Founded in October 2014, Fashalot is a brainchild of the tripartite alliance of Amit Koshal, Rishi Batra and Amit Sharma. It is a location based fashion discovery platform through which consumers can discover apparel, footwear and accessories available at the best prices at the stores in their nearest locations.
It serves as a horizontal platform that bridges the gap between consumers and the retailers. By commingling the virtual and ‘real’ shopping experience, it is trying to give its users an opportunity to select what to buy through the app while retaining the touch and feel satisfaction of trying out the product at the store.
What is Fashalot doing?
Fashalot is orchestrating the unstructured fashion market in India. The application aims to give an edge to offline stores and bring them an incremental footfall with an omni-channel presence.
Fashalot works on a self-served model. This omni-channel startup enables the users to identify their choice of product and pick it up from their nearest brand store. Consumers will also be given benefits of instant cash discounts while shopping at the store through the Fashalot app.All they have to do is, press the ‘check-in’ button on the app upon entering the store.
Likewise, retailers can as well harvest accruing benefits from this technology. They can expect a boost in foot traffic from a platform like this, due to enhanced product discoverability, as it renders an opportunity to the retailers to display their entire collection online.
Amit Sharma, former India Head for Intuit Data Analytics and now the CTO of Fashalot, states, “We aim to drive significant footfalls and conversions for retailers while offering the best of style, value and time for our shoppers.”
It is anticipated that soon, the application will also offer loyalty points on all shopping done at the store which can be later redeemed into a pure value discount. Further, the app provides an option to the users to ‘Follow’ their favourite stores and receive notifications about new collections and sale.
What problems does it solve?
Although online shopping is time saving, convenient and cost effective, it has its own handicaps. Given the fact that consumers are restricted from examining and trying out the selected items prior to purchasing them, generates certain inhibitions and apprehensions. Such irresolutions are quintessentially reflected on the consumers’ behaviour especially with regard to wearables, given to the uncertainty of size, fit or texture. This very factor plays a pivotal role in the decision making process of the consumer. An app like this one can address this issue by helping consumers identify the nearest stores selling the selected item, so that the they can take a look at it properly or try it out before making the purchase.
Former Senior Business Leader at Intuit and presently one of the Co-Founders of Fashalot, Amit Koshal maintains, “The idea is to extend an option to the customers to walk into the actual stores, see and experience the product themselves before buying.”
Which retailers are on board?
A few of the major brands which are partners on board are- Meena Bazaar, Sabhyata, Private Lives, Delco, EMDEE Apparels with plethora of other franchise brands like Levis, UCB. Also, in the same synch are PN Rao, Arjay Agencies which has franchisees of brands like Planet Fashion, Van Heusen, Louis Philippe and People.
What is Fashalot’s reach?
Currently, the company operates in and from Bangalore and New Delhi. Nevertheless, the company has plans to expand its reach, first to the NCR region and then to other metropolises within six months.
How does it monetize?
Fashalot has a monetization model of charging the retailers a commission on sales.
The startup is funded by US and India-based investors. Koshal opines that fundraising is secondary. The company’s primary aim in this hour is to expand across the country and tie-up with as many brands as possible. Given to wealth of experience and expertise that the Co-Founders embody, Fashalot has been successful in raising seed capital at pre-revenue stage.
The app has been launched at a time when many startups are coming up, trying to bridge the gulf between offline businesses and online consumers. These companies are mostly the ones which provide hyper local discovery services, like Findyahan, Near.in, LocalOye and so on, and then there are startups like Grofers which are also addressing the same issue in a different manner. Additionally, there is a startup called Wooplr, which works on a model similar to Fashalot but with a distinguished feature of enabling social commerce and crowd curated products. Looking at the heavy investments being made in this arena, a model like this seems to hold immense potential to flourish.
To download the app, click here.Category Startups