There is a tremendous amount of waste in the fashion industry. Not only is it the world’s second-largest polluter, but it loses approximately $500 Billion of clothes each year (United Nations).
It’s hard to believe that each fashion brand typically sells only 50 percent of their stock. After reducing prices or sending the merchandise to an outlet, the extra merchandise gets discarded.
Sustalytics, a Miami fashion-tech entrepreneur, has a solution to reduce the waste. Through its technology – a chatbot channel – it shows consumers pictures of fashion and collects their opinions. It takes that information and analyzes the data and shares the results with the brands. The end result: it helps save money to not produce merchandise that won’t sell, ultimately saving brands money, while also receiving sustainable results.
“The best part of this story is the consumers really engage. Sometimes they are winning discounts but they also like voicing their opinion. By taking a few seconds to do that, they can make a difference,” said Julie Evans of Sustalytics.