Some of the sectors experiencing enormous growth in recent years are technology, fashion, and e-o their business. For instance, more companies are using advanced CRM technology and are marketing their products through social media. The e-commerce revenues are expected to hit $116 billion in 2022, from 2016’s $72 billion. TechStyle Fashion Group is one of these companies and has employed membership programs to drive its sales.
How a Startup Began and BecameDominant
JustFab is a fashion retailer that started fashion membership program in 2010. Members got the opportunity to buy products at prices more than 30% lower than the market price. Although this had not been tried before, membership had grown to about six million in two years, and over 2.5 million pairs of shoes sold at the start of 2012.
In four years, the company had acquired FabKids and ShoeDazzle and opened in eight other countries. At the same time, in collaboration with Kate Hudson, Fabletics was launched, and company rebranded as TechStyle in 2016. Adam Goldenberg and Don Ressler are now the company’s CEOs.
What’s the Secret?
TechStyle co-founder Adam Goldenberg has a long history in startups and technology having started his company at 13. He was determined to use to incorporate his technological knowledge and experience in ecommerce. According to Tim Collins, the company’s chief technological officer, the company’s cofounders had a culture of starting digital based brands.
TechStyle started as a technology innovator launching various ecommerce technology products such as fashionOS. Besides, the company adopted new ways of marketing and selecting products. Such moves have made the company a critical player in predictive analytics. The firm has embrace machine learning and personalization.
What Next for TechStyle?
TechStyle has growth in revenue, members, and employees over the years. This year, the company recorded income of $700 million. The number of members has hit 4.5 people. Although it is not clear whether the company will sell in an IPO, the double-digit annual growth is likely to attract more investors.
About Adam Goldenberg and Don Ressler
Adam is a serial entrepreneur who has started various companies in the last two decades. His first company, an online bulletin board grew and changed into a gaming website. Shortly, he sold the company to Intermix Media. The company recruited him as the COO. It is at this time that he saw the potential of ecommerce.
Ressler has started various successful business ventures in the past. He began FitnessHeaven.com and later sold it to Intermix Media. He then joined the company and met with Goldenberg. Other companies he co-founded are Alena Median and Intelligent Beauty.