Apparel E-commerce Technology - Market Competition Research
Project scope
Categories
Market research Product or service launch Marketing strategySkills
market trend consumer behaviour go-to-market strategy product roadmaps market size e-commerce user experience (ux) market research fundraisingPositions available: one individual student
Stylecard is a technology startup focused on delivering personalized search experiences to consumers shopping for clothing through an interactive, proprietary, and unique user experience.
The market for apparel ecommerce is a rapidly changing one. The Covid-19 pandemic has accelerated some market trends and has also caused a retraction of the overall market size. Even with the decline in market size, online shopping for clothing vs. in-store is expected to rebound and get back to steady annual growth rates as more and more shopping for clothing transitions online. However, a huge problem persists: returns. On average, 30% of clothing purchased online is returned, and during the holiday's that number reaches as high as 40%. Many technology companies have sprung up to try to help brands solve this problem. In fact, startups have been trying to solve this problem for nearly a decade. All with different approaches depending on when they've timed their go to market and the technology and data available at that time. It seems, though, that very few (if any) solutions have actually been able to make any material impact in this negative trend that continues to plague the industry.
Stylecard's proposes its own solution that is consumer-centric and accounts for consumer psychology specific to clothing fit and style preference. We have a strong vision and focus on our product based on consumer feedback, we just need a little bit of help understanding the competition around us. Due to our focus on the consumer, we're not very competition focused and have realized we need to clear up this blind spot as we move forward with our institutional fundraising efforts.
We are seeking a market research intern that can help create a visual diagram of the market and where Stylecard fits in amongst the competition. Our goal is to show that we stand a part from the pack, given our consumer-focus, product roadmap, and feature set.
Student will work directly with Cofounders including CEO, CIO, and CTO.
Primary supervision will be by CEO.
About the company
Stylecard enables people with personalized and interactive digital clothing profiles to find the style they want in the fit they love. By doing so, we will be positioned to help usher in sizeless on-demand clothing manufacturing, creating a less wasteful industry in the process and ensuring we are doing our part to help contribute positively to planet Earth.