Monolith Raising Funding from Potential Customers for Online Fashion Site

 

E-commerce is the way forward and online shopping platforms are coming into the market every day. With increasing volumes and more competition the business model is still evolving and new ideas are being tried in order to find the perfect system. Monolith is a new e-commerce website based in New York which is still in the development stage. It aims to deliver designer quality clothing at your doorstep. However, they are targeting the mass market as they want to price their offerings at $111 or less.

Monolith is following the model of subscription based online fashion site. Nick Ralph, 29, has opted for the public funding route and will be launched only after it has raised $3.2 million. Potential customers are making pledges of as low as $20 to $1,000 and will be compensated in the future in terms of discounts and membership. However the accounts will be charged only after the site goes live. The company has so far raised $788,000 in the three months since they have initiated the fund raising campaign.

The online fashion site will have two designers and a team of creative advisors who will create a capsule collection every five weeks. The creative team will also incorporate inputs from its subscribers. In fact members can view the design process via video and give their inputs via email. Another unique service designed by the site is the trunk service. The company plans to ship out one size larger and one size smaller than the size asked for by the customer to try on for the best fit. A prepaid shipping box will also be sent along the consignment for the customer to send back whatever does not fit. Mr Ralph also hopes to divert some profits to philanthropy through a Buy One Give One Program that will donate a product for every purchase. But for all this to work well, the economics has to be worked out diligently

Via: crowdventurefund

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