Anyone who’s seen Clueless will remember Cher Horowitz’s totally over-the-top walk-in closet, complete with a computer system that helps her select the perfect outfit at the start of each day. Thanks to FINDMINE, a new digital platform that leverages A.I. technology to offer personalized fashion advice to online shoppers, that dream is becoming a reality.
An avid online shopper herself, co-founder Michelle Bacharach was no stranger to the pitfalls of e-commerce; with so many options and so little visibility, it can be difficult to know where to begin. In order to address this issue, Bacharach teamed up with Konstantin Itskov ’16 GS to create a new kind of online retail experience — one that merges the convenience of e-commerce with the inspiration and clarity of shopping in a physical store.
But FINDMINE isn’t just making it easier for consumers to pick the perfect outfit — it’s a big win for retailers as well. The advanced software analyzes a brand’s unique aesthetic before making suggestions to online shoppers.
So far, the technology has been an overwhelming success — after launching with its first customer in September of last year, FINDMINE experienced a 40% bump in order value on purchases from the brand’s website. After their launch, FINDMINE signed with two more major brands, one of which generates over ten billion dollars in sales revenue annually. All of their clients have experienced significant upswings across key metrics, enabling Bacharach and Itskov to maintain high price points and pursue a more selective client base.
Since winning New York Techweek’s Pitch Competition, being named as a finalist in Philadelphia’s Capital Championship, and placing second in the Columbia Venture Competition Startup Columbia Challenge, FINDMINE has garnered significant recognition among its peers in the startup and investment realms. And the company shows no signs of slowing down: its founders hope to expand beyond e-commerce, with their eyes set on brick-and-mortar dressing room technologies and an iPhone app for sales associates. Aiming to create a scalable model and generate the revenue needed to build even more complex A.I. systems, Bacharach and Itskov haven’t lost sight of priority #1: to remain true to both the vision of the retailer, and the needs of the consumer.
