Solving the $800M Problem of Apparel Returns

Solving the $800M Problem of Apparel Returns

Blog

A total of $2T in apparel is sold online each year. But 30% to 40% of that apparel is returned. So, what if consumers could snap a couple of photos with their smartphone camera and get clothes that are the right fit for their body?

A total of $2T in apparel is sold online each year. But 30% to 40% of that apparel is returned. So, what if consumers could snap a couple of photos with their smartphone camera and get clothes that are the right fit for their body?

Returns are an $800M problem for the eCommerce apparel industry. Listen in as co-founder Vadim Rogovskiy explains how 3DLOOK helps consumers order clothes online that fit just right! 

 

EPISODE SUMMARY

A total of $2T in apparel is sold online each year. But 30% to 40% of that apparel is returned. So, what if consumers could snap a couple of photos with their smartphone camera and get clothes that are the right fit for their body?

EPISODE NOTES

A total of $2T in apparel is sold online each year. But 30% to 40% of that apparel is returned. So, what if consumers could snap a couple of photos with their smartphone camera and get clothes that are the right fit for their body?

 

Vadim Rogovskiy is the Cofounder and CEO of 3DLOOK, a deep tech startup solving the problem of apparel returns for retail. Vadim is an experienced entrepreneur, building and selling two companies in the adtech space before creating 3DLOOK. He also serves as an angel investor and mentor for the VC firm 500 Startups.

 

On this episode of Boost VC, Vadim joins us to explain how 3DLOOK helps consumers choose the right size for apparel and share the process he used to find the right market for his team’s software. He discusses his mission to build a startup hub in the Ukraine, describing the developer ecosystem that exists there and the challenge of getting talented entrepreneurs to stay. Listen in for Vadim’s insight on deciding when to shift markets and learn about the fundraising process for a retail application like 3DLOOK.

 

Topics Covered

 

What problem Vadim is solving with 3DLOOK

  • Limit number of eCommerce apparel returns
  • Consumer snaps 2 photos to get right size

 

What inspired Vadim to become an entrepreneur

  • Work in variety of companies (business management)
  • Always thinking about how to make things better

 

Vadim’s shift from adtech to deep tech

  • Fascinated by apps powered by smartphone camera
  • More challenging to raise money with slides alone

 

The market for the service provided by 3DLOOK

  • 30% to 40% of apparel sold online is returned
  • $2T apparel sold online/year

 

How Vadim’s digital body passport evolved into 3DLOOK

  • Start with avatar to dress up but no way to monetize
  • Shift to health and fitness, track body changes

 

Vadim’s process for deciding when to shift strategy

  • Interviews with 20 companies from each segment
  • Apparel needs tech to survive vs. nice-to-have

 

Why Vadim had to look for investors beyond Silicon Valley

  • 3DLOOK tech too specific for Silicon Valley VCs
  • Boston, New York invest in retail and eCommerce

 

Vadim’s mission to build a startup hub in the Ukraine

  • Entrepreneurship not popular and few success stories
  • Create accelerator, leverage developer ecosystem

 

Vadim’s experience with fundraising for 3DLOOK

  • $6.5M raise with 3 VCs, including Almaz Capital
  • Scramble to get paperwork to all 24 SAFE holders
share: