By Phil Wahba | Fortune | October 30, 2019
In just eight years, online retailer Stitch Fix has created a flourishing business. More than 3.2 million shoppers use its service annually to buy merchandise from jeans to wool sweaters to bracelets.
Unlike with conventional online retailers, customers subscribe to Stitch Fix to receive boxes of apparel and accessories, or “fixes,” as often as they want. When signing up, clients answer a long list of questions about the kind of clothes they like and their body type—information that the company’s algorithms and human stylists use to choose which items to send. Customers keep and pay for what they like, and send the rest back.
Now Stitch Fix CEO Katrina Lake is laying the groundwork for her company’s next chapter. She wants to tap Stitch Fix’s data-crunching prowess to even more accurately predict what shoppers want to buy and keep, and to drum up more business between so-called fixes.