If ever there was a time to turbocharge digital, it is now - The State of Fashion 2020, Coronavirus update, McKinsey & Company.
The fashion industry's reliance on digital channels has accelerated significantly in a short span because of Covid-19. As cities and towns across the world keep moving in and out of lockdowns, brands and consumers are now going digital.
Naturally, brands are now keen on ramping up their presence online.
One of the key exercises in listing your brand online on a marketplace or on your own channel is cataloging your product. This describes the features of the product for easy reference for consumers. This information also helps consumers sort and filter through large catalogs on marketplaces.
However if you are a brand listing yourself on multiple marketplaces, the cataloging process is not straightforward. In conversations with our existing and prospective clients, we have seen the following issues:
This creates significant problems for the brand :
Over the last one year, with the help of one of our largest clients, we have been able to solve this problem by building out an AI assisted Cataloging solution using a simple idea :
Catalog once, Convert to any Taxonomy.
With a universe of more than 1500 styles and 5000 design details, our global fashion taxonomy has allowed us to build translations into different taxonomies for marketplaces, as well as brands' own online channels. Coupled with our fashion optimised attribute extraction AI, we believe that a brand can go to market 80% faster.
With seven brands already onboard and the current capacity to handle more than 1 million products across 10 marketplaces, we look forward to help brands go digital and grow their business online.
Authored by Vivek Bharadwaj, Senior Product Manager at Streamoid.