By Krysten Brenlla
In a world filled with fast-fashion, where, according to an analysis by Business Insider, fashion production comprises 10 percent of total global carbon emissions (equivalent to the European Union), retailers, companies, and designers are thinking of new ways to enhance sustainability within the industry.
Last year, Refresh Miami sat down with Mitali Saxena, the founder of South Florida startup Fashom, a data-driven styling service company that uses algorithms to match women with fashion styles, to learn more about the multi-million-dollar business that took the digital fashion world by storm.
Since then, Saxena’s startup has only continued to grow in sales, online customer reach, and partnerships – specifically to enhance local retailer’s sustainability efforts using artificial intelligence (AI) technology that they can integrate to their website.
“Over the past year, we’ve developed two AI solutions for our partner retail websites,” Saxena said.
“The first solution is an AI model that recommends the right products for customers based on their size and style,” Saxena said.
“Additionally, we’re offering AI technology that can help retailers predict inventory and demand, ultimately improving their inventory planning,” Saxena continued. “The technology tells them what to design and produce, ultimately helping retailers upsell products, reduce the rate of returns, and decrease the environmental burden within the industry.”
In addition to offering prediction models for local retailers, Saxena says the Fashom team is also partnering with local retailers to develop Fashom “mystery boxes,” where customers will receive five high-end, quality clothing items for only $95.
So what’s the catch? There is none.
In fact, Fashom’s “mystery boxes” are helping retailers get rid of excess inventory without the clothing items ending up in landfills.
“I found that there was a niche in the market, where retailers are producing way too much product,” Saxena continued. “Excess inventory can go to thrift stores, or unfortunately, end up as waste in landfills. But, our mystery boxes are actually working out and solving the problem really well, and it’s a win-win for our retail partners and customers.”
For the future, Saxena hopes to continue scaling Fashom’s B2B prediction models by diving into big retail websites and digital marketplaces, like Target and New York & Company. “We want to continue to reduce the return rate so clothing items don’t go to waste, while providing inventory planning and recommendations for retailers across the nation,” Saxena said.
In addition, Saxena and her team at Fashom are working to launch new partnerships with national retailers so they can continue scaling their B2C models.
“Our next phase with Fashom’s mystery boxes is to make more boxes available for different styles and occasions, for example, casual weekend boxes, and formal boxes for events like weddings,” Saxena said. “We want to partner with as many retailers as we can to get as many designer items and mystery boxes out there for men, women, and children, while reducing clothing waste in our landfills.”
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