Periodic Reporting for period 1 - DRESSFORMER (Virtual 3D fitting room for online shopping)
Berichtszeitraum: 2015-04-01 bis 2015-07-31
In the clothing industry, there is an increasing need for accurate virtual fittings as online shoppers lose purchasing confidence without the assurance of looks, style and fit. Dressformer’s innovative business project aims to significantly contribute to the uptake of information and communication technology for a wider digital growth and economy for key stakeholders, end users and online retailers. Dressformer has undertaken initial testing with two clients obtaining positive feedback for the integration of the plugin and from the end users. The expected outcome of the project is to start full commercialisation of Dressformer’s technology at the end of the Phase 2 as a reliable innovation validated by the relevant clients, online retailers, and end-users, online shoppers.
Dressformer undertook deep analysis of both the technical and business feasibility of the virtual fitting room establishing early on in the Phase 1 project that the target market of sports apparel would be a suitable strategy. Dressformer analysed its current level of development to realise the necessary optimisation of technology required and review the overall project objectives. A suitable risk analysis was carried out, with software failure emerging as the highest risk, and necessary mitigation strategies prepared. Within the business feasibility, Dressformer addressed its value chain identifying strategic partnerships that will be fundamental to both the successful delivery of the Phase 2 project and through commercialisation. During the PH1 project Dressformer has defined a minimum viable service, established engineering and industrialisation plans, and as well prepared the IP strategy and 3 year financial projections.
The expected outcome of the project is to start full commercialisation of Dressformer’s virtual fitting room technology at the end of Phase 2 as a reliable innovation validated by the relevant clients and end users. The Dressformer solution will enable global proliferation of fashion e-commerce with in-store rates of conversion and product return. Dressformer brings to the market, a unique technology that can be easily integrated with existing online stores to enhance the user experience, and in turn increase profitability and growth performance of SMEs. Dressformer’s technology will strongly contribute to the Europe 2020 Strategy ‘The Digital Agenda’, considering the potential to foster innovation, economic growth and progress in Europe and particularly the European e-commerce industry.