For those of you who don’t know, the New York Fashion Tech Lab is a tremendous program focused on helping emerging fashion tech connect with major retail partners. Our company, Nyopoly, was fortunate enough to be involved with the program – with some great press. Fortune Magazine ran a well done write-up on the New York Fashion Tech Lab Demo Day, where all the startups in the program’s second class (including us) presented their tech to industry leaders. From the piece:
[Co-founder] Shartzer paced the stage, paused, and faced his stylish audience to pose a question: “Who here has been shopping, picked up an item, saw the price, and dropped it and walked away?” He peered past the stage lights and saw braceleted and bejeweled hands shoot into the air. “This is a horrible experience,” he said, nodding. “And it happens far too often.”
There’s a better way to shop, Shartzer concluded. And just as important, retailers need to address the $80 billion in “suboptimal revenue”—a term he says refers to sales that occur without a clear sense of the underlying reasons. Why did a shopper buy that sheath dress? Was she really satisfied with it—or just capitulating because the shift dress she really wanted cost twice as much as she was willing to pay?
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