"What should I wear today?"
myClosetRoom is a fashion community where fashionistas get social feedback on their personal style. First beta has already attracted 30 000 fashionistas and now we take it one step further.
myClosetRoom started with one simple idea, to make it easier to decide what to wear. The first beta version was a virtual closet and a natural solution to always have access to your personal wardrobe in your mobile device. In this way you could share your clothes and outfits with friends to get their second opinion.
Without any marketing, the beta got 30 000 registered members and over 270 000 clothes was pictured and uploaded within the app. The app have a global spread with USA as the top market of nearly 50 % of all members.
The company was founded in 2012 by Josephine and Felicia who at that time was high school students in Sweden. Like most young ladies out there they began every day with the same question, ”What should I wear today?”. They weren’t looking for top-down advice, they wanted to hear what others like themselves thought. So the natural way for them was to build a tool to help them decide by valuable input and opinions from friends and like-minded.
PROBLEM AND SOLUTION
The online fashion and digital world today focus on high end inspiration and what to buy. Definition of fashion is promoted as expensive high-end designs or massive product feeds. Add to this the media today striving to connect consumers with general and often generic fashion trends. We see it differently. It's too few medias within digital fashion which focus on the personal perspective. How many young women can afford to buy the hottest trends from the runway? And who are you really influenced by, your friends or the runways?
We wanted to create a place online where it’s okay to show off your fashion sense and your daily styles without censoring yourself or adapt to media's view of trends.
myClosetRoom is the new way to experience clothes and styles on your own terms. We believe that young women of today get inspired of each other. They look for real influencers they can relate to. myClosetRoom is the community where fashionistas easily can reach out to friends and followers and influence each other with their own personal style. We call it inspiration from relevant sources.
Users combine fashion garments and accessories with items from their own wardrobes into unique and shareable style boards.
HOW IT WORKS
- Mix and match stylish outfits
- Use your own clothes together with trendy online items.
- Get followers and inspire others
- Plan what to wear
- Increase social image
- Find what you want to buy
myClosetRoom’s target group is fashion conscious young women between the ages of 14 - 25, which also have the highest activity on social media. We know that our users have a good sense of fashion and want to share their own styles, not the styles that other have decided for them. With myClosetRoom you can mix and match outfits and add your personal touch. You are the creator.
Everyone using myClosetRoom appreciates fashion which have created an environment where it’s okay to share your daily outfits and to get inspired by people you can actually identify with. The main reason for myClosetRoom's platform is not to invent a new problem and solution, the question about fashion and what to wear in different occasions have existed since ancient time and now myClosetRoom just make it easier, faster and beyond all, more fun!
WE ALL WANT FEEDBACK
- Can I get away with this look?
- Is this OK to wear to school… to work… on a date…
- How does these two pieces look together?
- Will I be the only one wearing cocktail dress tonight?!
Our business model is built on our target group's natural behavior and buying patterns. We believe by giving users the power to decide what products, styles and brands they want to experience, we also give e-stores a chance to see how their target group actually integrate with their brand and products. myClosetRoom is a direct marketing channel on the users own terms.
Our userbase is dedicated fashionistas which through myClosetRoom put in their own ideals of products and brands. We believe in both a natural purchase flow within the app when our users visually test and comment clothes before purchase, but we also believe in targeted ads for users within the app. As obvious as our users want relevant inspiration from their friends, just as obvious is it that ads should be customized to the right audience.
myClosetRoom is therefore not a blinking banner that says "buy now". We are a platform where users in a natural way influence each other of what to wear and what to buy to complete their own style.
- Search through numerous brands
- Gather favorites in your Heartlist
- Visually test clothes before purchase
- Explore new brands and designers
- Easy buy what you're looking for
The market of digital fashion is growing globally. Not only are clothing and accessories the second biggest category within e-commerce in US, (17%), it’s also the fastest growing segment within m-commerce and have by far the highest spending amount in mobile of $84 per session.
The market of fashion online is controlled by women's new ability to spend more time and money through social media and e-shopping. More and more time is spent through your mobile phones and this is why myClosetRoom is one of the top platforms. By connecting social media of real women with m-commerce, we can reach even closer to the growing customer segment and be a part of the process where decisions are made and purchased.
KEY SUPPORTING FACTS
- $160 billion USD - US market for women’s clothing.
- 64 – average number of pieces of new clothing an American woman adds to her wardrobe each year.
- $1,700 - average spent per year on clothing and apparel by women
- 81% of teens say friends and peers are a source they use when finding the latest trends.
- 53% believe their opinions greatly influence their friends’ purchase decisions
- 22 million – Our target U.S. female population ages 14-25 years old
- 40% - Amount of their cash teens spend just updating their wardrobe.
- US E-commerce sales within clothing and accessories is expected to be about 60 billion dollars 2015
- 58% of mobile shoppers are in age 18-34
- Apparel and accessories is the fastest growing category of Online sales.
- Apparel sales will grow 16.4% through 2016 vs 13.3 for e-retail as a whole
- More iPhone use mobile apps for shopping (67.5%) vs Android (43.9%)
- January 2012 myClosetRoom was funded
- June 2013 Launched first beta 1.0
- March 2014 Reached 15 000 members
- April 2014 Funding from Almi Invest & Forbus Industri AB
- August 2014 Reached 30 000 members
January 2015 Launched early beta version of 2.0
2013 – 2015 Kalmar Sciense Park Incubator
- June- December 2014 Born Global 4, Business developing program
November 2014 Joined SUP46, Tech incubator in Stockholm
2013 Featured top 10 as “Sweden’s hottest digital entepreneurs” by Internetworld
- 2013 Awarded as “Future Innovators in Sweden” by Stiftelsen Skapa
- 2014 Second place as “Swedens top startups and growth companies” in Serendipity Challenge
USE OF LOAN
myClosetRoom has an exciting growth year ahead and we hope you will help us achieve it! Our focus is to agilely develop myClosetRoom for our fabulous user community and to make it grow even more. As a result of this developing a sustainable e/m-commerce revenue stream is an equally essential part of this.
This spring we will launch an updated version of the app with new and more attractive features that we’ve developed, especially with the valuable feedback from our current userbase. We're ready to cut a dash and grow but are in need of capital to marketing to run faster with the developing of the app. Thereby we will use the loan to employ additional staff, so we can be faster.
- Additional app development by employ at least 1 more developer
- Start marketing to reach next milestone of 1 000 000 users
- Develop desktop version to generate more downloads and traction
- Start developing an Android version