Invest Like the Best with Patrick O'Shaughnessy Katrina Lake – The Next Wave of E-Commerce - [Invest Like the Best, EP.187]
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Aug 18, 2020 Katrina Lake, co-founder and CEO of Stitch Fix, shares her journey of revolutionizing retail through data science and personalized styling. She discusses the evolution of e-commerce in apparel and how the pandemic accelerated shifts in consumer behavior. Katrina highlights the importance of combining data-driven strategies with human creativity. The conversation also touches on the emotional challenges she faced during Stitch Fix's IPO and the significance of building strong partnerships with suppliers in the era of stakeholder capitalism.
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Personalization in E-Commerce
- Early e-commerce focused on price, assortment, and convenience.
- Stitch Fix adds personalization, crucial for apparel where fit and personal preference are paramount.
Relevancy over Search and Filter
- Search and filter e-commerce struggles with apparel's subjective nature.
- Stitch Fix combines data science with stylists to solve this relevancy problem.
Data Science Foundation
- Data science is foundational to Stitch Fix.
- It powers recommendations, inventory planning, warehouse optimization, and stylist augmentation.