Last Updated on March 19, 2022 by
Lyst is a legit shopping application and a fashion technology company. Its founder is Chris Morton, who launched the business in 2010 in London. Lyst sells many items from over seventeen thousand designers and stores, and it is a global fashion website that connects many people. Its products include Balenciaga, Gucci, Valentino, Prada, Burberry, etc. Its goal is to power success online and drives meaningful direct sales within a highly trusted brand environment. Lyst is a legit website, and all brands listed are authentic.
The management works with the world’s leading brands and stores to ensure consumers shop for different products under one roof.
The History Of Lyst
A young venture capitalist at London-based firm Balderton Capital saw an opportunity to innovate Lyst when he shared an apartment with two women obsessed with checking out premium fashion websites. The topic of fashion was ubiquitous in his life because, at that time, he was associated with the initial public offering of Yoox, which is an online luxury retailer.
He thought much about the online shopping process and concluded that the shopping process had become depersonalized and incompetent.
Chris was presumptive that data should shape every tailored site for online consumers. He cross-examined the search technology operated by travel websites that conglomerated thousands of substitutes to aid customers in making the best choice. He thought of creating his website with a similar approach, with product and brand products tailored based on consumers’ past preferences. He came up with the site and named it Lyst. The name refers to how users cite wish lists and distribute them.
He left his job to work with two partners, Devin Hunt and Sebastian Trepca. He ensured that the site used algorithms to combine twelve thousand individual and multi-brand fashion sites into a single customized location. He launched it in 2010, and it became famous in no time. Consumers were happy because they did not have to visit different brands’ websites for various accessories. In a few years, Chris had a fixed customer base (women and men from the age of twenty to forty who spent approximately five hundred dollars to one thousand dollars per month on clothing).
By the end of 2012, Lyst was minting money, and it generated approximately one million dollars in monthly sales. He created an app that made it easier for consumers to shop from the comfort of their mobile phones. He began a feature that allows consumers to purchase products directly from retailers in the same year. The firm received recognition and was listed in the ‘UK Future Fifty.’ Lyst has over one hundred and sixty million users globally.
Is Lyst Legit Or A Scam?
Lyst is one of the few companies that frequently offer consumers good and attractive deals. Those who aren’t Lyst consumers might find the deals too good to be true and wonder if Lyst is legit or a scam.
Lyst is a legit website, and consumers are safe to buy their products through it. Online shopping increased over the past two years due to the pandemic. It makes it easier for consumers to purchase anything, although there are setbacks. It doesn’t sell fake items, and the products purchased by the consumer are delivered directly from the retailer.
The site is a verified seller of all the brands they work with, recognizing the company as an authentic seller.
These days scamming has become so common that sometimes when consumers see a good deal on a particular website, their first thought is that it’s a scam. The official Lyst website is www.lyst.com, and consumers have to be aware of fake websites such as www.lystdiscount.com. Thankfully, it has shut down.
Consumers that use Lyst to shop are happy with the website and have no complaints. Their products are delivered on time, safe, and sound. There are a few issues, but the management ensures to sort them out.
How Does Lyst Work
Lyst is a global fashion search engine, and when consumers search for a product, the algorithm explores plenty of stores and designers. The website doesn’t depend on one store or brand; it has an extensive catalog of almost limitless products.
Once the consumers search for the product and click on it, they take it to the retailers’ official website. It tracks every visit that it sends to the retailer, and the retailer gives the company a commission if a consumer purchases a product. It is like extreme, large-scale affiliate marketing.
Lyst is not responsible for how long consumers have to wait for product processing and delivery, as it is up to the retailers. The company is highly dependent on data and analytics. Its research and development team and data scientists take the website to new heights.
The website provides tailored recommendations to all users based on the activity, increasing the conversation rate immensely.
It is free to download and install the app. Hence, the company is legit and sells authentic original products.
Business Model Of Lyst Application
Customer Segments
Lyst doesn’t differentiate between customer segments and has a vast market business model. The company sells products for men and women.
Value Proposition
The company offers three value propositions: customization, convenience, and status.
It provides customization by entitling consumers to make lists consisting of their favorite brands. The management designed the website to remember the content, make personalized style recommendations, and notify consumers when exciting products are sold.
The websites’ design makes it easy for consumers to purchase from multiple brands. Consumers are required to click on the ‘Add to bag’ button, permitting them to place an order directly with the retailer.
Channels
The company’s primary channel is its website and mobile application. Besides these, it promotes the site on its social media pages.
Customer Relationships
The company’s customer relationship is self-service and automated in nature. Customers hardly interact with employees when purchasing their desirable products. The site includes a Help and FAQs section with answers to common questions. It has a sizing guide that helps consumers identify specific measurements for different brands in different countries. Along with this, there is a personal help component in phone and email.
Key Activities
Its business model requires enhancing a robust platform for its consumers, including the website and mobile phone application.
Key Partners
The company’s partners are the retail brands and designers that feature on the site. To become a partner, the company must request an invitation from Lyst and receive approval.
Key Resources
The primary resource is the proprietary software platform on which the site runs. It depends on human resources such as customer support staff. Chris relied heavily on funding from investors such as Accel Partners Balderton Capital, among others.
Cost Structure
The company is a cost-driven structure, and it aims to scale down expenses through prestigious automation and low-price value propositions. Fixed costs and transaction expenses are the company’s biggest cost drivers. Other significant drivers include customer support, administration, and marketing, all fixed costs.
Revenue Systems
The two revenue streams include transaction fees, where the company makes a commission off all sales. The second revenue stream is information fees, where the company collects consumers’ behavior details and sells them back to the retailers and brands.
