Sramana Mitra: This problem has been identified a long time ago. People have tried to build such enterprise knowledge management companies before. I’ve seen many of these attempts. Mostly they’ve failed. While these attempts were made and failing, there was an explosion of digital tools and data. All this was happening in parallel. In 2019,
Sramana Mitra: Did revenue take a hit in 2020? Hannah Fastov: It did. That was when we were able to see the benefits of the direct to consumer business that we had built. It remained equal to the year prior. Sramana Mitra: You did $2 million in 2020? Hannah Fastov: Yes.
Sramana Mitra: What level did you reach in 2019? Hannah Fastov: In 2019, we did $4 million. Then the pandemic hit. Sramana Mitra: How did that go? Hannah Fastov: That was an interesting time for us. We’re selling an on-the-go bag and everybody’s staying home. We just had our shipment come in at the beginning
Sramana Mitra: That brings us to end of 2017. What kind of revenues were you tracking at? Hannah Fastov: Close to a million. At this time, most of our revenue was coming in from our wholesale business but we were doing over $250,000 on our website. When we saw what was working in advertising, then
Sramana Mitra: Tell me about traffic for the Shopify website. What strategy did you follow to drive traffic? Hannah Fastov: After we launched our Shopify website, we started to engage with a digital advertising agency. I worked closely with them to develop this strategy of how we are going to get people to our website.
Sramana Mitra: The positioning was as a gym bag. Hannah Fastov: We started as a gym bag. Our first trade show and our first target demo was either to the fitness instructor who was teaching four different classes all over the place who was always on the go. We also targeted the avid gym goer
Hannah Fastov: For six months, I couldn’t stop thinking about this idea. In January of 2016, I googled “New York handbag designer”. I found my designer who had been with me since the beginning. She helped me commercialize my ideas. She took what I wanted, made it into a bag that had the potential to
Excellent story of a fashion e-commerce entrepreneur bringing to market a range of new bags.Positioning, customer acquisition, business development, partnerships – many topics are dealt with in great detail in this conversation. Enjoy! Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born and raised? What