If the shoe fits…Yeah, yeah, yeah, but it’s the clothes that make the person, and buying them online has been something of a crapshoot. Clothes Horse is solving that problem: the company’s core product is a recommendation engine that retails embed on their site and that recommends sizes, based on a shopper’s body details and favorite clothes – and of course, a predictive algorithm. The end result: a better fit, and a better fit means few returns, which has always been a headache for retailers.
“Our client have seen a 9-1/2% decrease in return 9% lift in revenue,” said co-founder Vikram Venkatraman, who is also a DreamIt Ventures Accelerator alum.
Between their analytics, competitive intelligence, design and propriety data(which they call Clothes Horse Insights), no one else has a product quite like Clothes Horse, and “the only place where you can build a company like this is in New York, where all businesses are based,”Venkatraman added. “We have competitors in other parts of the world, and they suffer as a result of it.” The company’s biggest differentiator: “The number of case studies we’ve done. Our product is a 10X ROI for our customers.” Their current clients include 30+ world-class retailers, including Anthropologie, Bluefly, Steven Alan, Nicole Miller, GANT and Frank & Oak, the fastest growing retailer ever.
“We think of this as a $3-$10 billion problem – maybe even larger. This is the lynchpin that’s holding retailers back – it’s all right there in the fit.”