FINDMINE – Finding Money at the Intersection of Fashion and Tech
This article was originally written for Fashion Ambitions, a fashion & lifestyle blog run by Founder and Editor-in-Chief Romana Hai. Read the original story here and check out more on Fashion Ambitions here.
Despite its strong dislike for real change, fashion is evolving and moving forward. Companies like Nike and Under Armor have created unique ways to monetize fabrics with technology in order to create advantages to its athletic customers. But technology has begun creeping into fashion in other ways and reaching every day consumers… and it’s making companies a lot of money.
FindMine is one of the new kids on the tech block. According to its website, FindMine’s technology, called “Complete the Look,” is able to suggest and display to consumers online complete outfits based on recently view or purchased individual items.
Intrigued by the concept of having my own personal stylist on my sidebar while shopping, I caught up with Michelle Bacharach, CEO and Co-Founder of FindMine to learn more about the service.
Michelle comes with a technology and product management background, though not necessarily in fashion. Having worked on the consumer-facing side, however, she appreciates seamless consumer digital experience.
Michelle, much like many consumers who would rather not admit, do not have a fashion “eye” that a lot of designers do in the ability to see one piece and design an entire trendy look around it. Michelle realized this was the case for many shoppers and by not offering ways to wear pieces consumers are looking at or purchasing, “it’s money left on the table.”
“I wouldn’t normally wear a colorful skirt, but if it pops up next to a plain black shirt and black shoes as a complete look, I might be willing to try it” says Michelle.
FindMine works with both single and multi-brand retailers but understands that each brand has its own style and ethos and leaves it to the brand to determine how curated looks through FindMine come through. “John Varvatos, a client of ours, has a very different style from Perry Ellis,” and FindMine allows those unique styles to shine through the technology.
FindMine, as its currently operating, has the ability to collect and analyze raw data to help its client in a full consultation capacity, helping some brands to reach a 200% increase in sales.
For someone with an eye towards the future, I had to ask where Michelle thought fashion was headed. “I think it’s headed towards a dangerous path for personalization.” Michelle explained that the uniqueness of each brand’s personality needs to remain, since that is what separates brands from one another. “If items become too personalized, you lose that sense of the brand… and that’s why people choose to go to one brand over another.”
Check out more about FindMine at https://www.findmine.com/.