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FITA2.0

Financiado

Cerrado

A highly innovative size recommendation engine disrupting the existing online a...

A highly innovative size recommendation engine disrupting the existing online apparel market by using big data and machine learning algorithms. 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... ver más

31/10/2017

FIT ANALYTICS

1M€

Presupuesto del proyecto: 1M€

Líder del proyecto

FIT ANALYTICS GMBH No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Fecha límite participación Sin fecha límite de participación.

Financiación concedida El organismo H2020 notifico la concesión del proyecto el día 2017-10-31

SMEInst-01-2016-2017: Open Disruptive Innovation Scheme

I+D

Cerrada hace 8 años

0% 70% 100%

Información adicional privada

No hay información privada compartida para este proyecto. Habla con el coordinador.

1 Participantes

FIT ANALYTICS

844.26K€ | Lider

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Duración del proyecto: 17 meses Fecha Inicio: 2016-05-21
Fecha Fin: 2017-10-31

Líder del proyecto

FIT ANALYTICS GMBH No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Presupuesto del proyecto 1M€

Fecha límite de participación Sin fecha límite de participación.

Descripción del proyecto 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.

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