The article first appeared on the Highland Europe.
Threads is pioneering chat commerce with its personal shopping service for millennials that uses social media, messaging and proprietary data-led tech to serve its global customer base
Chat commerce is changing the nature of e-commerce, with higher engagement and conversion rates
Founder Sophie Hill is a millennial who has created a fashion tech business for her generation
C Ventures, the fashion and millennial-focused fund, leads the round with Highland Europe
Threads has an average transaction value of over $3,000 and works closely with leading design houses including Dior, Fendi and Chopard
London, 17 August 2018
Threads, a chat commerce business that helps millennials find the right luxury outfit and accessories through social media and messaging, has raised $20m in series A from C Ventures, Moda Operandi’s lead investor, and Highland Europe, one of matchesfashion.com’s biggest investors.
Threads (@threadsstyling) is changing the luxury retail landscape by giving consumers a personal shopper in their pocket. The company uses WhatsApp, Instagram, Snapchat and WeChat to help customers find the best luxury items for every occasion, wherever they are in the world. Since day one Threads has focused on high net worth millennial shoppers, since these were being ignored by conventional luxury shopping channels.
London-based Threads is evolving luxury retailing in a new direction by interacting with customers in a personalised and immediate way, via chat platforms that shoppers already know well and use all the time. The Threads service can find, source and deliver beautiful clothes, jewellery and accessories to anywhere in the world by connecting customers, who are engaged by its original editorial content, directly to a highly skilled personal shopping team. Unlike conventional luxury retailers, Threads does not hold inventory but has direct agreements with luxury brands and suppliers around the world so that it can obtain the required products quickly, sometimes in less than half an hour. Its customers are global citizens who travel frequently and its biggest markets are in Asia, the Middle East and the US. The chat commerce that Threads has pioneered is already five times more effective at converting sales than traditional e-commerce.
Threads has been built by its world-leading tech team which has backgrounds ranging from content management to data science and fulfillment systems. They have built the first turnkey tech system that integrates social, chat and fulfillment, regardless of the platform the customer chooses to interact over. Threads is on a mission to build AI-powered chat bots that actually work in real luxury commerce conversations, enhancing the human interactions and experience.
Sophie Hill, founder and CEO of Threads, said: “I started the business because I believed that luxury retailers were ignoring my peers, the generation of shoppers under 40. I believe the future of retail involves personalisation and chat. People want something that is akin to a retail experience but they want it through their mobiles and they want unparalleled convenience and availability. Social media is already driving much higher levels of brand engagement than traditional digital channels have been able to and we see this increasing in the future, as social becomes the default channel for fashion trends, styling and commerce.”
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