Market & size
TAM – Total Available Market (How many people would want/need product?…)
- How much we could sell if everyone (100% of the US or global market) bought.
- Americans aged 18 and up (those younger are very unlikely to use this service) (258 million people)
SAM – Served Available Market (How many people need or can use product?…)
- The next broader segment that we can easily reach after the target market.
- Young Americans (aged 18 – 35) (more fashion-forward and comfortable using new technology than older people) (66 million people)
SOM – Serviceable Obtainable Market (Where you begin – should be comfortable reaching these people)
- The customer segment that most strongly feels the need.
- Young Americans (aged 18 – 35) who use e-commerce (80%, Statista) (estimated 53 million people)
The total market growth percentage: 10% (based on fashion market growth, Statista).
Tech stack
React Native: React Native is great for building mobile apps which is the platform we will be launching on. It provides a responsive user interface with low latency times. It’s also much faster and cheaper to build apps in React Native as opposed to building native ones. We can basically build out our entire app using Native and not have to rely on multiple front & back end frameworks.
MongoDB: Easy and streamlined service for storing, organizing and accessing our data. Very low learning curve and give flexibility for our data organization across our rotating engineers.
BMC
This is the first pass of our Business Model Canvas (BMC).
- Our customers are young Americans who use e-commerce and want to put more effort into their fashion style.
- We will get customers via social media channels that are key distributors of fashion content today.
- We bring value to our customers by curating and recommending personalized outfits based on up-to-date fashion trends, using what they already own as well as what they can own. We will keep customers by continuing fueling our loop of more users, more information about our users, and more data from our fashion content sources; we will also grow a social community.
- Our partners include clothing brands, who will drive our advertising revenue model, as well as fashion influencers, who we will outsource marketing to.
- Our costs include human capital, engineering costs, and marketing costs. Our resources include engineering infrastructure and fashion content from sources including TikTok and Instagram.
Early ethical challenges
- Filtering offensive or harmful content. Because our outfit inspo feed and AI recommendations pulls from trends and images available across social media and the internet, we must be diligent in filtering offensive or harmful content (promoting eating disorders, for example) to keep our app a safe space to explore new styles.
- Respecting users’ fashion identity. Through our style quiz during app onboarding, we hope to capture users’ fashion identity, for example if they like to dress conservatively. We must be sure to take their preferences into account when showing outfit inspo or AI recommendations. Body size and type is also another important consideration, as we only want to show pictures of people with similar body size and type.
