“A wizard is never late, nor is he early, he arrives precisely when he means to.”
1. The App Free Virtual Wardrobe Catalogue your wardrobe: Upload photos and organise your wardrobe into sections eg trousers, skirts, accessories Plan outfits and styles for specific events/holidays Quick Search and advanced search functionality for your entire wardrobe Suggestions • Let the app recommend outfits for events or even for those rainy days • Use the power of the community to improve your Style stats • Cost of items, how many shoes do they own? • Do you trust a suggestion from your friends? Add it to your mystyle ?
2. What makes mystyle different? Shopping Online features (UK focus initially) • Seamless shopping experience within the app. • Receive recommendations from retailers specific to your wardrobe Services locator • Find your nearest dry cleaner, cobblers or tailor • Ebay or donate to Dress for Success the clothes you don’t wear! • Scan barcodes when out shopping so users can create wishlists
3. Social Features • Open up your wardrobe to your friends – Request to borrow items from your friends • Ask friends for advice • Dress me feature • Post images of your looks to the catwalk • Share your looks to your social media platforms • Follow your fashions icons Stylist features ● Fashion Blogs ● Stylist videos ● Fashion news
4. Design Features • User friendly • Easy navigation features • Slick design • Customisable • Images recognition for easy upload • Photo editor
5. Market Research: Our Findings
6. Preferences: Website Content
7. Preferences: App Functionality
8. So let’s introduce our target customer… Persona: Level 1 Level 2 Level 3 Amy: loves fashion, 21 years old, student, low income, cheap on trend pieces, experimental style, borrows friends clothes, frequent use of social media. Julia: loves fashion, 27 years old, 1st job, medium income, mixes key pieces with cheap basics, borrows friends clothes, uses eBay, frequent use of social media Jane: loves fashion, 36 years old, high income, buys few high-quality items, tressful work/home life, often shops online to save time The Target Audience is active in the Social Sphere.
10. Our Business Objectives Vision: To grow & engage with the fashion community via content discovery and inspiration, becoming the leading authority on fashion styling and wardrobe organisation in the UK Our Key Objectives – YEAR 1 1. To get 500,000 female users aged between 19-39 to Download the App in the next 12 months = c 5% of all females in this target age group. 2. To generate c£750k from App as approx 50% of users upgrade and pay c£2.99 for upgraded features 3. To attract retailers lifestyle brands to advertise on the site and App – Forecasted Revenue commission of £1.5M increasing to £5M by end of Year 2. ( £75M in clothing sales Year 1 generated by our site & App ( i.e 250K users spending on average £300 each per annum-commission fee 2%) Year 2 : Our audience will be engaged, our other key revenue stream will be in targeted audience delivery for brands and clients based on preferences and trending/suggestions accepted by users.
11. Key Stage Decision Process: Customer Problem recognition Pre-purchase Information search Evaluation of alternatives Purchase decision Problem recognition When consumers are cataloguing their wardrobe and planning outfits for specific events or holidays this will highlight items the consumer is missing Consumers are heavily influenced by their peers /reference groups, therefore the social aspect of the app should increase their desire to purchase items missing from their wardrobe Information Search The app allows consumers to search for desired items within the app. Post-purchase Purchase decision With the users wardrobe at their fingers tip they can make an informed decision about their purchase. Satisfaction Loyalty Post-purchase experience Satisfaction Create a seamless experience. Once items are purchased they appear immediately in the wardrobe so can start planning outfits before item arrives. A seamless experience will increase customer satisfaction and increase loyalty to the app which inturn would increase purchases
12. Market Opportunity /Size UK Clothing Industry Sales exceed £43.1 bn in 2011 (Source: Key UK Online Women’s Clothing Sales have grown to £3.25 billion over the five years through to 2012-13. Note) and growing. (Source: IBISWorld) Last year total UK Household consumption on clothing and footwear was £50 billion. (Source: Fashion United) UK Mcommerce Fashion clothing and footwear sectors saw the biggest increase in performance from 50- 69% 2010-13. 34% used a mobile device in Q1 2013. (Source: Edigital Research 2013) Retail Apps (UK) Purchases made from mobile and tablet apps are on the rise, with this year’s increase in mobile sales at 148 percent. (Source: MRG Capgemini e-Retail Sales Index.) It’s the digital natives who are choosing to shop via mobile apps, with 48 percent choosing apps over web-based shops to buy products. (Source: Deloitte) Vision: To grow & engage with the fashion community via content discovery and inspiration, becoming the leading authority on fashion styling and wardrobe management in the UK.
