LONDON, March 13, 2019
True Fit is helping the world's largest fashion retailers personalize every step of the customer journey
LONDON, March 13, 2019 /PRNewswire/ -- True Fit, the data-driven platform that developed the industry's Fashion Genome, which personalizes every step of the consumer journey for the world's best footwear and apparel brands and retailers, is about to cross over its 100th million registered user, while experiencing 73% YoY commercial growth, as it continues structuring the largest connected data set for the global footwear and apparel verticals.
True Fit developed the Fashion Genome in partnership with hundreds of global retailers and thousands of leading footwear and apparel brands. It maps detailed style and fit attributes for footwear and apparel styles, which produce over 50% of the global market's revenue, to the style and fit preferences of nearly 100 million users who have opted in to share their purchasing data and help retailers show consumers the styles they will love and keep. True Fit runs a sophisticated concert of AI models to match attributes and preferences, constantly refining its recommendations with machine learning on 3 billion units of purchases and returns by 550 million shoppers in the anonymized cross-retailer data set that allows retailers to delight loyal customers with more personalized service. And now True Fit's platform – historically used for online personalization by over 200 major retailers and thousands of brands – has adapted to optimize online and offline activity, adding increasing value to retailers' store operations.
In 2018 True Fit signed over 50 new major global retail clients. As fashion retailers are constantly innovating at pace to accommodate fast-moving changes in consumer behaviors, True Fit's retail clients are embracing the vision to improve the shopping experience by personalizing every touchpoint of the customer journey. With 75%1 of customers preferring brands who deliver a personalized offer or shopping experience, 94% of retail executives identify personalization as critical to current and future success2. True Fit's Personalization Platform directly addresses this business-critical capability to increase conversion, reduce returns and consistently grow customer lifetime value by 3-10%.
In 2018 True Fit launched three new products to support retailers' needs:
These launches complete True Fit's evolution from a single product company solving "fit" to the only True Personalization Platform for apparel retailers, solving the broader needs unique to the apparel vertical around personalization, targeting and merchandizing analytics. The broader platform was well-received in the market, as True Fit's commercial growth increased 73% YoY, and 48% of retailer platform licences were for access to products beyond fit.
William R. Adler, True Fit CEO, said: "We spend most of our time listening to retailers, who advise us on how to adapt the Fashion Genome to meet more of their needs. They are urgently racing to curate the vastness of their fashion offering to resonate with each customer, wherever they are on the journey. And we're thrilled to have very quickly built the True Personalization Platform, the first of its kind to serve the specific needs of the £1.5trillion apparel and footwear vertical. By structuring and connecting data across devices, retailers, and brands we've unlocked incredible insights about each consumer and what they love. It's ushered in a new dawn of true personalization, where we can finally fill in the gaps retailers need to know about their consumers to serve them better."
Adler continues: "Our vision is to help consumers seamlessly discover clothes they love, and the best way to achieve that is by enriching the virtuous circle of personalization beyond our own platform. Over 100 other incredible companies provide personalization services to retailers and, now that we can integrate with that ecosystem of providers, the consumer benefits dramatically, as does the retailer."
The True Partners programme is accelerating partnerships with technology and service providers who have integrated True Fit APIs to better personalize their respective services for apparel and footwear retailers and brands. Integration with CRM specialist, Zaius, demonstrates how retailers can integrate data via True 360™ to create an enhanced single source of truth for customer data, power highly personalized email marketing, retargeting, and lookalike audience creation that considers user preference data, brand affinity data, and considers personal style, fit, and size.
The Passage AI integration showcases a leading retailer's integration of True Fit data into a chatbot and voice experience, while the integration with iMirror shows how an integrated dressing room can enhance the in-store experience and learn for continuous interactions. These partnerships demonstrate how True Fit's personalization and insights can be accessed to enhance every touchpoint of the customer buying journey, increase consumer confidence and delight, increase lifetime value of customers, and drive new incremental growth opportunities for retailers.
Notes to editors
1 – True Fit independent research, December 2018
2 – Econsultancy and Monetate research, 2013
About True Fit
True Fit is a data-driven personalization platform for footwear and apparel retailers that decodes personal style, fit, and size for every consumer, every shoe, and every piece of clothing. By connecting manufacturing design data from thousands of leading apparel and footwear brands, anonymized consumer order data from hundreds of top retailers, personal preference data from millions of registered True Fit users, and hundreds of millions of anonymous shoppers, True Fit maps the detailed style, fit, size and other technical attributes from clothes and shoes to the style preferences and buying behaviors of millions of individual shoppers.
True Fit has raised $100M from top-tier venture capitalists to organize the world's footwear and apparel data into the Fashion Genome, and to unlock digital growth in the otherwise constrained $2 trillion footwear and apparel industry. The True Personalization Platform is strategically leveraged by 250 global retail sites, representing 17,000 brands and nearly 100M registered users. The Fashion Genome, powered by the True Personalization Platform, allows retailers and brands to provide consumers with unparalleled personalization via software-as-a-service, APIs, and data-as-a-service, including consumer preference data, personal style rankings, fit ratings, size recommendations, fit details, and merchandizing analytics. Follow us on LinkedIn, Facebook, YouTube, and @TrueFit on Twitter.