035 – Cathy Han of 42 Technologies and Joe Shartzer of Nyopoly – “The Answer to Everything”

Fashion Data and Engagement…

This episode sponsored by Set Ready Garment Bags — Film’s premier garment bag.

Cathy Han (Co-Founder and CEO of 42 Technologies, a big data platform for retailers, and participant inCathy Han of 42 Technologies the NY Fashion Tech Lab), joins Marc Raco (The Hope Is Project and Monkey Radio), Pavan Bahl (OS Fashion) and Rob Sanchez (Manufacture New York / Ralph and Remington [Episode 22]) in studio. Han reviews her company’s easy way to evaluate, interpret and distill data and to give recommendations about what to do with it next. She stresses the need for better data, obtained faster and simpler, and making sure the data is clean, normalized with detailed analysis, which minimizes errors. She discusses the impact of NY Fashion Tech Lab on her company’s process, how it was conceived and launched at Decoded Fashion’s hackathon, and the building of the first prototype in 24 hours. The importance of business partners having mutual respect for each other and their skill sets, the challenge of working with different body clocks, the value of honest feedback and mentor input at NYFTL, and what a win for the company would be. Plus, how Han and her team work with clients to take data in the schema with quick and simple integration, and what the team does to blow off steam.

The hosts are then joined by Joe Shartzer (Co-Founder of Nyoploy, a members-only shopping experience where members negotiate price on “fabulous and unique finds in fashion”), via Skype from Boston. Shartzer reveals how his team became involved in the NYFTL, the origins of their company name, and how the goal of finding a fun way to engage customers with brands while increasing revenue resulted in sourcing their own ecommerce store. He touches on the focus of building engaged pricing technology and adding features to tech, and why not making a sale still provides value. Shartzer shares how Nyoploy protects the retailer from discounting in stages, instead allowing retailers to take advantage of discounting curve. He talks about the psychology of discounting and getting something on sale, and on what people think value is at any one time. Plus, the retail concerns, the price sensitivity of shoppers vs. pricing aggressiveness of competitors, matching up the retailer and the customer, putting better tools in retailer’s pocket, getting validation from customers, the importance of knowing what you want to do, and how negative stories can actually motivate.

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