Stitch Fix Stock Holding Its Own: What Can “The Rest” of Retail Learn?

Dec 6, 2017 5:55:38 PM

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After a somewhat bumpy start that has come to characterize so many Tech IPOs. Stitch Fix experienced significant growth last week spurred on seemingly by Wall Street’s reaction to a strong holiday shopping weekend. Interestingly enough, Stitch Fix does not seem to fall into a category of retailers typically thought of to have huge bumps during holiday as the buyer is typically shopping for themselves. Never the less, Stitch Fix has long-stood as a benchmark for providing highly curated and personalized service and product to their customers – with the thousands of personal stylists and a heavy investment in data science and AI to back it up.

 

At the end of the day though, is Stitch Fix filling a void left for today’s consumers by the cold world of Ecommerce? Have they realized success in connecting with Millennials by providing the digital proxy of a store associate?

 

The lesson – with the right tools and connected in the right way -  the store and specifically the human element drives connections and ultimately sales in new and innovative ways. This is especially relevant in a world of shifting formats and brick and mortar footprints where retailers need to answer hard questions like –

 

  • How can I provide a superior customer experience with 3 instead of 5 stores in a given market?

 

  • How do I maintain and even accelerate growth with those 3 stores?

 

  • How do I find new opportunities to leverage stores as upsell and cross selling centers? (Stitch Fix’s average customer purchases 4-5 items per transaction)

 

The answer lies in finding ways to leverage your stores in the Stitch Fix model, connecting your customers with your people all overlaid with critical data to drive the experience.

 

-Sandeep

 

@sbhanote

 

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Radius8

Written by Radius8

Radius8 empowers retailers to dynamically merchandise online using the context of their physical stores and local market intelligence to drive online conversion

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