Stitch Fix is a clothing retail company that uses data to pick the clothes it think you will want to wear.
And their formula goes beyond demographics and broad survey data… they use direct feedback from each customer to customize their experience.
That may seem like a lot of work, but it actually happens completely on autopilot via algorithms that get smarter and smarter over time.
When we miss the mark, when we send her things she didn't like and she says “This is a little too edgy for me” or “This fit too tightly on my shoulders”…
Al that information is good and it not only helps us with her, but all customers like her.
So what the return on Stitch Fix's investment in their technology?
$250 million of revenue in 2015… a number that probably increased by 50% in 2016.
Even if you aren't ready to to invest in complex algorithms for your business, let Stitch Fix's success be a lesson for the importance of asking for your customers' feedback and using it to improve your brand experience.
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