Photo - Virtual fitting room
30967

Virtual fitting room

Ukraine, Lviv region
Market: Another, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 16.08.2018
Min investment
$  50.000
0
Total required
$ 500.000
Rating
equalizer 110 из 1000
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Idea

The product is mobile application that can build a 3D model of user's body and recognize face. This model can be used to display clothing items from varied retailers to provide the in-store experience at home; an alternative to fitting room. To build the 3D model, users take 5 photographs of their body with a help of cell phone camera, while an artificial voice instructs the user which angels to take picture from. The technology scans and generates measurements based on the photos.

Current Status

Working prototype

Market

Online shopping industry is growing up rapidly. In 2017, retail e-commerce sales worldwide amounted to 2.3 trillion US dollars and e-retail revenues are projected to grow to 4.88 trillion US dollars in 2021. Our product will be suitable for any kind of cloth.

Problem or Opportunity

1) Apparel companies have different measurement standards (espesially if we compare US/European market to China). So, customers are not always sure about the appropriate size.
2) High return rate from online purchases (25-30%). Companies lose big money on that
3) Instore fitting rooms are time consuming

Solution (product or service)

Our company is developing a product which will afford consumers to make their body measurements at home with a help of cell phone camera only within 40 seconds. After this app will build a 3D model of consumer's body - so person can select only that cloth which fits perfectly for him/her. As well it will recognize human face, so it will work as virtual fitting room, where consumers can see how cloth look on them.

Competitors

ZozoSuit - https://zozo.com/ca/en/100000free
Metail - https://trymetail.com/
Rakuten Fitsme - https://fits.me/

Advantages or differentiators

1) We are not developing app for one specific company use only. The aim is to involve in cooperation as many retailers as possible.
2) Compare to our competitors, measurement done through our app will be more precise, as we use photos from different angles

Business model

The company will work to acquire partnership with retailers. As a part of partnership, our company will work to promote and highlight retailers using the platform, while receiving a 4% transaction fee for each sale made within the app.

Money will be spent on

Complete second development stage of our

Team or Management

Risks

Any business is a risk and startups are not exceptions. The only concern we have right now is about right time for such a technologies. It's not easy to implement it, otherwise it would already exist.

Incubation/Acceleration programs accomplishment

1) Participation in Spark competition organized by Innovacorp in Atlantic Canada. Our company was shortlisted to top 8 from 125 participants.
2) We were accepted into the Canadian Export Challenge inaugural Global Entrepreneurs Cohort.

Won the competition and other awards

1) Our company was shortlisted to top 8 from 125 participants in Spark competition organized by Innovacorp in Atlantic Canada.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Product Video