Launched by Amy Roiland, FashionTap was a novel platform that aimed to revolutionize the industry by linking fashion enthusiasts, influencers, and brands in one seamless, interactive space. After making a notable appearance on the hit reality show, Shark Tank, many speculated that FashionTap would become a staple in the fashion industry.
However, the app’s trajectory took an unexpected turn. This article explores what transpired after the Shark Tank episode aired, examining the challenges and eventual fate of FashionTap.
What Is FashionTap?
This application has garnered a surging wave of popularity within the fashion domain, courtesy of its distinctive attributes, notably encompassing the capacity to affix labels onto attire and accessories depicted in images while conjuring intricate, interactive links that beckon followers toward effortless shopping experiences.
Within this avant-garde platform, users traverse a landscape abundant with the most up-to-the-minute vogue tendencies, concurrently harnessing the power of affiliate links to amass earnings by disseminating their most cherished ensembles and product endorsements among their dedicated following.
Moreover, FashionTap extends a welcoming hand in fostering connections amongst devotees of fashion, paving the way for collaborative ventures, thereby nurturing an authentic sense of camaraderie nestled deep within the industry’s bosom.
By seamlessly offering access to cutting-edge trends in fashion and acting as a conduit for forging bonds among kindred spirits, FashionTap stands poised as the trailblazer effecting an evolutionary transformation in the fashion panorama.
FashionTap, a celebrated virtual hub for the fashion-savvy, beckons individuals to partake in its cost-free membership, capitalizing on the opportunity to earn rewards by sharing their passions and interests with a wider audience.
This thriving community becomes the pivot point where stalwarts of the fashion realm intersect with their fervent admirers, spanning the spectrum from trendsetting designers and visionary photographers to adept makeup artisans, all converging on the pulse of the latest styles.
Pros:
Unique Concept
FashionTap came into the market with a unique idea: creating a social network where bloggers and influencers could post photos of their outfits and tag each item of clothing, accessory, or makeup product. This allowed followers to easily find and purchase the products they admired. For brands and retailers, this offered a direct channel to potential customers.
User-Friendly
FashionTap was praised for its user-friendly design. With an interface that was easy to navigate, users could share their fashion photos, reviews, and recommendations with ease. This made it a popular platform among fashion bloggers, costume designers, and businesses looking to connect with influencers and buyers [2].
Positive Reviews
When the app was live on the Appstore, it received 114 reviews, most of which were positive. This indicates that users found value in the platform and its features.
Cons:
No Deal on Shark Tank
Despite its innovative concept, FashionTap did not secure a deal on Shark Tank, which could have provided a significant boost in terms of funding and exposure.
Unfavorable Evaluations
Despite the positive reviews, FashionTap also faced some criticism. Some users found issues with the app’s functionality, as indicated by unfavorable evaluations.
Business Closure
Unfortunately, FashionTap is no longer in operation. Despite the closure, Amy Roiland continues to maintain her passion for fashion through her blog, A Fashion Nerd [3].
Who Should Benefit From Using FashionTap?
FashionTap was designed to benefit a range of individuals and businesses within the fashion industry.
Here are the main beneficiaries:
- Fashion Influencers and Bloggers: The app allowed influencers and bloggers to monetize their fashion photos, reviews, and recommendations by tagging the clothing and products they were wearing. When followers purchased these items through the tagged links, the influencers could earn a commission from the sale;
- Fashion Enthusiasts and Consumers: Fashion enthusiasts could benefit by discovering new brands and products from their favorite influencers. They could easily purchase the items they admired directly from the tagged photos;
- Brands and Retailers: FashionTap facilitated sponsorships with large brands. Brands could send products to influencers for promotion, providing them with a direct channel to potential customers. This made it an effective marketing tool for both established and emerging fashion brands;
- Fashion Professionals: As a dedicated platform for the fashion industry, FashionTap offers numerous advantages to fashion professionals interested in reaching their target audience [4];
About Founders Of FashionTap
Amy Roiland, a multifaceted talent with experience as a fashion blogger, former model, designer, and PR representative, conceived FashionTap as a distinctive social networking platform dedicated to the world of fashion. This innovative space empowers members and fashion influencers to tag brands within their photos, earning a commission when other users make purchases based on these tags. Furthermore, the app enables seamless sharing of these fashion-forward photos on other social networks while retaining the essential tracking capabilities inherent to the FashionTap App.
FashionTap essentially offers a “members only” rendition of Instagram, fortified with an integrated monetization system. The platform’s main page showcases a myriad of photos contributed by its members. Joining this fashion-focused community is a straightforward process: users create their profiles and can then explore the images that catch their eye. If they wish, they can even purchase the clothing or accessories featured in these photos.
Fashion marketers and members alike can curate posts showcasing their favorite fashion items and provide direct links for interested buyers to make a purchase. Amy Roiland’s vision is not only to foster a vibrant community but also to establish a lucrative income source for members, along with equipping them with the tools to stay abreast of the latest fashion trends.
