Outfts

Idea

Introduction

Retail. Transforms. Fast. In the first 6 months of 2020, there was explosive growth in online e-commerce traffic, increasing from 16.7b to 21.96b monthly visits. This growth, supported by the change in generational & influenced consumer behaviour, has opened the opportunity for key players to emerge in the social and e-commerce space during 2021-2025.

Outfts is a social fashion platform, offering retailers & influencers a suite of tools to expand their community & revenue. Making up 77% of the influencer market, we're primarily focused on Female first creators. Outfts brings together a growing collection of some of the world's most recognisable brands & products made up of 55+ retailers, combining over 3000 Brands.

Outfts merges the traditional marketplace concept with expanding social features, offering immense discoverability. Users can shop via storefront, creator profiles, shoppable social feed, search and product listings. Serving all needs of the evolving consumer.

Substantial accomplishments to date

Since Outfts began just over 9 months ago, we have worked closely with fashion retailers & creators to understand their needs, to research and deliver PMF, while completing our Beta product.

Company:

- Live tested private Beta, with three carefully selected clients (H&M, Urban Outfitters and MATCHESFASHION) and multiple influencers - Sales generating.

- Acquired over 50 more high-profile clients. Including; Coach, Kenzo, MANGO, Harvey Nichols, Zadig & Voltaire, House of Fraser, Paul Smith, Dr. Martens, and Lane Crawford.

- Built a strong shareholding Advisory panel who hold current/prior senior roles at Facebook, Depop, Bloom & Wild, Topshop & Linnworks.

- Gained 350 vetted influencer sign-ups with a combined reach of 1 million+. Further, a closed Facebook group with 100+ influencer users for feature feedback and UI issues.

Product:

Our in-house team has completed UI Design, detailed Data Architecture, Front & Back end system, and final live Beta fixes underway.

- Intricate taxonomy and product mapping system built with the ability to import/update 60k products a day with deep meta-tagging.

- Built a powerful data-focused recommendation engine that learns from user decisions and recommends individual products, outfits and powers email alerts.

- Built a social timeline algorithm connected to a recommendation engine.

- Built a lightning-fast search that searches across multiple retailers, users and Index’s to find targeted results.

Monetisation strategy

Influencer Market size: $13.8b, '21
Fashion e-commerce EU Market size: $143.5b, '21
US size: $153.6b, '24

Retailer partnerships:
- We have over 50 agreements in place for revenue share on supported checkout values with our partners.

Influencer partnerships:
- We offer our creator users the opportunity to receive competitive levels of commission for driving traffic to our site.

Creator brand partnership:
- We have currently secured deals with creator brands, offering them a 6-month commission holiday in return for advertisement on their networks.

Roadmapped for later this year:

Advertisement slots (promotion slot, sponsored posts, product tiers)
- We're already working on a range of advertisement positions within the platform, with the aim of these going live by the end of the year.

Other methods scoped and future ideas are available in our financial model.

Use of proceeds

Our Beta is only a shadow of what we have to offer; we will implement our detailed Roadmap in the coming 3 years. This will include the following:

Staff:

We will look to execute structured hiring plans throughout the entire business, including developers, marketing & office staff, allowing the founders to free up their time in specific areas.

OpEx:

As the team grows, we will look to move into a centralised office, which will allow the business to develop as efficiently as possible.

Marketing:

We have learnt a great deal over the past year regarding the influencer sector, taking advantage of key industry events. The capital raised will allow us to put this into practice.

- Extensive campaigns, including a large-scale influencer GTM campaign.

Development:

- Full mobile application development & release.
- Expansion of server and total SKU capabilities.
- Continued upkeep and development of new features.

Future:

- Expand outside of the European market, beginning in the US.