There has been a lot of news regarding the rapidly growing online fashion market. One of the recent example is Amazon’s strategic move to buy Jabong for an estimated $1 Billion dollars! The online fashion market has significantly surpassed other categories such as electronics, books etc in terms of growth in the last 2 years. The Indian community is increasingly getting comfortable with purchase of clothing online which has resulted in a significant increase in the transaction value and frequency of purchases. This rapid growth of fashion e-retailing has led to the creation of multiple online stores. This scenario also creates a problem for the anyone looking to launch a new site in a market dominated by large and well funded sites like Jabong, Myntra, Limeroad etc – without creating a ‘me too online fashion site.
Fabence.com is a startup with a difference! It aims to tap this market by solving a very specific problem – inability of a user to discover fashion products in an easier manner and having Online shopping assistance to make a better buying decision. At the very basic level Fabence allows users to discover fashion products from various shopping sites like Myntra, Jabong, Koovs on one platform. Fabence’s approach to solving this problem sets them apart from their so called competition like Yebhi , VioletStreet. By bringing together technology and fashion, Fabence.com has created a platform that not only eases the discovery process but also provides assistance to users to make a better buying decision through personalization. Fabence believes that their ability to focus on the minutest details helps them to continuously innovate and stay ahead of the competition. This is reflected in the technology and design that has been implemented. Fabence has introduced technologies that allow them to not only have the most detailed set of filters in the market but have also introduced a search facility that allows users to search for a product and have the filters instantly clicked making the discovery process extremely easy.
Aimed at helping a user make a better buying decision Fabence has introduced functionalities that are first in the market such as Hunt with friends, that allows users to discover fashion products in real time with their friends just like they do in a mall or an In Built Stylist that takes into account a users’ attributes and suggests fashion products that will look good with what the user is looking to buy and this is all done in real time without any manual intervention. It has also introduced a compare feature to further fasten the discovery process for the user and the design is extremely user friendly.
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How Fabence came into existence and more about it
The force behind Fabence is its young , teenage founder Anshul Gupta, a second year student at SRCC Delhi. Anshul believes that the problem of fashion discovery is a serious issue that is not only inhibiting the growth of the online market but also dilutes the user experience. Sadly no market player has focussed on this issue – combining innovative discovery process and assist the user by combining technology, design and Fashion intelligence. He believes that is the gap that is filled by Fabence.
Fabence has already tied up with all major retailers in the market such as Flipkart, Snapdeal, Myntra etc and is already in talks with many more. Its differentiated approach seems to have paid off, Launched on August 15 it is growing at a rate of 60% month on month with a run rate of 80,000 visits with most of the traffic being organic and direct and a click through in excess of 70% . On an average it is doing 50-60 transactions a day in the current scenario and is increasing on monthly basis. Considering how this model has been very successful in the developed markets such as US and Uk having sites such as Polyvore and Lyst being multi million dollar companies it would be very interesting see how Fabence performs.
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