CEO, Stitch Fix
CEO, Stitch Fix
The ongoing impact of COVID-19 has been a challenge for the retail industry, which continues to navigate this environment and adapt to the persistent uncertainty. Stitch Fix, a company that pioneered personalized shopping and styling by combining the expertise of human stylists with advanced data science, is digging deep into its innovative mindset to position the company for future growth.
“We are laser-focused on strategies that support our return to profitable growth,” says Elizabeth Spaulding, Stitch Fix CEO. “These include expanding our product offerings by adding more ways for existing and new clients to find personalized items and style inspiration, enhancing our technology to fuel the personalized online stores we envision for our customers, and strengthening the relationship between our expert stylists and clients.”
This innovative approach requires the company to be the first mover in terms of technology. “Stitch Fix is in a constant state of digital transformation,” says Spaulding. “Whether that’s using customer feedback, data analysis and stylist expertise to predict style and shopping trends for our clients or updating our platform experience through product updates that improve the client experience, we’ll continue approaching digital transformation like we always have—as an essential part of our entire business.”
Stitch Fix recognizes that people and technology are interdependent, especially since the company’s business model is built around the collaboration of people and technology. “Tech and humans bring out the best in each other. We are amid a multiyear endeavor to change the way people shop, and that requires a strong team armed with the best tools.”
True to its personalization mission, Stitch Fix is approaching its workforce with recognition of each individual’s needs. That might be crucial when skill shortages and an anticipated recession are straining employees and employers. “At Stitch Fix, we know there is no one-size-fits-all approach—whether for clothing choice or working style. The specifics of a company’s work, internal infrastructure and employee needs should determine the work models,” says Spaulding. “We have instituted a ‘work restyled’ philosophy that ensures our employees can do their best work wherever they are. Our personalized work model allows us to hire a diverse workforce centered in equity.”