|By Marketwired .||
|June 26, 2014 06:00 AM EDT||
SAN FRANCISCO, CA--(Marketwired - June 26, 2014) - LE TOTE, the one of a kind-shopping platform that launched in 2013, continues to evolve in the marketplace and break new ground in the online fashion shopping experience. With the creation and release of the company's new personalization algorithm, women have access to a wider variety of pieces and can essentially customize the service to fully match their personalities -- rather than trying to bend their preferences to the limited options available to them, like with other online fashion services.
Focusing on the enhancement of the customer experience has also allowed LE TOTE to both increase their current customer base and attract new investors, both of which are qualities that will propel the company to success over the next several years.
LE TOTE has evolved significantly as a company since its initial launch in the early months of 2013. The original concept involved allowing people to subscribe to a "tote" of three garments and two accessories they would receive in the mail. This unique subscription service allowed customers to completely update their own wardrobe with a variety of on-trend items for one low monthly price. As the contents of the totes changed on a monthly basis and also varied depending on the individual, no two people ever received quite the same tote.
LE TOTE's mission continues to be the same -- to provide women variety for everyday wear without breaking the bank. However, over the last 6 months the service has evolved into a fully personalized, interactive shopping experience. LE TOTE has created an algorithm, a virtual stylist of sorts, that understands customers based on their measurements, age, location, choice of items they put into their "closet."
Most importantly, the algorithm makes use of all the customer feedback to personalize the customer's experience in a way that no other retailers have been able to match. The algorithm, internally named "Chloe" as an homage to it's very first customer service agent, now styles over 80% of the totes that go out. This has not only allowed the company to focus more heavily on the customer but to really offer her a personalized experience like none other.
Customers provide style and fit feedback in the form of structured data, which is analyzed and used by the recommendation algorithm to select new pieces for each customer. The algorithm analyzes the data to select items that are based on hundreds of different data points for a particular customer.
Ben Lerer of Lerer Hippeau Ventures, one of the company's initial investors, was quoted as saying "LE TOTE brings much-needed innovation to the women's apparel and accessories market" when discussing the new direction that the company has taken over the course of the last six months. He continued by discussing the company's collection of data, and how it was used to build a holistic profile of every one of their customers. This holistic profile is then used to help personalize and enhance the shopping experience, which has gone a long way towards increasing customer satisfaction and retention levels.
As a result, LE TOTE is seeing historically high retention and growth rates. This has also allowed the company to expand its existing user base by 30-40% month after month much more efficiently. LE TOTE believes that Chloe will allow the company to grow significantly without compromising the customer experience.
LE TOTE was founded by Brett Northart and Rakesh Tondon, who wanted to take the offline behavior of swapping and sharing clothes to an online, nationally shared closet. LE TOTE works with brands and designers such as House of Harlow, BB Dakota, LNA, BCBG, and French Connection that offer customers the selection they need to be fashionable every day.
For more information about LE TOTE, please visit www.letote.com.
The following files are available for download:
Frame Public Relations