13. Our Business Model Freemium model App – free to download for basic model. To upgrade users pay a small premium ~£2.99 to unlock settings e.g syncing to social channels, posting styles created, accept suggestions from community friends or family. Game Theory: Points can be won or purchased and points are used on in-game perks that support delivering a better user experience. e.g access to suggestions (based on tagging)or settings like ‘Mobile Stylist’. Affiliate Revenue – we will charge 2% commission sales per item purchased in app Sustained Community : users create fully branded content, then share to their Network. Sponsored Content & Suggestions: offered as Audience Delivery Packages for Brands. To grow & engage with the fashion community via content discovery and inspiration.
14. Two Fold Marketing Strategy Users / Consumers Using predominantly social media marketing channels we grow a community who are loyal Bloggers and users of the app. Engage with Celebrities to give their Video Insights using the app (Laura Whitmore/Nicola Roberts) as thought leaders. Generate engagement and loyalty using Freemium model. Retailers / Brands Secure the support of 1 or 2 major retailers e.g. Arcadia or H&M. The app can scan barcodes of clothes in their stores which then appears in a users wishlist. Retailers/Lifestyle brands advertise within the app, promote content, publicize new trends. Content marketing will enable major retailers to discover new customers and also extend their seasonal picks/styles promotions to their advocates fashion networks. Portal Partnerships encourage enagement with local Fashion companies – smaller independents, personal shoppers, tailors, dry cleaners. Our Aim: Engage and support access for a community of fashion inspiration & discovery.
15. Marketing: Build a community Channel Role Measurement Social ● Increase product awareness on social channels including Google+, Facebook, YouTube, Pinterest, Instagram, Twitter ● Stimulate app downloads through paid-foradvertising ● Engagement (number of positive actions on post) ● Downloads (number of app downloads) Mobile ● Increase product awareness on mobile platform ● Stimulate app downloads through direct response (DR) advertising ● Harness SEO: as we know in general 28% of mobile searches result in conversion ● Engagement (number of positive actions on ads) ● Downloads (number of app downloads) Content Engagement ● Create brand advocates – invite celebrities to open up their wardrobes ● Celebritiy endorsement eg Gok Wan’s Show ● Video Articles and Responses relating to tips/tricks ● Freemium Model to create loyalty ● Web analytics around media coverage ● Sentiment & tone of voice ● Share of voice (within fashion industry and YouTube channels) Bloggers ● Increased positive word of mouth and share of voice amongst key communities ● Increased advocacy/NPS score ● Amplification of other campaign activity ● Share of voice (volume of mentions/sentiment) ● Total number of blog articles / reviews written ● Interaction (comments on posts created, seeding, blog competition entrants)
16. Our Proposal As a group we are so passionate about this movement that we are prepared to contribute our own savings in order to realise the business plan and bring it to the market place £250,000 for development of the App & website in Year 1. Start Up Costs: App Development: Website Development : Sales & Marketing Budget : Overheads: ( Salaries/admin) Total: £30,000 £20,000 £80,000 £120,000 £250,000 Your Investment: Brings you a 20% share of the business revenue. Your revenue share will see high returns as mobile devices take centre stage as catalysts for the democratisation of fashion. Forecast Revenue Year 1 = £750,000 generated from App & £150,000 in sponsorship/affiliate deals £2.25M GBP Our Extensive Research and Forecasts show will disrupt the UK fashion market & beyond. Grow & Engage with the Fashion Community with content discovery and inspiration.
17. Summary • Online Sales – Female Fashion – £3.25Bn • Democratised Fashion is a Growth Market • Highly Engaged Audience. Multichannel – Website & App • 500,000 users by end of Year 1 • Encouraged digitization of current market. • Forecast Revenue :£2.25M – Year 1 • Getting Involved : £250k Start-up Investment Our Extensive Research and Forecasts show will disrupt the UK fashion market & beyond. Grow & Engage with the Fashion Community through Wardrobe Discovery & Inspiration!
