Five Minutes with the CEO of StyleCard Paraag Amin
26-04-2013
Paraag Amin
1) Please could you tell us what StyleCard is all about…
Simply, StyleCard is a fashion community with 3 key fundamental concepts: 1) We connect consumers with brands and retailers; 2) We translate online behaviours into offline (and online) activity; and 3) We are a community platform celebrating individualism in a world that we describe as a ‘me world’, with increasing numbers using social media, blogs and other tools to tell ‘their story.’ We collate, curate and create content in order to build an exciting platform that is attractive to both consumers and brands. Brands use this free tool to convey their story and ethos to consumers, customers benefit through engaging with and being loyal to those brands that they relate to – a win-win for all.
2) What are the key benefits that customers can gain from StyleCard?
StyleCard members are rewarded for their loyalty to StyleCard partner brands. We work primarily with fashion forward brands, (some are aspirational, most are attainable), at which members can save on their purchases, simply by showing their StyleCard in-store or using their unique code online. Beyond the saving, our platform also provides users with behind the scenes news and information, as well as both style and lifestyle ideas on both the StyleCard Fashion Portal and the recently launched StyleCard iD platform. Our retail partners benefit as we drive increased footfall/traffic, sales and loyalty to them.
3) We hear that the card now includes some new features – tell us about these…
We have recently launched a number of initiatives. The first is the digital card, so if you forget your StyleCard at home, you can use your smartphone to access your membership card whilst shopping, bringing convenience. We have also recently launched our community platform, StyleCard iD – which includes exclusive behind-the-scenes content from celebrity stylists, designers and the broader world of fashion – check out the latest posts from JLS’s stylist Ayishat Akbani as one example. Through this we are able to provide users with appealing, engaging content and most importantly learn what they like, so that we can bring them more of what they want. This engagement and feedback loop is very important.
4) How did the concept come about?
StyleCard was born out of the idea that the offline (bricks and mortar) world can learn and benefit from the innovation that has taken place online. Over the past 10 years, with increasing online activity there has been a steep change in consumer behaviour and appetite to all things digital. This has led to significant innovation in the way that brands communicate and sell online. However, in most cases, the offline model has failed to advance at the same rate and, most importantly, take on the methods that have brought success online. One such tool is affiliate marketing, which has transformed the online marketing model into a cost per action model, (pay for marketing on success rather than up-front). There have been a variety of models developed in the past few years, including flash sales and daily deals sites, but none of these work to the long-term advantage of the retailer (they are inventory clearance tools at best and brand destructive at worst). Whilst, StyleCard brings the online affiliate marketing model offline, we are a tool that benefits all parties, and increase brand value and loyalty. We work with our partners, not against them.
5) Where do you think the future of retail is going?
Whilst there is increasing online retail, (and this trend will continue), people still like to go shopping – it’s the experience, the day out and fun factor that will always be a draw. In the world of fashion, this is especially true, as touching, feeling and trying before buying is all part of the shopping experience. Online fashion retailers have a logistical headache at the moment – returns. As sizes are not consistent, customers often buy 2 or 3 sizes at a time, knowing that they can return items. Free returns have a financial and logistical cost and customers are turned off if they have to pay for returns. Whilst there are technologies out there looking to solve this issue, the experiential side of shopping, together with the logistics of online shopping, means that in-store still remains important channel in the future. Therefore driving footfall and loyalty remain the keys to success – an online presence amplifies the message and can boost sales, in our view, but bricks and mortar stores will always remain standing and success is very much there to be had for those that learn fastest from what the online world does successfully and translate this into the offline world. StyleCard is one such tool that facilitates this.
6) What future plans do you have for StyleCard?
We have a number of initiatives and projects in the pipeline in the near-to-mid-term, including: a (very soon to launch) Style Profile quiz on iD, for which users will win prizes and rewards; a new search functionality that will make life even easier to search for StyleCard partners; a redesign of the StyleCard homepage, (which we’re excited about revealing); vox-popping street teams (watch out for these!) and several media, technology and business partnerships that will bring increasing value to StyleCard, our partners and our members. We wish we could say more and provide full details, but all will be revealed soon! OK, as a teaser, mobile engagement and inventory management tools are in the pipeline.
Longer-term, our ambition is to continue to work with brands and help them engage with consumers, and we are working on services that will marry two of today’s growing trends – big data and social intelligence. We want to provide a platform that benefits all parties and by adding these services to our existing tools and near-to-mid-term projects, we believe that this can only benefit both retailers and consumers.
Thank-you Paraag we wish you and StyleCard great success.
