rigit deck
Post on 15-Jan-2017
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RIGit is a customizable gender free shopping app with a Tinder-like user interface.
RIGit utilizes a machine learning algorithm & collaborative recommendation system to deliver a personalized shopping
experience.
The Problem for Existing Fashion Retailers“MOBILEIstheMost-UsedMillennial
ShoppingDevice”(2015 JPMorgan Chase, 3 Millennial Shopping Habits to Know About)
“Formillennials,Androgynyisalltherageoneverylevelofthe
fashionindustry.”(2015TheGBrief,BlendingGenders:MillennialsandtheAndrogynousAppeal)
“CUSTOMIZATION is probably the single most important factor that guides millennial purchasing decisions” (2016TheGBrief,CustomizaLon:TheKeyWordinMillennialBuyingHabits)
“Millennials struggle to identify what exactly they want when presented with too many choices. The key to solving this dilemma is CURATION.” (2016TheGBrief,CustomizaLon:TheKeyWordinMillennialBuyingHabits)
The average attention span has fallen to 8 seconds. Millennials are about INSTANT gratification (2015InternaLonalBusinessTimes,MicrosoQstudy:HumanaRenLonspannowlessthangoldfish.2012TheBostonConsulLngGroup,TheMillennialConsumer)
80 Million Millennials and 23 Million Generation Zs in the US
“Both generations (millennials and Gen Z) bridle at being boxed in and shrug off conventional classifiers, as revealed in the results of a recent survey by The Innovation Group and JWT Intelligence… 38 percent of Gen-Z respondents and 27 percent of millennial respondents “strongly agreed” that gender no longer defines a person as much as it used to. Gender and sexuality is being challenged by these generations…”
“In American business, no area, with the exception of popular entertainment, is blurring the gender lines as quickly as retail. From clothing to footwear to technology, forward-thinking companies are enacting a less binary vision of how we shop, dress, and live — in response to an emerging consumer need. A genderless fashion market is developing.”
“…only 44 percent of Generation Z and 54 percent of millennials reported shopping for clothing designed for their own gender. All these numbers add up to a generation set to take over the world—and one that refuses to play by the traditional rules of gender.”
“More than half of millennials (46 million) want to shop in a space that is gender free. Studies have warned that if retailers don’t start offering gender-neutral options, they risk losing millennial customers.”
Lifestyle&
Fashion style
Occasion
Size recommendations
RIGit gives you
Customized &
CuratedOutfits
RIGit lets you shop by
Seamlesscheckout
RIGit Outfitting you
They spend nearly 18 hours each day consuming social media.
95% of millennials say that friends are the most credible source of product information.
Millennials are an elusive bunch. They don't trust advertising, they block ads, they rely mainly on their friends and peers. They are also the most socially connected generation in history.
When they like a product they want to tell the world.
46 million daily users
24 million daily users
21 million daily users 13 million
daily users
32 million daily users
30 million daily users
How we gonna get ‘em?
RIGit's marketing vision is a combination of cross promotional strategies through a variety of social media outlets, identifying "brand ambassadors" and by focusing on genderless shopping, we are able
to tell a social justice and individual rights story.
Marketing Vision
RIGit has the potential to expand into a number of different markets including:
• baby & child • home goods• more traditional gendered apparel
The platform can be licensed to existing retailers looking to:• reach a millennial market• enhance mobile shopping user experience• offer a customized & personalized shopping experience
Additionally, because of the machine learning component and the information we collect on each user, the data we collect can be a valuable resource for other platforms & industries.
