The round of funding comes as a result of Stylitics' rapid growth over the past year with a 350 per cent increase in revenue and the addition of more than 30 of the top 1000 retailers to its roster of iconic brands including Ann Taylor, Calvin Klein, Chico's, Gap, Macy's, Under Armour, and White House Black Market. The funding will fuel development of new types of shoppable, content-driven e-commerce and in-store experiences for brands, retailers, and publishers.
Currently, retail merchandising and digital marketing teams rely on two types of visual content: costly product photography and more elaborate studio photography - which is both expensive and difficult to scale to match consumer demand and the speed of new inventory. Stylitics offers a way to quickly and efficiently utilise these existing on-brand creative assets to generate fresh outfit-based shopping content at scale, delivering experiences that are proven to increase engagement, drive conversions, and build customer loyalty.
"More and more people are purchasing products they have never touched or experienced in the real world and retailers are challenged to create digital shopping experiences that provide excitement, context, and inspiration," said Rohan Deuskar, founder and CEO of Stylitics. "This round of funding validates the increased demand brands have for more intelligent and high-performance visual content. At a time when the retailer with the best visuals wins, we are offering a new category of content that is on-brand, dynamic, personalized, and outperforms the others with the value it creates."
On average, Stylitics' outfitting and look-based programmes see an increase of 1.8x in conversion rates, a 23 per cent increase in units per transaction, and a 21 per cent increase in average order value. Brands using outfitting and look-based recommendations from Stylitics gained more than $300 million in increased revenue.
The Stylitics platform uses both artificial intelligence and human stylists to generate high-quality, interactive, and shoppable style content to aide in product discovery while factoring in real-time dynamic elements such as location, weather, out-of-stock or underperforming SKUs. The Stylitics Experience Studio provides more than a dozen look-based shopping experiences, including Visual Outfit Recommendations, Complete the Look, Shop the Model, Outfit Shops, Mix & Match, Gift Galleries, and Beauty Sets, among others. Stylitics APIs enable the use of outfitting content across channels including e-commerce, advertising, social, direct, and in-store.
"With the rapid growth of digital commerce, retailers are scrambling to keep pace with the consumer demand for more visually exciting and compelling shopping experiences," said Phil Dur, co-founder of PeakSpan Capital. "We support best-in-class software businesses that capture a unique market opportunity and we see Stylitics solving a very real need for brands to extract more value out of their creative assets and scale their content in a fast and affordable way." (PC)
Fibre2Fashion News Desk – India
| On 17th Jan 2022
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