One remarkable aspect of FashionTap is Roiland’s commitment to her members’ financial well-being. She underscores that she does not profit from any user’s transactions within the app; instead, a full 100% of the sales commissions go directly to the member who made the post. Amy’s motivation for creating this platform stems from her genuine passion for the fashion industry and her desire to enrich the lives of those who share her profession.
However, despite her dedication to the community and its members, Roiland recognizes the potential for further monetization. This is where the prospect of partnering with a Shark comes into play. By exploring avenues such as offering premium services to brands and PR firms, FashionTap could tap into additional revenue streams and continue its mission to revolutionize the fashion social networking landscape [5].
The Pitch Of FashionTap At Shark Tank
Amy Roiland confidently entered the Shark Tank and graced the stage with an introduction to herself and her brainchild, FashionTap. In her pitch, she sought a $ 100,000 investment in exchange for a 10% equity stake in her fashion-forward venture [6]. Amy enthusiastically described FashionTap as a social media app that serves as a discovery platform for bloggers and influencers, enabling users to turn their everyday fashion choices into a lucrative endeavor.
Demonstrating the app’s functionality on the expansive screen, she showcased how individuals could effortlessly upload images of themselves donning various items like eyeshadow or shoes, tag them, and share them with their followers.
Amy proceeded to present Erica, a prominent fashion blogger, as an example of FashionTap’s user base. Erica’s profile displayed a captivating image of a model adorned in a dress, shoes, and a necklace – all meticulously tagged.
Viewers could interact with this image by tapping on any item, which seamlessly transported them to a sales page for the corresponding merchandise. Amy emphasized that this approach incentivized bloggers to promote brands, as they earned commissions from ensuring sales, eliminating the need for users to inquire about the origin of showcased items.
Underlining the appeal of FashionTap to “branded retailers”, Amy highlighted how it tapped into the latest trend of collaborating with bloggers and influencers, making it a cutting-edge advertising medium. She expressed her passion for fashion and implored the Sharks to join her in making FashionTap a reality.
Kevin was the first to voice his thoughts, noting that similar concepts already thrived on platforms like Instagram and Facebook. He probed Amy on what set her idea apart. Amy, drawing from her own experience as a fashion blogger, stressed that Instagram didn’t offer the same level of functionality, lacking the ability to tag various elements within photos or include live links in image descriptions. Moreover, she emphasized that Instagram bloggers didn’t earn commissions from sales.
Mark inquired if Amy was concerned about Instagram introducing links in its posts. Amy remained unfazed, asserting that Instagram had a broader user base and wasn’t a dedicated fashion platform. She contended that FashionTap offered a more specialized experience and allowed bloggers to import their Instagram photos for tagging.
Kevin sought clarity on FashionTap’s revenue generation. Amy outlined three streams: e-commerce, where the app would earn a 10% cut from sales at big retailers; sponsorships, facilitating collaborations with brands and bloggers; and affiliate links, granting users 3-35% of product sale proceeds.
Amy disclosed $ 60,000 in sales over the past six months, with Chris Sacca, a guest Shark, raising concerns about the challenges of convincing larger retailers to add their inventory to FashionTap’s platform. Amy revealed collaborations with brands like Free People and Jeffrey Campbell, highlighting her connections in the industry. She also mentioned 6,000 downloads and 1,500 active monthly users, achieved solely through organic marketing via her blogging channels.
Amy’s second revenue stream, sponsorships, intrigued the Sharks. She explained that brands sent merchandise and funds to popular bloggers for promotion. However, she evaded specifying the model’s earnings from sponsorships.
Barbara inquired about Amy’s ownership structure, learning that the chairman held 38%, Amy owned 33%, the COO had 5%, the CTO held 23%, and 1% went to the developer [7]. Amy clarified that the $ 90,000 from the chairman funded the app’s development.
Mark pressed Amy for her intentions with the $ 100,000 investment. Amy clarified it would be exclusively allocated to marketing to grow the user base, not for personal compensation.
Mark expressed skepticism about the feasibility of FashionTap going viral with limited resources. Amy remained resolute, emphasizing her plans for organic growth. Mark then inquired about her strategy to incentivize people to use FashionTap effectively.
Barbara, the final Shark in the tank, contemplated Amy’s offer. Eventually, she proposed a 25% equity stake in exchange for the $ 100,000 investment, but Amy politely declined, unable to deviate from her 10% equity offering. Barbara expressed disappointment, but Amy stood her ground, leading Barbara to bow out.
Ultimately, Amy left the Shark Tank without a deal, and the episode concluded with Kevin humorously remarking that she had been “crushed by Godzilla”.
FashionTap After The Shark Tank
As of December 2022, a fan-made site dedicated to providing episode recaps and updates suggests that Amy Roiland made efforts over several years to garner retailer interest in her app. However, it appears that despite her persistence, the platform eventually ceased operations in 2018.
FashionTap’s journey highlights the formidable challenges of establishing a foothold in the highly competitive world of social networking and fashion, where established platforms like Instagram hold a commanding presence.
