The FashionTap Application is an online selling platform for fashion and cosmetics products.
The internet allows designers, retailers, and publicists to upload photos of their products and tag each object in the image. Then, when a user touches the necklace in the picture, a link to the necklace’s website is provided.
When your Instagram followers purchase something resulting from your posts, you receive a percentage of the sale. Amy Roiland, the founder of FashionTap, appeared on Shark Tank in April 2016.
In exchange for 10% equity, she requested a $100,000 investment in the Tank. Although Barbara Corcoran made her an offer, the real estate magnate demanded 25% equity. Roiland declined the offer and left without an agreement.
What is FashionTap?
FashionTap is a popular online fashion social network. You can sign up for free and earn money by writing about what interests you and sharing it with others.
FashionTap helps fashion bloggers, designers, and businesses connect with influencers, followers, and buyers. You don’t need a computer to use it, and it is easy to use.
This community connects fashion industry professionals and fans using the latest styles, designers, photographers, and makeup artists.
Who is the Founder of FashionTap?
FashionTap was founded by Amy Roiland, a fashion blogger, former model, designer, and public relations representative. She continues to work on FashionTap, writes for her blog A Fashion Nerd, and – as of February 2017 – manages social media for Betty and Veronica.
Roiland announced in February 2019 that she is launching her own business, AmRoi — it will feature eyewear, vegan shoes, and accessories such as camera straps.
FashionTap Before Shark Tank
The founder of FashionTap, Amy Roiland, was formerly a fashion blogger. Amy established her social network platform after getting frustrated with other platforms’ limitations.
She developed a tool that enables bloggers to upload and categorize images. People who click on the tags are directed to a sales page to purchase the item, and the bloggers get a commission. Would the Sharks be interested in this novel concept?
FashionTap at Shark Tank
Amy seeks a $100,000 investment in exchange for a 10% stake in her business on Shark Tank.
Sharks begin by discussing the necessity of having a niche fashion app in the age of Instagram and other established platforms.
Amy says that the present sites are too crowded with advertisements and lack features such as linking to a specific object in a photograph.
A user can link to a retailer’s website by tagging things in their images. Any sales generated by the link will be rewarded to the user.
Kevin O’Leary is concerned about revenue streams. Amy plans to connect the large box stores with her user base to earn a 10% fee on purchases made through her app.
The strategy relies on large box stores, assuming she generates enough revenue from her followers to merit commissions.
Mark Cuban wants to know more about her user base. It has received 6000 downloads in six months and 1,500 monthly active users.
Amy’s blog was used as a “soft launch” for the app. However, it does not appear that she has increased her marketing or advertising.
The second revenue stream would come from sponsorships from the fashion industry, which would pay models to be featured in images on the app wearing their clothing. Finally, the third revenue stream would come from affiliate links.
So far, the app has generated $60,000. Amy’s goal is to earn between 1-3 percent of total sales via the app. However, she is not currently making anything.
An investor invested $90,000 in her business, and he owns 38% of it. Another investor owns 29%, bringing the total ownership to 67 percent. Unfortunately, there has been a decline in the Sharks’ enthusiasm.
Amy plans to spend $100,000 on marketing to increase the app’s readership. After that, she aims to grow the app’s sales to $7 million and make it profitable.
Chris Sacca tells her that Instagram has already become “the fashion app.” Without a significant user base, corporate entities, models, and designers will not be willing to give up even the tiniest percentage of their profits to affiliate programs.
Although Mark Cuban disagrees, he believes customers have insufficient reasons to download her app.
The affiliate percentage incentive does not seem to be sufficient to grow her audience to the required level. The man has left.
She tells Chris Sacca she is pursuing the holy grail, that the concept of a “click a button and buy the sweater Jennifer Aniston is wearing on Friends” has existed for a long time.
He admires her concept but is skeptical that she is honest about the amount of work and time required to affiliate relationships with fashion industry giants. He has departed.
Kevin O’Leary believes Amy is too tiny and crushable by the industry’s established major competitors. He has departed.
According to Daymond John, Amy is the “real deal,” but he believes Instagram will eventually take over the market. He is gone. Barbara is the only survivor.
Barbara adds, “I should listen to the tech experts here, but I am ignoring them.”. FashionTap was compared to her successful investment in Grace ‘n Lace, and $100,000 was offered in exchange for 25%.
Amy does not respond. The Sharks try to persuade her to reconsider, but she rejects the offer outright. Finally, when Barbara stays firm, she exits the room.
What Happened To FashionTap After Shark Tank?
Amy is dedicated to expanding her app and looking for affiliate marketing opportunities. She is also actively promoting the app via her website, social media, and blog.
However, her app hasn’t taken off as expected in the fashion world. So what are the chances that Instagram will enter the niche market by allowing affiliate links on its platform?
Instagram’s reach made the Sharks’ speculation plausible. A larger platform would almost certainly acquire FashionTap if that were to happen. Apps like this one appear to be going the way of the duck face selfie.
FashionTap’s About page indicates that the company has expanded its staff and user base.
Although the iOS app store appears to be exclusive to iPhone and iPad users, the software has tens of thousands of users.
Their reviews are primarily positive, with 114 in total. The few negative reviews the app has received note its lack of search functionality.
There are few unique looks to be found as a result. Nevertheless, Amy Roiland has ambitious goals for the future. She is now adding new features to FashionTap, such as improved search and e-commerce functionality. She also plans to open FashionTap offices.