Olga Vidischeva and Her Boutique Aggregator Shoptiques

Olga Vidischeva is the founder of the globally renowned American company Shoptiques. Having moved to the United States from Kyrgyzstan over a decade ago, Olga has achieved a dizzying career trajectory. Her journey began as a waitress in New Mexico while studying the language, followed by several years in the modeling industry, then attending Harvard and working as an analyst at Goldman Sachs. Finally, she launched her successful startup, Shoptiques, which quickly made it into the prestigious Y Combinator program.

Currently, Shoptiques brings in tens of millions of dollars in annual profits, and Olga recently made it to the exclusive Forbes "30 under 30" list, recognizing the thirty most successful individuals under 30. Olga Vidischeva epitomizes a shining example of the American dream achieved. But what exactly is her project about, and how did she attain such rapid success?

The Birth of Shoptiques

The idea for Shoptiques emerged in 2009 when Olga realized that none of her favorite boutiques were represented online. She couldn't pass up this opportunity! After months of meticulous work, by the end of 2011, Shoptiques was ready for launch. The startup's success was significantly boosted by being accepted into the Y Combinator program, even though it was a unique case for the fund to back a project led by a woman, a solo entrepreneur, and someone without tech experience. Despite these odds, the startup's promise won them over.

The Project at a Glance

Shoptiques stands out as one of the top boutique aggregators globally, showcasing products from over 5000 companies. Its hallmark is collaborating with small boutiques, offering a vast selection of high-quality, artisanal clothing and accessories from emerging designers. In a way, Shoptiques can be likened to the popular platform Etsy, where one can purchase handmade goods from craftsmen and artists.

The company's revenue is commission-based, varying between 12% to 30% of the boutique's profits depending on factors like the number of items listed, order processing, and delivery terms. This fee is more than compensated for, as on average, each store experiences over a 2.5-fold increase in sales within the first month!

Numbers best speak of Olga Vidischeva's project success. In 2013, Shoptiques' total revenue was $300,000, escalating tenfold the following year. While Olga chose to keep revenue figures private thereafter, in 2015, estimates suggest earnings were no less than $20 million. Currently, Shoptiques' subscriber base is nearing 1 million.

Current Status

Today, over 30 employees work at the company's New York office, a far cry from Vidischeva's solitary beginnings. Olga, who handles nearly all correspondence herself, even amidst up to 5,000 emails a day, oversees financial decisions, negotiates with investors, and sets the growth strategy.

The founder's deep involvement led Shoptiques to new heights, launching the Boutique's Forum—an informational resource aiding novice boutiques in their business ventures, with a focus on showcasing helpful packing tips to enhance customer-shop relationships. From 2012 to 2016, the platform grew from 25 New York boutiques to an incredible 5,000 partners worldwide. The pivotal year of 2016 marked the brand's globalization, entering 11 new markets. To become a Shoptiques partner, boutiques must meet at least three criteria: an exclusive range of products, unique and high-quality offerings, and an appealing store ambiance.

While only one in five boutiques makes the cut, each represents a talented and unique startup. Olga views her main mission as supporting budding businesses in this endeavor.