Vivienne Westwood once said, “Fashion is very important. It is life-enhancing and, like everything that gives pleasure, it is worth doing well.” The philosophies of some of the most famous fashion designers like Vivienne Westwood illuminate one perspective. The opportunities brought about by exponential technologies and shifting consumer culture shed light on new and completely different, yet fascinating perspectives in that industry; from Artificial Intelligence to eSports to ecommerce, technology is making an unmistakable impact in the world of fashion and fashion retail.
I mentioned last week how the pandemic has accelerated the shift from physical stores to digital shopping by 5 years, and will result in e-commerce sales having its largest increase in sales of all time. You may also remember when I shared Louis Vuitton’s collaboration to create in-game outfits for Riot Games’ League of Legends. And further, when it comes to AI, we’re looking at full-value chain integration, from sourcing of materials to post consumer engagement, and everything before, in between and after. For example, earlier this year, McKinsey released their much anticipated “The State of Fashion 2020” where they shared not just how AI becomes integral to engagement, but also that, “More than two-thirds of fashion players believe “increased exploration of spend on new media platforms vs. ‘traditional’ platforms” will be a top theme in the coming year”.
It’s within this context of ecommerce, AI, shifting consumer culture, I want you to meet Rokk3r portfolio company Bestlook – an AI powered fashion consultant that decodes your color palette, body, style and fit to discovery items that make you look your best.
Consumers want tailored shopping experiences and retailers are struggling to convert. Moreover, 75% of returned online clothing sales are driven by issues with size, style and fit. To solve this problem, Bestlook considers a shopper’s body type, unique style, color palette and fit, while leveraging proprietary technology to pre-select best fit garments.
What does this mean for fashion retailers? It’s game changing AI:
- Increased Conversions: Increase customer confidence at the point of purchase online, and in brick and mortar stores
- Increased engagement and ROI: Individualized products per customer
- Reduced Return Rates: Eliminating costly return process through AI-driven individualization, leading to positive bottom line results
- Solving the Amorphous Blob Discovery Process: Reduced overload of irrelevant options while enabled discovery of new brands and items
- Increased Cross-Selling and Matching: Providing “full looks” by showing products that go well together
- Increased Foot Traffic that Converts: Maximized value from time spent in store
And for consumers, Bestlook:
- Makes discovery intelligent and easy
- Solves fit issues
- Reduces irrelevant options
- Finds compatible styles
Since inception in 2019 Bestlook has run several experiments to gather data, understand user experiences, continue with on-going iteration efforts and identify key brand opportunities. Some key milestone accomplishments along the way include:
- Development of the Colorimetry differentiator
- Initial patent filing on recommendation algorithm
- B2C marketing efforts
For the rest of 2020, Bestlook aims to accomplish the following key milestones on their road map:
- Launch of B2B efforts
- Mid-market ecommerce plug-in
- B2B integrations with larger brands and retailers
Bestlook has brought on industry veteran Trent MacLean as an advisor. Trent is an accomplished executive who has spent a glowing career leading global retail and wholesale apparel/accessory brands including; 7 for All Mankind, PAIGE, MISA Los Angeles and Liz Claiborne.
Bestlook has intelligently focused on developing their proprietary technologies, completing patent filings, building capacity to execute a fashion industry-leading artificial intelligence vision, forming robust brand and industry partnerships, and more. Co-Founders Adrianna Aristizabal and Juan Pablo Reomero bring decades of experience that will help make BestLook an AI leader in the fashion and retail space.
Get in touch to learn how you can get involved with BestLook as a brand partner, retailer or investor in furthering their industry-defining vision.