Go-To-Market Opportunities
Revenue Projections
Business Model: Initially revenue will be based on direct royalties from sales. Additional revenue will be derived from affiliate links and ad sales and may include future licensing fees (starting at a minimum of $15,000).Projections show RIGit to be revenue positive within two years of initial funding based solely on royalties.*Royalties 5%-7%
RIGit Financial Summary
YEAR 1 - 7 MONTH RAMP
UP YEAR 2 YEAR 3
Avg. Daily Visits 20,000 250,000 500,000 Avg Royalties 5.0% 6.0% 6.5% Click thru rate…… 2.0% 2.3% 2.5% Click Thru Ad Rate $0.50 $0.51 $0.53 Click to Order Rate 1.60% 1.60% 1.60% Average Purchase $50.00 $51.25 $52.53
Click Through Revenue $30,000 $1,052,227 $2,396,738 Royalties From Retailers (Click to Order) $120,000 $4,489,500 $9,970,431 Total Revenue $150,000 $5,541,727 $12,367,170
EXPENSES (631,244) (946,866) (1,262,488)
EBIT (481,244) 4,594,861 11,104,682
There are hundreds of shopping apps available. Some do a great job, others are cumbersome and difficult to use.
No other app has targeted the gender-neutral market and no other app currently has the combined features and
user experience we offer.
Competition
Company Size recommendation
Search by Style &
Occasion
Instant Customizable & Curated
Gender Free
RIGit ✓ ✓ ✓ ✓ ✓ myDrobe ✓ PSDept ✓ ✓
MyShape Stylist
✓
Spring ✓ ✓ Kwoller ✓ Grabble ✓
Lyst ✓ GreyScale ✓ ✓
Competition
Product Road Map2015 2016 2017 2018
RIGit was founded
Assembly of development team iOS app development Assembly of first round retailers Curate selection
Private beta/testing of iOS iOS app launched & selling items Android app development Private beta/testing of Android Android app launched Revenue iOS & then Android
Amy Bender, Co FounderHelped manage NYC’s multi-billion dollar
capital budget, former chief of staff to the City Council’s
Finance committee, MPA in Public Finance, NYU
April Mellas, Co FounderHelped run a multi-million dollar
non-profit, BA in Gender Studies, Rutgers University
Amy@RIGit.coRIGit.co
April@RIGit.coRIGit.co
Jay Shah(Rockstar developer)
The Team “No one is you and that is your power” – Dave Grohl
Let’s "RIGit�
�
�www.RIGit.co
Go to vimeo.com/153777954 to see what we have built so far – our prototype
demo video shows you our vision and concept
PersonnelLead Developer Development Team Retail Coordination Photography & Shoots PR/Marketing & User Acquisition
Hardware/OTPSHardware/IT & Domain Administrative & IP costs
Total
Use of Capital
$90,000$110,000
$65,000$130,000
$30,000
$25,000$50,000
$500,000
www.optimizemybrand.com/2015/11/08/marketing-to-millennials-attention-deficit/
www.thegbrief.com/articles/blending-genders-millennials-and-the-androgynous-appeal-557
www.americanpressinstitute.org/publications/reports/survey-research/millennials-social-media/
www.socialmediatoday.com/social-business/adhutchinson/2015-09-29/millennials-are-all-snapchat-and-instagram-right-maybe-not
www.expandedramblings.com/index.php/tinder-statistics
www.entrepreneur.com/article/246199
http://www.bcg.com/documents/file121010.pdf
United State Census Bureau, The Williams Institute/UCLA
Broadcastingcable.com
www.business.time.com/2012/04/27/millennials-are-biggest-suckers-for-selfish-impulse-buys/
www.uli.org/press-release/generationyretail/
www.aabacosmallbusiness.com/advisor/millennials-changing-face-retail-shopping-025220847.html
https://www.npd.com/wps/portal/npd/us/news/tips-trends-takeaways/gender-neutral-retail/
https://milk.xyz/feature/is-major-retailers-agender-clothing-actually-worth-celebrating/
http://digiday.com/brands/theyre-just-fierce-rise-gender-fluid-advertising/
https://www.jwtintelligence.com/2016/03/gen-z-goes-beyond-gender-binaries-in-new-innovation-group-data/
http://www.complex.com/style/2016/02/his-and-hers-genderless-fashion
Sources
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