The Drastic Ways Mobile Shopping is Changing How Products Are Made
ThirdLove, a groundbreaking new lingerie brand has been making waves with their innovative approach to selling undergarments. Forbes reports that the San Francisco-based company recently raised over $8 million of Series A funding. Investors included former CEOs of competing brands, Spanx and Victoria’s Secret.
Right out of the gate, ThirdLove took advantage of today’s new mobile-first retail landscape. By offering a mobile app as well as a specialized ‘FitFinder’ on their website, ThirdLove allows women to find their perfect bra fit in under 10 minutes in their own homes, without the stress of a traditional fitting. Eventually, the company was able to use and adapt to their app’s data, as it became clear that a significant portion of their consumers fell in between sizes. Leveraging this information has played a huge part in ThirdLove’s success as well as differentiated them from their competitors (40% of their bras now come in half-cup sizes).
Co-founder Heidi Zak had an extensive background in both tech and retail prior to launching ThirdLove. As per Heidi, “[These roles] allowed me to understand opportunities in traditional retail models that could be created by using technology to design better products and create a better shopping experience.”
Indeed, the increased usage (read: we’re obsessed) of smartphones worldwide mean a new wave on the horizon of digital retail as e-commerce slowly makes way to ‘m-commerce’. Reports show that mobile commerce accounts for 40% of online commerce worldwide. App usage dominates the time consumers spend on their phones, with 90% of all time spent on mobile being dedicated to them. The amount of Lifestyle and Shopping apps alone grew 81% in 2015. If you’re a brand wondering whether you need a shopping app or if a mobile-optimized website is enough – there’s your answer.
Additionally, while websites, shopping apps and mobile wallets are designed to make shopping easier, companies are getting creative and taking things a step further by integrating smartphone technology directly into their products. We’re now seeing smartphone-charging purses, Wi-Fi enabled neckties and digitally animated t-shirts becoming the norm – and that’s just in the Apparel and Accessories sector!
With brands and retailers alike introducing new ways for shoppers to enjoy their wares via smartphone, it will be interesting to see what the future looks like for traditional brick and mortar stores.
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