AI-tool Sizebay wants to boost online fashion sales
Sizebay, a scale-up that provides AI solutions for fashion ecommerce websites, has developed an algorithm that recommends the best size and fit for clothes and shoes. The tool is aimed to cut returns by half, while boosting sales with 5 percent.
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Sizebay is founded in Brazil, but it opened its European headquarters in Portugal this year and is now also operating as a Portuguese company. Recently, the service providers signed a deal with fashion retailer Sahoco from Portugal, as well as beachwear brand Cia Marítima in France.
Recommendations based on body measurements
With fashion being the ecommerce industry with the highest share of returns, Sizebay wants to provide a solution to an issue that effects both online retailers and customers. That’s why it developed an algorithm that analyzes information like the customer’s body measurements and then recommends the best clothes and shoes sizes.
The tool is available to fashion ecommerce websites on a monthly subscription basis. When the tool is implemented in the online store, its customers can start using it. After they’ve chosen an item of clothing, the customer can insert data such as height, weight and age, followed by the option to adjust their waist and/or hip measurements.
‘Returns to be cut by half’
This ‘virtual fitting room’ should give consumers a more personal and assertive shopping experience. For online retailers, it should lead to higher conversions and less returns. “We expect returns and exchanges to be cut by half with the use of our tool, and sales to be up 5 percent”, co-founder Marcelo Bastos says.
150% revenue increase expected in 2020
For 2019, the Portuguese company forecasts a 75 percent revenue increase compared to last year. And a 150 percent increase in revenue is forecast for next year, boosted by an increase in sales in strong currencies.