KUALA LUMPUR, Jan 14 (Bernama) -- Asia’s booming luxury fashion e-commerce space is a hugely untapped market according to BlinQ founder and chief executive office, Bob Chua.
The personal luxury market is currently estimated to be worth US$300 billion (US$1 = RM4.09) and will grow to US$500 billion by 2020, with close to 44 per cent deriving from Asia, according to McKinsey’s global fashion report.
“BlinQ uses augmented reality (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 the latest luxury designs from major and upcoming brands across Southeast Asia (SEA),” said Chua in a statement today.
“The multi-brand and multi-mode platform allows for a wider audience to be able to enjoy luxury … especially among the millennials,” added the entrepreneur who has had two successful Big Data exits and an IPO on the London Stock Exchange.
From a business-to-business (B2B) aspect, BlinQ plans to monetise its platform by white-labelling the virtual changing room to other e-commerce sites.
BlinQ also envisions powering the back-end logistics and fulfilment of goods via fully automated warehousing to meet the demand for speed, scope and scale in the region, while optimising the customer experience.
For details, visit https://blinq.fashion.
-- BERNAMA
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