How big is the market for lifestyle now in India?
The fashion retail market stands at more than $100 million, of which about 98 per cent are brick-and-mortar stores. Online is minuscule.
How did Fashalot come about?
It came from how we are struggling to find out about products, offers and sales in offline retail shopping. We wanted to create a connect between retail stores and shoppers.
How many subscribers are there on the application currently?
Over a lakh shoppers on the platform; the numbers are growing rapidly.
How do you decide on which stores to tie up with?
We work with several international, national, regional and local brands in the fashion category.
How does the company keep track of orders?
We have an innovative way of GPS fencing to enable shoppers to check into stores while physically there. Shoppers then send us the bill of each transaction to earn cashback from us.
How enthusiastic are stand-alone stores?
Very! It is a terrific technology and gets business for them. They don’t need to invest on their own to have a presence on mobile phones!
Who is your target audience?
We are focused on men and women between 22 and 40, who love the experience of shopping.
How many brands do have on the app?
We have 2,600+ live stores and are adding 200 new stores every month.
What have been the problems so far?
Early on, we had to tweak our product fast so that it goes ‘viral’. It took us almost three revamps to reach this level.
Any plans of expanding operations to other cities?
Yes, to three more cities by the end of the year.