MyFiziq says it’s the right fit solution for online retailers’ 62bn problem
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Special Report: Online clothing retailers make shopping quick and easy, freeing us from crowded shops and overzealous retail staff and fulfilling our quest for ever-greater convenience.
As online retailers have exploded in popularity, so too have customer expectations. Same-day shipping and customisation options, as well as free delivery and returns are the new norm.
But there is a price to pay for the convenience of returning wrong-sized clothes.
In fact, IHL Group, a global research and advisory firm for the retail and hospitality industries, has reported that incorrect sizes and over-ordering when shopping online cost more than $62 billion a year.
Now, Perth-based tech player MyFiziq says its solution has the potential to solve the problem.
MyFiziq (ASX: MYQ) has developed smartphone-based technology that can accurately measure a consumer’s body shape across 64,000 data points.
The tech is being incorporated into the training apps of famous athletes like Floyd Mayweather and Conor McGregor, as well as corporate wellness programs at companies like Prudential Singapore but MyFiziq says there is also a massive opportunity to transform the online retail industry.
The company is now working on using data captured from front and side images through a smartphone to accurately dimension consumers’ form and autofit them to the right garment size when shopping online, irrespective of the garment type, material, style, or fit and eliminating the need for wrong size returns.
In conjunction with this, MyFiziq is also working on using consumer dimension information to design custom fabric patterns that can be cut straight from its application and incorporated directly into a retailer’s manufacturing system.
MyFiziq CEO Vlado Bosanac says a digital solution that enables cost-effective, easily accessible, accurate dimensioning, as well as personalisation of clothing and accessories would be unprecedented in the industry.
“There are a number of articles we have seen with companies such as Under Armour, Nike, and Adidas looking to use new technologies to further personalise their products.
“We’ve also seen new businesses such as Stitch Fix become highly successful through a business model based around mass customisation. MyFiziq could dominate this space with our patented technology.”
Mr Bosanac says that MyFiziq’s use of artificial intelligence and machine learning could also make the shopping experience better for consumers.
“The MyFiziq offering will have the ability to integrate into any online retailer with a simple software development kit, enabling brands to design custom solutions and allowing customers more simplicity and flexibility in choosing the correct size online. “
“It’s about enabling brands to coordinate a completely personalised experience online and eliminating wrong size return costs in the process.
“Customers can already specify fitting preferences, such as a tight, medium or loose fit, however retailers using MyFiziq technology would also be able to provide new custom suggestions for individual shoppers based on their body type and shape as well as personal style preferences” added Bosanac.
MyFiziq says it’s already in conversation with some of the world’s largest retailers who are looking for this type of solution.
“This is an exciting phase we are entering into and I wholeheartedly believe we are about to change the future of the online clothing industry with our technology solution.” he said.
Worldwide, retail e-commerce revenues are expected to grow to US$4.88 trillion by 2021, up from US$2.3 trillion in receipts in 2017.
MyFiziq is a Stockhead advertiser.