Market Research Report: mySHOEFITTER GmbH

Overview

mySHOEFITTER GmbH is a pioneering company based in Hamm, North Rhine-Westphalia, Germany. The company is committed to transforming the shoe shopping experience by offering a biometric foot measurement technology that ensures precise shoe sizing for online shoppers. This digital sizing tool aims to solve the issue of inaccurate shoe sizes, a common problem in the e-commerce footwear industry, by integrating seamlessly into online stores, thereby enhancing the customer shopping experience.

Technology and Innovation

At the core of mySHOEFITTER's offerings is an advanced AI algorithm that utilizes data from shoe returns to improve size recommendations, achieving millimeter-level accuracy in foot measurements. Customers can identify their perfect shoe size by taking a photograph of their foot, thereby increasing satisfaction and substantially decreasing return rates. This innovative technology is jointly developed with the prestigious Fraunhofer Institute for Applied Information Technology FIT, which provides expertise in AI and computer vision.

Leadership Team

Frederik Dürr: CEO & Co-Founder, with leadership experience in innovative sectors, also associated with Cryptohall24.

Christoph: Chief Operating Officer (COO).

Marius: Chief Technology Officer (CTO).

The team includes additional members skilled in software development, back office operations, and distribution, each contributing to various facets of the business including marketing and overall strategic operations.

Company Development

mySHOEFITTER was founded on January 1, 2020, and has consistently worked to advance its measurement technology. Initial challenges with accuracy, marked by an 11.2mm deviation equating to two shoe sizes, were overcome through rigorous development, achieving precision that enhances the AI's efficacy. The company's growth is supported by a pre-seed investment of €600,000, empowering further technological advancements.

Market and Collaboration

Operating within the online footwear retail market, mySHOEFITTER addresses the enduring issue of size inconsistency. The company’s technology not only improves the consumer's shopping experience but also aligns with environmental goals of reducing return-related waste. Their focus on collaboration and innovation underscores their openness to alliances that can further refine their technology.

Future Prospects

With a robust foundation built on technological innovation, mySHOEFITTER is geared for growth and further partnerships. Ongoing refinement of their AI tool and collaborations, particularly with the Fraunhofer Institute, could notably influence e-commerce return rates and enhance customer experience within the footwear industry.

Competitor Analysis

Key Competitors

1. Perfect Corp

Specializes in AI and AR technologies within the beauty and fashion sectors, offering virtual try-on solutions.

Has achieved over 1 billion app downloads, underlining significant market penetration.

2. True Fit

Focuses on AI-driven size and fit recommendations, boosting conversion rates and reducing returns.

Aims to decode sizing complexities, enhancing customer loyalty for apparel and footwear brands.

3. Threekit

Provides 3D product configuration and visualization for an immersive retail experience.

Serves over 200 global brands with $65M in raised funds, innovating in visual commerce.

4. Volumental

Utilizes 3D foot scans to automate footwear recommendations, transforming shoe fitting methods.

5. SafeSize

Offers precise AI-powered virtual fitting solutions, supporting retailers with both online and offline presence.

Raised $29.6M in funding, enhancing omnichannel shoe fitting solutions.

Technological Innovations

mySHOEFITTER’s technological advances enable users to take a simple photograph of their foot on an A4 paper for precise sizing. This user-friendly approach significantly addresses the common challenge of incorrect shoe sizing and returns within the e-commerce sector.

Market Presence

mySHOEFITTER is increasingly recognized for its potential to reshape the footwear retail market by ensuring precise fittings, integral to an effective online shoe retail strategy. This emphasis on customer satisfaction and return reduction posits mySHOEFITTER as a crucial player in improving the global consumer shopping experience.