Objective
Fit Analytics GmbH is a Berlin-based ICT-SME, operating in the online fashion market. We are aiming to solve the two major
problems of online fashion retail:
1. High return rates (~40-50%) because many end users don’t know their size. ~65% of all returns are made due to non-fit.
High return rates have certain side effects, e.g. enormous CO2 emissions.
2. Low conversion rates to buy (less than 2% of all visitors convert into buyers; this is significantly lower compared to books
or electronics sold online) because end users are uncertain which size to buy. Today, only 9% of all garments are sold online
and 91% are still sold in brick-and-mortar stores, whereas more than 50% of all books and electronics are sold over the internet.
We have already deployed the world’s most widely-used Size Advisor (“FITA1.0”) in the market, an innovative ICT product to
help end-users find the right size online by providing simple size recommendations. Within the framework of the SME
Instrument, Phase II, we are aiming to implement a new, ground-breaking size and product recommendation solution (“FITA2.0”) which will further disrupt the fashion retail market by using exclusive cross-shop purchase and return data for highly accurate size and personalized product recommendations.
We have already developed a minimal viable product (MVP) of FITA2.0 that was successfully tested in an operational
environment (TRL6) on Gaastra, a leading Dutch-German brand.We have undertaken a commercial and technical feasibility study, with positive results, and this will form the basis for a business implementation plan to be created during the project. In order to accelerate the market acceptance of the solution after implementation, we have already signed contracts with several clients that have agreed to implement FITA2.0 in the future.
The project is closely related to the objectives of the call due to its disruptive character and planned market uptake.
Fields of science
- natural sciencescomputer and information sciencesinternet
- natural sciencescomputer and information sciencesdata sciencebig data
- social scienceseconomics and businessbusiness and managementcommercee-commerce
- engineering and technologymaterials engineeringtextiles
- natural sciencescomputer and information sciencesartificial intelligencemachine learning
Programme(s)
Funding Scheme
SME-2 - SME instrument phase 2Coordinator
12047 BERLIN
Germany
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.