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Fashionista
- Industry
- fashion
- Product Type
- digital
- Problem
- A lack of product personalization and a disconnect between customer and store in the fashion industry.
- Market Size & User Personas
- The global fashion industry is estimated to reach a value of $3 trillion by 2019, with the majority of customers being millennials (aged 18-34).
- Solution
- An interactive virtual fashion experience designed to engage customers and personalize their experience.
- MVP Features
- The solution will allow customers to: 1. Build a virtual wardrobe of their favorite items. 2. Create and share outfits with their peers. 3. Receive personalized recommendations from Fashionista. 4. See the outfit of the week/style suggestions from trendsetters. 5. Connect to their favorite fashion stores/brands to purchase items.
- Implementation Details
- The solution will utilize artificial intelligence technology to recommend items and suggest trends. A mobile app will be created to house the virtual closet, provide outfit suggestions, and allow customers to connect to their favorite stores.
- Value Proposition
- Fashionista will provide customers with personalized product recommendations and the ability to share and compare their style with their peers.
- Pain Points to Solve
- Lack of product personalization, disconnect between customers and stores, and difficulty determining style/trends.
- Sales & Marketing Channels
- The solution will utilize social media channels such as Instagram and Facebook to drive engagement and spread awareness of the product.
- Revenue Stream Sources
- The main source of revenue will come through partnerships with stores/brands, where customers can purchase items directly from the app. Other potential sources of revenue include in-app advertisements and subscription fees.
- Cost Structures
- The main costs associated with the solution will be the development of the app and the cost of acquiring and maintaining partnerships with stores/brands.
- Key Activities
- The key activities related to the solution are the development of the app, acquiring and maintaining partnerships with stores/brands, and marketing and advertising the product.
- Key Resources
- The key resources associated with the product are the development team, the partnerships with stores/brands, and the marketing team.
- Key Partners
- The key partners for the solution include stores/brands that will offer their products directly to customers through the app.
- Competition Landscape
- The main competitors in the fashion virtualization space are Amazon and ASOS.
- Competition Advantage
- Fashionista's advantage is in its ability to personalize and offer a more immersive subscriber experience.
- Idea Validation Steps
- To validate the idea, customer surveys and focus groups can be conducted to determine customer interest/value, market size can be researched, and partnerships with stores/brands can be established.
- Potential Business Challenges
- The main business challenge associated with the product will be acquiring and maintaining relationships with stores/brands, as well as ensuring customer engagement and retention.