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What Happened to FashionTap After Shark Tank?

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Did you ever imagine getting paid for blogging? True that was possible and the very idea that Amy came up with.

FashionTap is one of the most sought online fashion social networks. It’s easy, one can sign up for free, and not only that, and can also earn money from content that explains your interest to others.

FashionTap has become a great platform for fashion bloggers, costume designers, and businesses to link with their influencers and buyers. In easy words, FashionTap can be considered as an affiliate marketing platform for fashion bloggers.

This Online community allows us to link fashion industry professionals and enthusiasts using the latest designs, styles, fashion designers, and photographers.

FashionTap at a glance:

EPISODE NOSeason 7 Episode 26
BUSINESS IDEAFashion Bloggers affiliate marketing platform
fOUNDERAmy Roiland
ASKED FOR$100,000 For 10%
ACCEPTED OFFERNo/None
SHARKNo Shark
BUSINESS STATUSOut Of Business
WEBSITEFashionTap

Index:

Founders Story: 

Amy Roiland is the founder of FashionTap. Amy is already a proclaimed fashion blogger, designer, erstwhile model, and public relations executive. Amy writes for her blog A Fashion Nerd on FashionTap and has been managing social media for Betty and Veronica.

Amy herself a blogger, launched her social network platform after witnessing the limitations of other platforms in the market. 

FashionTap Shark Tank update
Amy Roiland

The unique idea of her tool is to enable bloggers to upload their content and classify the images into respective categories. Once the users click on these tags they get directed to their sales landing page to buy items and with a commission too… Do you believe that Sharks would invest in such a cool idea?

Did Fashiontap get a deal on Shark Tank?

In his pitch, the inventor of FashionTTp, Amy sought an investment of $100,000 investment for a 10% stake. Sharks were quick to pick up the intricacies of her business by asking why the need for such an app in the world of other established platforms like Instagram. 

Amy was quick to clarify that these sites are too cluttered with advertisements and do not provide any capability to link a specific object in a photograph. Kevin raised the concern about the revenue stream on how they can earn a 10% fee on purchases and how will they get retailers’ agreement on such purchases from the app.

See also  What Happend to PostureNow After Shark Tank?

Mark Cuban enquired about the user base, which included 1500 active users and app downloads of approx. 6000 in six months period. 

https://www.youtube.com/watch?v=J5nOF6cA-T8

Amy’s blog did provide the most required “soft launch” but sadly did not increase any marketing or revenue opportunities. Her goal was to earn between 1-3 % of total sales but nothing materialized. External investors’ stake of 67% led to a decline in Sharks’ interest as it did not provide any leverage to grow big and hampered Sharks’ enthusiasm.

Barbara made a counteroffer of $100,000 for a 25% stake but it was rejected by Amy. Amy was asked to reconsider but she eventually had to walk out of the shark tank without a deal. 

What Happened To FashionTap After Shark Tank?

The FashionTap model promoted users to post on the FashionTap app to earn a commission from the sale without indulging in the profit share. Revenue streams could be segregated as 10% coming from e-commerce, secondly from large brand sponsorships and lastly stream from affiliate links which would enable around 5-35% of revenue.

There were many competitors who have prospered in the same line of business, but Amy could not visualize her business as a profitable venture. Now the website fashiontap.com is also out on sale at 10,000 USD. Also, FashionTap’s social media handles are inactive.

FashionTap net worth:

At the time of the shark tank appearance, FashionTap was valued at around $1 million as per the founder. Although FashionTap stopped its operation in July 2018.

FashionTap Product Analysis

FashionTap had the unique feature to tag like a photograph. Once the user has created tags in their images on the retailer’s website then any sales due to the link will be benefitted to the user with the commission.

FashionTap Shark Tank update

Competitors of FashionTap:

S.NoProduct CompanyEmployeesFundingSales
1FashionTapAmy Roiland      30          $0$60,000 initially.
2FashionTap's Competitor - 21 Buttons logoMarc Soler Obradors65$30.2 M$13.4 M
3FashionTap's Competitor - Shoptap, Inc. logoTimothy Weingarten      227        $16.2 M            $78.5 M
4FashionTap's Competitor - NET-A-PORTER logoAlison Loehnis    2,103            —            $693.8 M

Is FashionTap still in business?

FashionTap stopped its operation in July 2018 although she rejected Barabara’s offer at Shark Tank of 100,000 for a 25% equity. As Instagram has allowed adding links to stories which also caused hurdles in the way.

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

Related Articles:

What is FashionTap?

FashionTap can be considered as an affiliate marketing platform for fashion bloggers.

Who founded FashionTap?

Amy Roiland is the founder of FashionTap. Amy is already a proclaimed fashion blogger, designer, erstwhile model, and public relations executive. Amy writes for her blog A Fashion Nerd on FashionTap and has been managing social media for Betty and Veronica.

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