Revolutionizing Online Shopping with Personalized Fits
- Fytted launches a virtual fitting room tool
- Addresses the issue of expensive returns for retailers
- Guides users towards items based on color season, body shape and personal style
- Similar technology acquired by Walmart in 2021
- Virtual try-on technology has increased sales 2.5 times for some brands
Fytted has introduced a virtual fitting room feature to address the multibillion-dollar issue of returns in online shopping. The app guides users towards items based on their color season, body shape, and personal style, making it easy for them to browse, try on clothes, and find their perfect fit all in one place. This innovative tool aims to merge the benefits of both online and in-person shopping experiences. Retailers face expensive returns, costing between $25-$30 per return due to product damage, customer support calls, and shipping expenses. Walmart acquired a similar technology provider, Zeekit, in May 2021. Virtual try-on technology has been shown to increase sales by 2.5 times for some brands, with 38% of respondents stating that it bridges the gap between digital and physical retail.
Factuality Level: 9
Factuality Justification: The article provides accurate information about Fytted’s virtual fitting room feature, its benefits for both customers and retailers, and mentions related efforts by other companies like Walmart and Perfect Corp. It also cites relevant research to support the effectiveness of virtual try-on technology.
Noise Level: 4
Noise Justification: The article provides relevant information about a new technology aimed at addressing a common issue in the retail industry. It mentions the benefits of virtual fitting rooms and cites some statistics to support its claims. However, it could provide more context on the broader implications of this technology and how it fits into the larger e-commerce landscape.
Financial Relevance: Yes
Financial Markets Impacted: Retailers and technology companies in the fashion industry
Financial Rating Justification: The article discusses a new virtual fitting room feature by Fytted that aims to address the issue of returns, which is an expensive problem for retailers. It also mentions Walmart’s acquisition of Zeekit and the benefits of using virtual try-on technology in increasing sales. This pertains to financial topics as it impacts the retail industry and companies involved in fashion technology.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no mention of an extreme event in the article. The topic discusses a new virtual fitting room feature by Fytted to address returns in online shopping, which may have some impact on retailers but does not qualify as an extreme event.
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