Silkroll: Anyone with an overflowing closet full of clothes that no longer fit can participate in silk roll, a unique garment and handbag swap, or trade concept. When you shop online through silkroll for new clothing or accessories, you’ll receive q points in the mail. For free delivery, you can send in your high-end designer clothing and gain q points in return. You can even have them appraised before you go online to see how many q points you’ll obtain due to this.
Silkroll is whose property:
Erin wold and Janet wu, co-founders of silkroll, came up with the idea. Former investment banker Janet, a California mother, worked in the united kingdom and Asia at different careers. Through the store, you can also do straight-up item swaps with other users who share your interests. Over four years, Erin effectively oversaw a start-up company in operations and logistics, helping it achieve tremendous growth.
History of the founder:
It was during this time that Janet had the concept for silkroll. These continuous changes necessitated the need to modify her clothes – often from scratch, with luxury wardrobes costing thousands of dollars to maintain up to date. Because of this, the designer clothing enthusiast began to wonder if designer apparel couldn’t trade in for credit towards another buy. Fewer clothes would end up in landfills as a result of this technique.
Fair cash value:
The only thing you have to do is ask for a box and load it with undesired, high-quality clothing. A fair cash value is assigned to each piece of clothes. Clothing is purchased on the site using your points, and the things are mailed to you. Thousands of things are available on their website. Republic, a crowdfunding platform, provided the women with $104,773 to launch their firm in early 2018.
A 3 percent equity investment would have netted them $250,000 from Janet and Erin – but they were dubious of how they would make money with this approach. To make up for what users want, they charge users a 5 percent transaction fee and, on average, have a 68 percent profit margin. As a result, they make a profit. However, sharks believe that their valuation is excessive and that their business plan has been overcomplicated in the process. All of them turned down silkroll’s offer.
High-end garment consignment buying has never been easier, thanks to the firm. However, silkroll’s method of doing business is. Fabric enthusiasts can send in high-end clothing that they no longer wear and gain credit in the form of points. These points can redeem for high-end clothing handed in by others. According to Janet wu and Erin wold, silkroll is the only clothes exchange business in the world.
Using a point-based system:
The two first met at a friend’s bbq when they discussed the folly of spending money on high-end clothing. Even their photographer and web designer were brought on board by that bbq party. Get to donate your unwanted apparel, and you get to shop on the platform for clothing that you want. So, consumers can now easily trade in their clothes to receive what they want to be delivered directly to their front door, all while saving time and money.
Silkroll is a firm that uses garments swapping technology to provide users with an unlimited closet. An outfit is typically worn just three times, so they created a company that allows customers to trade in lightly used apparel for points based on the item’s cost. On the site, those points can use on equivalent products. The consumer would need to register and then get a prepaid trading kit via mail to send in clothing.
- Clothing exchange scheme based on points
- No need to keep second-hand clothing around.
- Postage for the pre-paid trading kit
- Create a free account, get points, and browse the site, and trade with other members of your social network
- The kit can be filled with garments that are rarely worn and then mailed to the recipient as a surprise package
- The business model is complex.
- The business does not earn enough revenue
Silkroll is for whom?
After wearing an outfit only once, there are occasions when you don’t want to wear it again. Where does that item of clothing end up? When you don’t wear it, it sits in your closet for days or even months. A good piece of clothing is wasted, and silkroll provides the perfect answer to this problem. There is also a fashion trading network where you can trade in unwanted second-hand garments and get points based on their original cost trading with other members.
What are the different options?
There is no other platform like it on the market, so many people like to use it. However, none of them adopt the point-based system used by silkroll. Trading second-hand or used clothes means getting the most out of them, and silkroll claims to do just that for you.
A review of silkroll:
People tend to wear garments only once before storing them in their closets for years, so the second-hand clothing business is immense. A digital clothes exchange network for women is what Janet wu and Erin would bring to the shark tank with the hope of solving that problem. Every woman’s closet contains about 75% of items used for just one time throughout her lifetime. Then, it takes up room in the closet for years. Silkroll was the solution that the women came up with.
On silkroll’s platform, we believe that many individuals would like to get rid of their old clothes and trade them for new ones. The company has done a good job in ensuring that unwanted apparel is transferred around and ends up in the hands of those who wish to wear it due to the points system associated with each outfit.
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