With the approaching collapse of offline traditional retail business, faced with the gradual weakening of e-commerce, by necessity global retail is looking to the frontier of innovation. Arising from this climate is the concept of ‘New Retail’ as proposed by Alibaba Founder and Chairman, Jack Ma. ‘New Retail’ is already gaining prevalence in China and looks likely to represent the future prospects of the retail industry.
According to the research institution of Alibaba, ‘New Retail’ refers to a brand-new retail system with a consumer-centered goal, driven by consumer statistics and designed to seamlessly integrate into consumers day-to-day. “New Retail” looks to integrate brick and mortar stores, e-commerce, mobile apps, social media and logistics efficiently. ‘New Retail’ is characterized by content marketing, experiential consumption and combining the online and the offline. Enhancing consumers’ shopping experiences is at its core, accomplished by leveraging big data. However, at present day, ‘New Retail’ has only just begun its journey with a few explorations.
FASHORY’s offline pop up store
Fashion industry has likewise gone through dramatic changes with the advent of the Internet age and the rise of data technology. From the bankruptcy of the traditional offline retail model, to the emergence of e-commerce platforms like Tmall, to the experimentation with pop up stores, the fashion industry is highlighted by user segmentation and precision marketing and continually seeks new venues to grow and develop.
FASHORY, Chinaccelerator’s Batch 10 portfolio company, is experiencing a thorough transformation from e-commerce to ‘New Retail’. They believe, the technology, integration, innovation and personalization will be the upcoming future of the fashion retail.
Today, we’d like to talk with one of the co-founders of FASHORY, Emmy Teo, to have a better understanding of the New Retail of fashion.
今天，我们就来对话FASHORY的联合创始人之一 Emmy Teo，了解时尚业新零售实践的全新起步。
Q: Could you please introduce FASHORY to us? 可以介绍一下FASHORY吗？
E: Sure. FASHORY aims at helping its female users to find their perfect outfit to match every occasion by eliminating the chaos of offline shopping. Merging the inspirational element of magazine editorials with the convenience of online shopping, FASHORY takes works of independent designers to contemporary metropolitan working women directly. Our vision is that fashion can be meaningful and beauty can be empowering.
Q: What’s your product and business model? 你们的产品和商业模式是什么？
E: We are undergoing a complete transformation. When FASHORY first expanded from Singapore to China, it was a pure e-commerce play, now we are looking to refocus on FASHORY’s fundamental vision and brand and to merge online and offline channels together.
On our online platform, we continue to run the fashion app and utilize AI technology to give customized recommendations based on the different tastes of these working women. (FASHORY is a tech startup as well which means they possess the technology advantage) In the meantime, FASHORY will still cooperate actively with select shops, e-commerce platforms and KOLs to link up the whole product chain.We expect to launch it to the market in one month.
In the offline sector, we focus on content marketing and experiential consumption. Collaborating with China’s largest co-working space People Squared, FASHORY has established offline pop up stores and invites brands by the way of providing a space, monthly creative concepts, promotion and content marketing (such as live streaming and creation of video content). We plan to hold offline events once a week with a different theme and concept every month.
As I have said, our business model is to unify online and offline channels. On the online side, we attract the consumers to our offline events by partnering with brands and KOLs, interacting and engaging with users and publishing our events in our Wechat online community. On the offline side, our events provide consumers a tangible and special space for entertainment and creation of unique memories, which can also be spread online based on our content marketing. We will always insist on a data driven model whether it be online or offline, to best understand the interests and pain points of our consumers. This is our plan for ‘New Retail’.
Brands cooperated with FASHORY
Q: Since you found FASHORY in January 2014, what’s the best performance of FASHORY? 自FASHORY 2014年1月成立以来，最好的表现是什么？
E: We reached more than 2 million transactions.That’s the best.
Q: What’s FASHORY’s next step? FASHORY接下来有什么计划？
E: Firstly, we will still expand our current business with KOLs so that we can make full use of their large followers base to better promote our brands. Then, we plan to interview working female and producing videos with different topics. In addition, we will leverage our online statistics to understand consumers’ personalized demands and kick off offline modeling classes where we will give customized recommendations.