First of all, I would like to thank everyone who participated in the Indochino survey - and a special thanks to those, who took the time to write a comment to the open questions! As I did the survey on a free account of Survey Monkey, it was limited to 100 responses. While this is probably not technically a representative sample, it does show some very interesting trends and provides a number of valuable insights. 10 questions can of course never cover everything, there would've been many more questions to ask. Furthermore, the basic account of Survey Monkey only allows you to analyze the data in a very simple way.
Let's take a look at the results then. I'll tell you the most interesting insights, and I'll name the participants Indochinos, unless any of you has a better term ;)
If you want the full survey results, I uploaded them as a PDF right here:
http://rapidshare.com/files/426407495/indochino_survey.pdf
Would you recommend Indochino?
If you want the full survey results, I uploaded them as a PDF right here:
http://rapidshare.com/files/426407495/indochino_survey.pdf
Would you recommend Indochino?
Let's start with the good news first. At the company I work for, we regularly ask our customers for feedback on our retailers and our index question is something like "would you recommend retailer xxx to your friends". This is a pretty good indicator on the satisfaction level with a certain product/service. I asked that same question in the survey and the result is quite impressive for Indochino - 94% of all participants would recommend Indochino to their friends. I believe this is quite an achievement and does give an idea about how happy Indochinos generally are with their product.
Alterations and Returns
If you sell a suit for an average for 300$ (I assume that is a realistic average, as there is usually a coupon code with around 10% discount + free items around), ship it for 80$ (according to FedEx shipping papers), pay wages, marketing, raw material and all remaining costs, you probably are left with a pretty small margin already. If you consider the perfect fit promise with the 75$ tailor credit and the possibility of a remake, you will probably diminish the profit margin even further - depending on how many people make use of the perfect fit policy. According to the interview with Kyle Vucko, their return rate is far below the 20% industry standard. This is not surprising, because they do everything so you don't actually return your product - they try to make it fit for you. What would be more interesting is how many people needed either the tailor credit or a remake on one of their Indochino suits.
As you can see in the graph below, a majority of about 76% needed either alterations or a complete remake on any of their Indochino suits. Of course, this can also mean that the alterations happened on the first suits and the ones ordered afterwards didn't need any adjustments, but another question I asked revealed that 57% off all participants had only ordered from Indochino once or twice.
That's it for now, more soon as I get some time to write more. Also upcoming soon are 2 more reviews - Ultimate Grey and Walker Navy Tweed!
If you sell a suit for an average for 300$ (I assume that is a realistic average, as there is usually a coupon code with around 10% discount + free items around), ship it for 80$ (according to FedEx shipping papers), pay wages, marketing, raw material and all remaining costs, you probably are left with a pretty small margin already. If you consider the perfect fit promise with the 75$ tailor credit and the possibility of a remake, you will probably diminish the profit margin even further - depending on how many people make use of the perfect fit policy. According to the interview with Kyle Vucko, their return rate is far below the 20% industry standard. This is not surprising, because they do everything so you don't actually return your product - they try to make it fit for you. What would be more interesting is how many people needed either the tailor credit or a remake on one of their Indochino suits.
As you can see in the graph below, a majority of about 76% needed either alterations or a complete remake on any of their Indochino suits. Of course, this can also mean that the alterations happened on the first suits and the ones ordered afterwards didn't need any adjustments, but another question I asked revealed that 57% off all participants had only ordered from Indochino once or twice.
That's it for now, more soon as I get some time to write more. Also upcoming soon are 2 more reviews - Ultimate Grey and Walker Navy Tweed!
