunities can really change the e-commerce game, 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 cater to 300 – 350 million shoppers by 2025. E-commerce clearly is not a choice for brands. It has become the need of brands and the wish of consumers. And yet again, the ET E-commerce and Digital Natives Summit is a key step in facilitating the exchange of path-breaking ideas amongst industry stalwarts and top leaders on building the best shopping experience for new-age consumers.