Despite not securing a deal on the show, Amy Roiland continued her entrepreneurial journey, actively promoting FashionTap through her website and social media channels. She also explored affiliate marketing opportunities and had aspirations to establish a physical office for the company.
Regrettably, her efforts did not yield the desired results. While she did manage to gain some followers on Instagram, the app itself failed to gain traction and ultimately ceased operations in 2018 due to financial constraints. The limited availability of the app exclusively for iOS devices and negative user reviews, citing difficulties in finding specific looks, may have contributed to its downfall.
Furthermore, Instagram introduced its shopping feature, providing influencers with a means to monetize their fashion-related content, potentially rendering FashionTap redundant.
In recent times, Amy Roiland has returned to her roots as a full-time fashion blogger. She also sells vegan camera straps on her website, priced at $ 25 [9]. Additionally, she maintains a closet on Depop, where she sells various items such as shoes, clothing, sunglasses, and accessories.
Amy has maintained a substantial presence on Instagram, boasting over 222K followers as of 2023, a significant increase from the 153K she had in 2018. Her Instagram remains an active platform where she shares fashion-related content and occasionally showcases her artwork. She has highlights dedicated to Travel, OOTD (Outfit of the Day), Shoes, and Mom Life on her profile.
Amy Roiland’s daughter, Ryder Birdie, is also featured on her Instagram account, although the following is smaller, likely due to the newer nature of the account. Moreover, she includes Ryder Birdie in her YouTube channel, “Fashion Nerd TV”, which currently boasts 1.93K subscribers, although it is not updated as frequently as her Instagram page.
The Net Worth Of FashionTap
As previously mentioned, FashionTap ceased its operations in July 2018, indicating that the venture faced challenges and eventually discontinued its services.
Alternatives To FashionTap :
- Seen On Set: This platform is dedicated to helping consumers find and purchase products seen in movies, TV shows, and music videos;
- Eco-Index by Changing Room: Geared towards sustainable fashion, this tool helps consumers find eco-friendly clothing options;
- ASOS Visual Search: ASOS’s feature lets shoppers search for items by uploading a photo, making it easier to find specific styles or outfits;
- 21 Buttons: Similar to FashionTap, 21 Buttons is a social commerce app that allows influencers to share shoppable photos of their outfits;
- The Hunt: This community-powered app helps users track down items they’ve seen in photos but don’t know where to buy;
- NET-A-PORTER: A high-end fashion retailer, NET-A-PORTER also offers a magazine and a social network of sorts, where users can create and share wish lists [11];
FAQ:
- Does FashionTap still exist?
No, FashionTap does not exist anymore. The app went out of business and was pulled from the Apple Store in 2018 [12].
- Which Shark Tank business failed?
There have been numerous businesses that failed after appearing on Shark Tank. One such example is ToyGaroo, a toy rental service, which filed for bankruptcy just a few months after securing a deal on the show.
- What is the most successful business in Shark Tank history?
The most successful business in Shark Tank history is arguably Scrub Daddy. The company has made over $ 200 million in sales since its appearance on the show.
- Has anyone from Shark Tank made it big?
Yes, several entrepreneurs who pitched their businesses on Shark Tank have made it big. Apart from Scrub Daddy, other successful businesses include Bombas Socks, Squatty Potty, and Simply Fit Board.
- Which shark is making a profit?
All the sharks on Shark Tank have made profits from their investments in the show. However, the exact amounts are not disclosed publicly.
- Who is the richest shark?
Mark Cuban is the richest shark, with a net worth estimated at $ 4.3 billion [13].
- Is Shark Tank still in business?
Shark Tank is still in production and airing new episodes.
- Is anyone on Shark Tank a billionaire?
Yes, Mark Cuban is a billionaire. He made his fortune by selling his internet-based companies during the dot-com boom.
- How many companies fail in Shark Tank?
Exact numbers are hard to come by, but it’s estimated that about half of the deals made on the show fall through or fail after the cameras stop rolling.
- Who turned down a million dollars on Shark Tank?
Coffee Meets Bagel, a dating app, famously turned down a $ 30 million offer from Mark Cuban.
- Is Shark Tank scripted?
While the entrepreneurs do prepare their pitches beforehand, the dialogue on the show is not scripted. The negotiations and reactions are real.
- Who is the nicest shark on Shark Tank?
Opinions on who the nicest shark is can vary, but many fans consider Robert Herjavec to be one of the most kind-hearted sharks on the show.
- How do I get on Shark Tank?
To get on Shark Tank, you need to apply through the show’s official casting website. There, you’ll find instructions on how to submit your application and potentially get the chance to pitch your business to the sharks.
- How much is Lori Shark Tank worth?
As of 2023, Lori Greiner’s net worth is estimated to be around $ 100 million.
- Who was removed from Shark Tank?
No shark has been officially removed from Shark Tank. However, some guest sharks have appeared only for a limited number of episodes.
Useful Video: What Is FashionTap?
References:
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- https://www.reddit.com/r/sharktank/comments/lttlvu/fashiontap/