Patrick and Katrina Lake, Stitch Fix CEO discuss Stitch Fix’s unique business model, growth stories, and its future.
Stitch Fix is a eCommerce apparel retailer fusing data science and personal stylists to create unique and personalised shopping experiences.
Episode Link
Topics from this conversation that piqued my interest and I’m exploring in depth -
The Evolution of eCommerce
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eCommerce v1.0 was built on search, perfected by Amazon, and solved pricing, assortment and convenience. eCommerce v2.0 will be built on recommendation and personalisation ,and solve product relevancy.
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Recommend Read: How Amazon solved the product discovery by search The Anti-Amazon Alliance – Stratechery by Ben Thompson
Augmenting human creativity
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Fusing Data Science capabilities with subjective stylist opinions and identifying the right ‘Fix’ for a customer.
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Apparel being a subjective category, a fix almost has a ‘job’ (JTBD) quality to it.
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Walmart buyer (personalising for local market but constrained by shelf space) -> Stitch Fix stylist (personalising for Individual; unconstrained due to infinite shelf space).
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Recommend Read: How Walmart revolutionized the retail game and Amazon “borrowed” Walmart’s playbook as a starting point What is Amazon? - Zack’s Notes
Building customer-centric data and a culture of augmented human+machine decision making approach as strategic advantages.