18. Our campaign to get UK Wardrobes tidy! Thank you from TeamTrendy Founder & Product Development: Alice Team Leaders: Alice & Kevin Market Research: Maz, Sonia, Alice & Sandra Strategic Plans: Sandra, Freddy, Marie & Zoe Finance: Kevin & Maz Creative Presentation: Alice, Freddy & Kevin
19. Appendices 1. Key features 2. Customer pen portrait: Target Audience Female 18-24 years old 3. Customer pen portrait: Taret Audience Female 25-29 years old 4. Customer pen portrait: Target Audience Female 30-39 years old 5. P.E.S.T 6. S.W.O.T 7. What’s in it for retailers 8. Marketing Tactics
20. Customer Pen Portrait Target Audience Female 18-24 years old. Amy: loves fashion, 21 years old, student, low income, cheap on trend pieces, experimental style, borrows friends clothes, use of social media. Amy is a 21 year old student who loves fashion, has a low income (spends £20-60 per month on clothes) but time to shop. She buys cheap pieces that are on trend, she likes to experiment and her style changes frequently. She looks for the latest trends from celebrity magazines, social media and her friends. Her favourite stores are Miss Selfridge, New Look, River Island, H&M, TKMaxx and Primark, and online at ASOS and Missguided. Amy’s style icons include Cara Delevingne, Rihanna, Rita Ora, Emma Watson and The Saturdays. She uses fashion to show her personality, frequently borrows her friends clothes, and often takes photos to share her outfits with friends.
21. Customer Pen Portrait Target Audience Female 25-29 years old. Julia: loves fashion, 27 years old, 1st job, medium income, mixes key pieces with cheap basics, borrows friends clothes, uses eBay, frequent use of social media Julia is 27, loves fashion, and has a medium income (£100-200 per month on clothes) in her first job in London. She reads fashion blogs/social mediafor inspiration and magazines. Her favourite stores are Zara, TopShop, H&M, River Island, American Apparel and Urban Outfitters, and sometimes markets to find vintage items. She shops online at ASOS and eBay. Julia’s style icons are Sienna Miller, Zoe Saldana, Nicole Richie, Olivia Palermo, Kate Moss and Diane Kruger. Julia buys key on trend pieces, alongside cheaper basics. She still experiments, but has a more classic style than her student years. She has a smart-casual work-wardrobe and occasionally borrows clothes from friends. Julia uses social media to get advice from friends on purchased items and outfits.
22. Customer Pen Portrait Target Audience Female 30 – 39 years old. Jane: loves fashion, 36 years old, high income, buys few high-quality items, stressful work/home life, often shops online to save time Jane is 36, loves fashion, has a high income (£300- 500 per month on clothes) in a senior position- stressful work/home life. She needs help and inspiration to put together outfits as she has little time to shop. Over the years she has accumulated an extensive wardrobe. She often shops online to save time. Her favourite stores are Reiss, Whistles, Mango, Banana Republic, M&S, Zara, Selfridges and John Lewis. She shops online at her favourite stores on occasion Net-A-Porter for luxury items. Jane’s style icons are Victoria Beckham, Halle Berry, Kate Middleton, Jennifer Aniston, Penelope Cruz and Eva Mendes. She chooses stylish items that flatter her figure and has an established signature style.
25. Whats in it for the retailers? • 3 of 4 mobile searches trigger follow-up actions, whether it be further research, a store visit, a phone call, a purchase or word-ofmouth sharing. • 45% of all mobile searches are goal-oriented and conducted to help make a decision • When it comes to e-commerce, retails app are where most users are spending 27% of their time. They spend one-fifth of their time with online martketplaces (20%) followed by purchase assistance (17%) • The stats show that users are still very interested in branded retail apps but consumers will expect more from retailers in 2013. It is predicted that if retailers don’t improve their apps, users will move to third party apps. (source Flurry Analytics)
- mystyle slidedeck : TeamTrendy (kaymackgee.com)
- mystyle slidedeck #TeamTrendy (slideshare.net)
- How-to: “Build A Stylish Wardrobe” (On a Budget) #mystyle (amourartistique.wordpress.com)
- Top Discount Online Retailers to Put Your Wardrobe Together on a Budget (fashion.answers.com)
- The Polished Re-Commerce Model Saves Us From Harrowing Thrift Shop Experiences (geeksugar.com)
- Fashion Tips That Can Work For Everyone! (futurestarr.com)
- Break Away From the Retail Calendar and Save Big on Your Wardrobe (dailyfinance.com)