Retail Software-as-a-Service (SaaS) company True Fit says it has tripled commercial growth year-on-year at the end of the third quarter, as its presence tops over 200 major global retail sites.
The Boston-based company hosts the industry’s most comprehensive data collective in the nearly US$2trn global apparel and footwear industry – the largest consumer vertical – by connecting manufacturing design data from thousands of leading apparel and footwear brands.
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The massive data platform, or ‘Genome’, has been developed in partnership with leading fashion retailers and brands, and connects the unique relationships between millions of styles from 10,000 brands to the fit and style preferences of over 100m consumers.
Each piece of clothing and every shoe in the Genome are defined by 100 to 200 detailed attributes, including style characteristics and technical specs. The real time analytics platform then uses “advanced machine learning algorithms” to deliver personalised recommendations and curate full catalogues of shoes and clothing to match consumers’ fit, personal style, and performance needs.
“The footwear and apparel retail industry has reached an exhilarating tipping point. Consumers are shopping online in droves, and retailers are engaging with urgency to personalise their experience and win this vertical,” says CEO William Adler. “This data collective allows retailers and brands, as well as an entire ecosystem of software providers, to combine their strength and leverage powerful, data-driven software to drive up results across the board. A massive virtuous circle has formed here with big benefits for retailers, brands, and consumers.”
In parallel with its tripling growth rate, True Fit’s registered user base has also seen substantial growth, surpassing 50m registered users in 2017, and with expectations for a further 5m users to join its community during the 2017 holiday shopping season. Meanwhile, new user growth has already doubled year-on-year during this year’s Cyber Five period, from Thanksgiving to Cyber Monday.
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By GlobalDataThe firm is also working to integrate its core Confidence Engine and Discovery Engine across every touchpoint to help retailers further personalise experiences for browse, search, email marketing, retargeting, in-store clienteling, and chatbots, and has added to its suite of solutions and applications in 2017, giving retail clients more measurable results:
- Data and API integration for chatbot virtual stylists.
- True Omni: Integrates Confidence and Discovery into in-store clienteling applications.
- True Fit Kids: Available for retailers that sell kids items in footwear sizes 4C to 7Y and apparel items ET to 20. This product is a unique version of Confidence, using newly developed algorithms to make size recommendations for children.
- Shop for Others: Extends the power of True Fit’s engines beyond the individual by allowing each user to create additional profiles for friends and family so that they can toggle between seeing recommendations for themselves and their loved ones. For retailers whose end customer is not always its shopper, this allows for personalized gift buying online.
- True Insight: Gives retailers access to unparalleled insights to optimize marketing, merchandising and product development. With this information, retailers have more visibility into returns, which they can use to improve product and customer decision-making.
