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    Date submitted
  • 21-Sep-2017

The Retail Vault

Abstract

The Retail Vault is a website that makes life easier for women in the age of technology by helping them with the online shopping process. With a monthly subscription, members receive free styling by one of our stylists, which shows them three unique outfits based on their lifestyle and preferences. As a member, they also get exclusive content throughout the month such as quick meal ideas, sales at their favorite stores, and how to decorate a bar cart. Potential customers can choose to have a reoccurring monthly subscription or pay a small upcharge for a one-time or additional styling. Students will receive the same benefits but at a student discount.

Video

Original YouTube URL: Open

Introduction Video

Additional Questions

Who is your customer?

The target customer is women falling under the young professional category. Due to their lack of time, but the need for either business or casual clothing, they are a great fit. Additionally, there is be a discounted price (both monthly and a-la-carte) for students wishing to use the service as well. This makes a great fit for any event a student has coming up but doesn't have time to shop for.

What problem does this idea/product solve or what market need does it serve?

It solves the issue of online shopping, which can be overwhelming with so many options and an inability to see the items in person and try them on before purchasing. It matches up those who have an expert understanding of online shopping with those who need an outfit but don't have the time to look for it.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

There is no other online shopping service that searches the entire internet and custom tailors outfits to each "member". Furthermore, because we charge a fee for the styling instead of trying to make commission, we truly refer the best items for the member without our own interests in mind. If the member wants to take the suggestions we offer and go find the products in a physical store, our job of making their life easier is still accomplished and they still find the clothing they are looking for.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Although there is already a website for this that is active, I will rebuild the site to reflect the new subscription model. To market the service, I will target local businesses, such as office buildings downtown, law firms, and recent graduates. The competitive advantage is that our stylists are college girls with a passion for styling others, so they are both up-to-date with the trends, as well as extensive knowledge of the products available and time to find the looks for the members.