Congratulations to the New York Fashion Tech Lab (NYFTL) Class of 2016! We were honored to be a part of the NYFTL and to sponsor today’s demo day. So, what exactly is NYFTL?:
Since NYFTL sounded like an incredible platform and community that was right up our alley, we couldn’t wait to partner with them to support women-led tech companies. The tech incubator matched eight women-led, innovative start-ups with heavyweight retailers to foster innovation, provide mentorship, and ultimately drive technology to improve the future of retail and fashion tech.
Listed below are three impressive labs combining data and retail that caught our eye:
“Claire is an A/B testing platform for fashion products and price points that provides clarity on what brands and retailers should sell next and how much to charge for it.” They use gamification to encourage users to vote on which products they like better. For example, if a multi-brand retailer has both a light grey and a dark grey cashmere sweater, how much should they buy? 50/50? The guessing game of inventory is where retailers lose major bucks. By having the foresight to order 3X more of the dark grey cashmere sweaters, the said retailer doubled revenues and saved costs of lost light grey inventory.
Data+Fashion = Smart Retail
elemoon might have cracked the “wearable tech I would actually wear” nut. Already a hit in China, the bracelet changes colors based on your outfit, has customized alerts to show up when your most important contacts ring you, has the ability to track all your steps, and it tells time. The first version of the bracelet has already generated impressive revenue numbers. We’re very interested to see their next iteration on fashion and sports equipment.
Smartzer is capitalizing on the momentum of video by creating a video player that overlays click-through functionality. Therefore, when a consumer is watching a commercial or brand video, they can pause the video, view the product, and purchase directly. Alternatively, retailers and brands can benefit by viewing customer preference data, analytics, and ultimately measuring sales specific to each video.
Overall, it was a truly impressive showcase by all the companies involved. Learn more about all of the lab participants here.