Fashion and lifestyle ecommerce portal Myntra has acquired Fitiquette, a company which is developing virtual fitting rooms. The financial details of the deal were not disclosed. Update: Myntra founder Mukesh Bansal told NextBigWhat that the deal consists of cash and equity but did not disclose further details of the transaction.
“Besides improving conversion rate, Fitiquette will act as innovation lab and focus on enhancing peronalization and user experience,” Bansal said.
Fitiquette, based out of San Francisco, was founded by ex Cisco employees Andy Pandharikar & Anant Kumar. The startup had developed an app using which shoppers could create virtual mannequins and try out clothing online.
Myntra wants to turn the company into its new innovation lab, reports Techcrunch.
The app helps users to arrive at a better buying decision by giving them a look and feel closer to real life. The user has to choose a body type and then customise it by entering in the various body measurements in order to create the most accurate virtual mannequins. This would make it easier for online shoppers to try out clothes and see their fitting before making a purchase online.
A lot of online shoppers end up returning or exchanging purchases made online due bad fitting. This costs ecommerce companies a lot of money. The technology developed by Fitiquette, intends to reduce this problem. This will help both the retailer and the customer in many ways.
This is Myntras’s second acquisition in the last 6 months. The ecommerce company had previously acquired Exclusively.in, a New York based private label ecommerce portal. Ecommerce companies in India, faced with high customer acquisition costs and razor thin margins are trying hard to convert a visitor into a buyer using various means.
In India, where Internet users are still warming up to the idea of buying online, giving them an experience closer to real life shopping is the holy grail ecommerce companies are chasing.
Startups such as Turnaround Innovision provide solutions like 360 degree imaging. Meanwhile, companies such as Zovi have build their own virtual trial rooms. After launching their virtual trial rooms, Zovi claims to have increased their conversion rate by 5-6%. Lenskart, an ecommerce portal which sells eyewear has launched a similar feature called try on your face feature.