Exploring e-commerce innovations in the fashion industry
Digital shopping isn't what it used to be. Today's Millennials and Gen Z expect an elevated e-commerce experience built on convenience, customization, and AR as part of a cross-platform online/in person strategy. And smart brands are stepping up to meet, and exceed, those expectations. Read below to learn about how three brands across fashion, accessory, and sneaker markets are harnessing the flood of interest and investment in the industry to create more meaningful online shopping journeys.
Vivrelle is on this rise as a new digital destination for luxury products. The private members club recently raised $26 million in funding following triple digit growth in 2020. Tapping into youth’s interest in “experiences over ownership,” Vivrelle’s allows consumers to access designer handbags and jewelry in a way that suits their lifestyle–such as 3 differently priced membership models, a try-before-you-buy feature, free shipping, and ability to purchase products at an exclusive discount. Origin Ventures Managing Partner Jason Heltzer explained, “Vivrelle is uniquely positioned at the intersection of the exploding resale and shared economies… its understanding of Digital Natives–Millennials and Gen Z consumers who spend differently than previous generations–has enabled it to build an incredible business that provides on-demand access to luxury brands at the speed of fast-fashion without compromising on environmental impact and quality.” The company has built a community–and waitlist– of consumers interested in “sustainable, flexible, and affordable” accessories. We def want to break into this closet!
There’s a new unicorn in town. The world’s watch market, Chrono24, just earned $118 million in investment, in part by LVMH founder Bernard Arnault’s family office. The online watch marketplace (selling new and used items) allows consumers the capability to search geo-locally to learn which products are available closest to their area, and the company has a competitive edge with their ability to deliver products within just 1-2 days–an impressive speed given that other watches are on waitlists for years. Tim Stracke, founder and co-CEO explained that he isn’t “concerned about Gen Z raised on tech who also cherish the 'secret' community of watches.” In fact, the company hopes to use funding to “capture the potential to service a new generation of collectors.”
The sneaker scene is feeling fresh. Tokyo-based SNKRDUNK is a new sneaker resale platform that just raised $22 million led by SoftBank Ventures Asia. In December 2020, SNKRDUNK “recorded a 3,000% year-over-year increase in monthly gross merchandise value,” and now has 2.5 million monthly users. CEO and managing partner of SoftBank Ventures Asia JP Lee explained, "SNKRDUNK is best-positioned to expand its service to the global market by applying the latest AI technologies to automate operations such as logistics, inspections and recommendations." While most sales are currently within Japan, the company hopes to expand into international markets.