Modestreet Internet Pvt Ltd: shaping retail fashion’s future by incorporating the element of personalization
Pharrell Williams once said, “Fashion has to reflect who you are, what you feel at the moment and where you are going.”
Today, the millennial wants to be heard and seen as unique. Personalization has become the new flavor in the fashion industry. Everyone is looking out for a little tailored experience to express their own style, image and values; and the retailers seem to be listening. The trend fuelled by social media assists customers in expressing their preferences and style choices; hence they connect with the brands that blend well with their character. People are no longer interested in buying an outdated product that isn’t quite right. The concurrent problem of converting the search into a sale is because of the abandonment of the shopping cart which needs to be reduced over time. One of the major concerns and the pressing problem of all times are sizing. Finding the right fit and the right look is what the buyers struggle for across the globe where at the same time, the sellers too face this issue in terms of a high number of returns owing to ill fit. To make their presence de rigueur, brands need to invest in artificial intelligence to personalize consumer experiences. And that’s when the two ex-NITians unveiled the start of their entrepreneurial endeavor.
Abhitosh Yadav (CEO) and Rohit Chhabra (COO), the ex-NITians didn’t just set out to reinvent the industry, but the combination of a strategist and a practical thinker with other ingredients made Modestreet Fashion into a game changer for the fashion industry. In a horizon where going into business with close friends is not termed as the wisest idea, these two have anchored the position of a pioneer incorporated to harness the change by innovating the way people currently shop for fashion in India, be it offline or online. Magnifying ecommerce industry caught the eyes of both the co-founders who were working under the leading names of varied industry ranging from marketing to hospitality. To capture this new wave, they brought into existence a new concept – an augmented fashion network for multichannel fashion retail, which can significantly enhance the way on how shopping for fashion is done. The duo, a year later, became a stronger trio when Anshika Aggarwal, a Chartered Accountant by profession and a fashion aficionado joined them as Co-promoter & Director.
The year 2018 has been a remarkable year for the company as Mr. Abhay Gupta, the CEO and Founder of Luxury Connect LLP has teamed up with Modestreet Fashion to lend his market expertise and intelligence for a holistic fashion business development.
We recently caught up with Abhitosh to discuss how he, Rohit and Anshika are planning to change the future of the fashion industry.
Let’s hear straight from the young mind
What uniqueness is Modestreet delivering to the fashion industry?
Modestreet is a dynamic social networking, fashion discovery and an omnichannel shopping aggregator platform for fashion retail business with augmented reality features. The site will provide the experience of fashion article discovery and trial, cross-platform adaptive networking, and multi-channel shopping, seamlessly.
It perpetually allows the fashion enthusiast/user to network across all social networking platforms. The user can discover fashion articles, looks, trends, and inspirations. One can enhance the experience of window shopping on the web through visual detection and virtual fitting room. The user also gets the advanced opinion sharing and requesting reviews from expert fashion consultants, friends and family to make better choices. The shopping experience presents multi-channel integration which lets the user know if the desired merchandise is available in a nearby store or any of the marketplaces on the web. All the buyer needs to do is select the garment and the availability of the same at the nearest store would be informed. Accordingly, the buyer can either get it delivered or book an appointment for trial and purchase the garment the same day. It will also serve as a Closet manager & enable the user to manage, edit, & plan outfits. It bridges the gap between the comfort and convenience of an online shopping channel while at the same time the look of and feels of an offline shopping destination. Modestreet will enhance fashion curator’s user reach and will eventually help the clients to be evermore fashionable.
How much equity and debt has the company raised; what is the capitalization structure?
As a startup, we are currently following a robust capitalization structure involving both Debt and Equity. Our latest capital raised was an angel investment by Ms Anshika Aggarwal D/o Sh. D K Aggarwal (CMD of SMC Investments and Advisors Ltd, SMC Group and Sr. Vice-President of PHD Chamber of Commerce and Industry in India).
At the moment, how do you measure success? What are your metrics?
It’s too soon to comment with regard to the growth aspect and the success story of Modestreet as it has not gone completely live and is in the stage of market entry. However, personally, I like to measure success by how the end users perceive our product and whether we were able to enhance the fashion shopping experience as a whole.
What percentage of the market do you plan to get over what period of time?
Our target is to acquire at least 5% of the addressable market by the next year.
Why do users care about your product or service? What are the major product milestones?
The fashion e-commerce is unorganized pertaining to pressing issues like sizing, personalized retail therapy, brand authenticity and a single platform for comparison of the products and prices. Modestreet is a unified platform for the seamless holistic brand experience customers want and retailers need.
Did you have access to the various resources you need to launch a business?
Yes absolutely. After the incorporation of Modestreet back in 2017, we received the Start-up India Certificate which encouraged innovation and job creation. I have also been active member of The Indus Entrepreneurs, which helps in Networking with other entrepreneurs, executives from large companies along with potential customers and investors. We also chose our startup base to be located in a coworking space by 91Springboard which eventually turned out to be the best decision as regards to access to resources for a startup like us.
What next for the company? What do you see happening in the company industry in 2018-19?
By the year 2018-19, we aim to see the full-fledged feature out in the market providing a seamless shopping experience for the consumers and Omni-channel retail, for the consumers would have the convenience to choose the channel irrespective of the platform.
What are the big achievements?
Within a span of one and a half year, we have been featured in a business magazine, VC Circle, Tech Circle, United Fashion, Pixr8 and Fashion Network. We have also received wide appreciation from designers and celebrities like Abraham and Thakore, Gaurav Gupta, Chola the Label, Abu Jani and Sandeep Khosla, Rannvijay Singh, Sushmita Sinha, Kriti Kharbanda, House of Misu, Anaita Shroff Adjania and many more, through our social media.
The CEO’s Periscope
Chief Executive officer, (CEO)
If you weren’t building your startup, what would you be doing?
Would have been doing a job either in the fashion industry or brand management
Tell me something you are learning right now.
Learning is a continuous process and I am learning from everything ranging from database management to public relations & social media management to UI/UX designs. Every department in my company is a learning zone for me. I keep myself keenly associated with all of them to grasp new concepts and techniques to continuously become a better manager while offering my help in solving all types of problems based on my past experiences.
Do you consider yourself a hardworking person or a smart person?
I am not a hard worker exactly so I should be a Smart worker!
What was your journey like to get where you are?
The journey so far has all been about the hits and the misses. The only thing constant has been the vigor to change and to overcome what the others think might be impossible.
What advice can you give entrepreneurs who want to venture into the same domain in the future?
I would advise the entrepreneurs to stick to two principles- stay focused & disciplined and never hesitate to unlearn and re-learn and at the same time, do not to lose faith in yourself.
Abhitosh has an eye for detail and is a go-to person for any sort of problem. Keep it simple, keep it minimal is his mantra.
We recently caught up with Abhitosh