Fashalot aims to achieve over 1 million transactions a month through its app: Aneesh Reddy
In conversation with Aneesh Reddy, CEO, Capillary Technologies, who spoke about the company’s expertise in location based technology and rich data.BY Shwetha Satyanarayan | September 29, 2017 | comments ( 0 ) |
Capillary Technologies has led a pre-Series A funding round in online-to-offline fashion store discovery & loyalty app, Fashalot. In a conversation with Indian Retailer, Capillary Technologies CEO Aneesh Reddy says that investment was driven by the fact that Fashalot is a pioneer in this high-potential industry, with expertise in location-based technology and rich data that powers a new generation of consumer analytics.
Tell us about Fashalot
Fashion is predominantly offline and Fashalot is the leading online-to-offline mobile app platform enabling retailers with features like non-shopper feedback, geo-fenced personalized communication to shoppers, cross brand loyalty, shoppers’ wardrobe mapping to name a few. It facilitates communication between retailers and shoppers to discover in-store sales, deals, offers, and discounts on the latest collections. Currently in Delhi NCR & Bangalore, over 5,000 marquee fashion stores are using Fashalot to drive new and incremental footfalls, enhance discovery, customers’ shopping experience and high conversions.
What inspired you to invest in Fashalot?
Fashalot is the first platform that helps shoppers save on their favorite brands with its gamified cross loyalty rewards, explore in-store offers, and be made aware of new collections near them. Organized retail in India constitutes over $46 billion of the total market and does over 200 million transactions every month. The fashion retail industry in India is pegged at USD 100+ billion, in which 98% of sales happen offline. We have seen commendable execution by Fashalot’s team to not only commercially on-board large number of brands in no time, but also their exceptional success in key business metrics. We see Fashalot’s users engage and stick to the offline brands at a very high frequency, making it part of their lives.
How can customers benefit from Fashalot?
Fashalot has saved over Rs 5 crore for its customer and is generating 25 app sessions every month. It has been able to show such results by providing highly personalized communication to shoppers as per their preferences, shopping patterns, location, among others. It also offers reward points called F-Cash to shoppers for walk-ins, shopping and reviews.
What is the focus for fund utilization?
We will mainly be using these funds to build even stronger technology, scale our user-base, and hire new talent. Our focus will be on greater penetration in the Delhi-NCR and Bangalore markets by on-boarding more brands and new innovations in the app for a superior customer shopping experience.
What are your plans to scale up?
Fashalot aims to achieve over 1 million transactions a month through its app using rich data to create a new generation of consumer analytics. Fashalot is currently live in 2 cities – Delhi NCR and Bangalore – and has already reached up to 5% of a store’s sales in certain cases. It has started to move towards deep personalization for shoppers with content and preferences, which in turn influences their shopping choices and wardrobe.