New York - Singapore-based fashion technology startup BlinQ plans to tap into the booming South Asian luxury e-commerce market and turn their augmented reality fitting rooms into the go-to tech in the region.
According to a recent McKinsey’s global fashion report, the personal luxury market is estimated to be 300 billion dollars as of today, growing up to 500 billion dollars by 2020. Asia currently holds a circa 45 percent of the market.
Bob Chua, BlinQ’s founder explained to ‘BusinessWire’ that “BlinQ uses AR and Algorithmic patterns to provide users with the latest trends and personalised fittings from their digital devices. It also allows users to choose how they would like to consume fashion, which may not necessarily be to buy, but to also rent, subscribe, or pay later for latest luxury designs from major and upcoming brands across SE Asia”.
Chua further outlined his company’s plans to fuse the “successful models of ASOS, Farfetch, Rent-the-Runway and The Real Real into a single platform, while targeting affluent Asians. The multi-brand and multi-mode platform allows for a wider audience to be able to enjoy luxury...especially amongst millennials.”
At a later stage, the startup will monetise their platform by white-labelling our virtual changing room AR (Augmented Reality) features to other e-commerce sites, “which will ultimately reduce returns (currently estimated at 60 percent of all online purchases) and increase purchasing propensity (estimated to drive 30 percent-40 percent more sales due to trying before buying).”