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The Future of Fashion        Eric Koger    Co-founder & CEO
Agenda• Brief intro• The Future of Fashion (& eCommerce)   •   Converging Trends   •   Big Challenges   •   Solutions & Hy...
CONFIDENTIAL
CONFIDENTIAL
CONFIDENTIAL
#2
Future of Fashion (& eCommerce)Trends, Challenges, & Hypotheses
Converging Trends = Big Opportunities      • Mobile      • Social      • Gamification      • Data Models replacing the Gut...
Also, Big Challenges for Retailers1. How do you capture her attention?
Competition for her attention is fierce…
Also, Big Challenges for Retailers1. How do you capture her attention?2. How do you convert new customers   when compariso...
Our Solution? Be Community-centric*  • Community evangelism gets us noticed  • Social validation from other women    encou...
Community-centric Commerce       In Practice
• Curation• Content• Conversation• Collaboration• Culture
It’s starts with Curation
It’s About Content
It’s a Conversation
We ask her for input
Community votes and comments on            samples
Platform for designers
As a culture we had to embrace the         Left & Right Brains
How it all came together
2002 - 2005
Then in 2006…
2008 we go Pro
Growth & capital constraints   lead to a new insight
Traditional Sourcing          Be the Buyer        • Samples scouted        • Community-Driven        • Orders placed      ...
Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
How to Choose Winners?
History of the Be the Buyer Data               Model• Buying team started out using simple  heuristics to make the decisio...
But it’s not just about a score . . .We also provide theteam with tools toanalyzecomments…
•   Poor score                      •   LOTS of                          feedback                          (over 800      ...
•   High pick rate          •   Almost 12,000 votes          •   Over 1,000 commentsFix It!
Community Focus Creates Virtuous Cycle                       She engages with                         the brand &         ...
Fragmentation      Community______________    ______________ Consolidation       Category    The Future of Fashion?     Da...
Eric.Koger@ModCloth.com
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth
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GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth

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Eric is the Co-Founder and CEO of ModCloth, an innovative online retailer of vintage inspired fashion and décor, known for collaborating with its global community of female customers on the development of inspiring merchandise. Eric hopes to eventually change the way fashion and décor are developed, discovered, and delivered around the globe.

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GROW2012 - Future of Fashion: Creatively LEd and Analytically Informed - Eric Kroger Modcloth

  1. 1. The Future of Fashion Eric Koger Co-founder & CEO
  2. 2. Agenda• Brief intro• The Future of Fashion (& eCommerce) • Converging Trends • Big Challenges • Solutions & Hypotheses• In practice• Thank you!
  3. 3. CONFIDENTIAL
  4. 4. CONFIDENTIAL
  5. 5. CONFIDENTIAL
  6. 6. #2
  7. 7. Future of Fashion (& eCommerce)Trends, Challenges, & Hypotheses
  8. 8. Converging Trends = Big Opportunities • Mobile • Social • Gamification • Data Models replacing the Gut • Lean Practices
  9. 9. Also, Big Challenges for Retailers1. How do you capture her attention?
  10. 10. Competition for her attention is fierce…
  11. 11. Also, Big Challenges for Retailers1. How do you capture her attention?2. How do you convert new customers when comparison shopping is easier than ever?3. How do you create loyalty to fend off clones?
  12. 12. Our Solution? Be Community-centric* • Community evangelism gets us noticed • Social validation from other women encourages conversion • Sense of belonging creates loyalty * & get exclusive merchandise
  13. 13. Community-centric Commerce In Practice
  14. 14. • Curation• Content• Conversation• Collaboration• Culture
  15. 15. It’s starts with Curation
  16. 16. It’s About Content
  17. 17. It’s a Conversation
  18. 18. We ask her for input
  19. 19. Community votes and comments on samples
  20. 20. Platform for designers
  21. 21. As a culture we had to embrace the Left & Right Brains
  22. 22. How it all came together
  23. 23. 2002 - 2005
  24. 24. Then in 2006…
  25. 25. 2008 we go Pro
  26. 26. Growth & capital constraints lead to a new insight
  27. 27. Traditional Sourcing Be the Buyer • Samples scouted • Community-Driven • Orders placed Sourcing! • Designer produces • Products launched
  28. 28. Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
  29. 29. Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
  30. 30. Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
  31. 31. Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
  32. 32. Be the Buyer Process1. Sample Scouted2. Voting Starts3. Winner Picked4. Winner Launched5. Voters Notified
  33. 33. How to Choose Winners?
  34. 34. History of the Be the Buyer Data Model• Buying team started out using simple heuristics to make the decisions• Single Metric with highest correlation was not the original one used by Buying team…• Developed a multivariate linear model which strongly correlates with sales (r > 0.7)• Created a scoring system• Products with high scores reliably sell better!
  35. 35. But it’s not just about a score . . .We also provide theteam with tools toanalyzecomments…
  36. 36. • Poor score • LOTS of feedback (over 800 comments!)Skip It? Or Fix It?
  37. 37. • High pick rate • Almost 12,000 votes • Over 1,000 commentsFix It!
  38. 38. Community Focus Creates Virtuous Cycle She engages with the brand & community She feels a sense She influences of ownership & and shares the belonging merchandise Data enables a more relevant & personalized experience
  39. 39. Fragmentation Community______________ ______________ Consolidation Category The Future of Fashion? Data Content______________ ______________ Gut Labels
  40. 40. Eric.Koger@ModCloth.com

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