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GoodFit
Location: 10950 Wilshire Blvd, Suite 1050, Los Angeles, California, United States United States
Founded in: 2011
Stage: Alpha (prototype)
Number of employees: 1-5
Funding history:
- Date: 01/2013, Seed: $20 (post valuation: $200).
Investors: Howard Marks, paul kessler
Short URL: vator.co/goodfit
Followers (75)
Awards and mentions
13020_1366
2nd place for a multi-state business plan competition that covers NC, KY, TN, SC.
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GoodFit

Startup/business
Los Angeles, California, United States United States
http://www.goodfit.co/retailers

GoodFit reduces returns and increases purchase likelihood for the online retailer by accurately recommending clothing size to the e-commerce shopper based on their body shape. The platform seamlessly integrates into the e-retailer’s website through a software as a service (SaaS) model.

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Company description

Business Opportunity

1) The Confidence Problem

According to Just-Style, 30% of all clothes bought online are returned. 2 out of 3 shoppers state poor fit as the reason for returning. Poor fit caused an $8bn problem for US retailers in 2011 in returns and un-converted sales.

2) Growing apparel sales online

According to Retail Systems Research, the vast majority of retailers expect their online apparel sales to increase sharply in 2013. There will be a strong focus on providing a good customer experience. The top concerns stated by retailers include providing richer product details and engaging social networks.

3) Analysis of Fit Data

Inventory, planning, and design issues are big issues for retailers. There is currently no cohesive tool or method for measuring how well clothes fit actual customers. Proper planning and allocation means that retailers need to know which of their garments fit target customers.

 

Product Description

GoodFit provides accurate clothing size recommendations with a flexible and easy-to-use proprietary platform. We are currently focused on women's denim.

GoodFit utilizes machine-learning algorithms to match shoppers’ body dimensions to clothing that best suits their body shape. It determines the shopper’s body shape through five simple questions, requires no measurements, and takes under a minute to complete.  After finishing the questionnaire, shoppers receive a personalized recommendation of clothing that will fit according to their body shape and a personalized sizing chart. This allows shoppers to wisely purchase the correct size and fit. 

The GoodFit platform seamlessly integrates into a retailer's website on its product page.

 

Traction

  • Tested on hundreds of women across 20 brands. We can recommend with 90% accuracy.
  • We will be launching in Summer with one of the fastest growing denim brands in LA.
  • We are in internal trials with one of Canada's largest denim brands.

Team
  • Andrew Fu
    Andrew Fu | Founder
    Andrew Fu is a lifelong student and free-thinker.
Business model

The GoodFit platform integrates directly into the product page of retail and brand e-commerce websites. We take a cut from the retailer in one of two ways:

1) Licensing fee tiered based on traffic

2) Rev share based on successful recommendations

Competitive advantage

Several companies such as Fits.me and Upcload are tackling the problem of poor fit. They utilize traditional and complicated methods for finding body shape – through measuring tapes or webcams. Their solutions are complex, time consuming, and often inaccurate.  Additionally, many people do not readily own a measuring tape or webcam. 

GoodFit, in contrast, utilizes a unique measureless approach. Our solution was built after extensive discussions with different brands and retailers. It has four main advantages over other solutions:

1)         The coffee shop test: A shopper should be able to find the correct size, and make a purchase successfully during a short stay at a coffee shop. GoodFit is the only one to pass this test. Other solutions require you to use a measuring tape or webcam; this cannot be done in a coffee shop. Passing the coffee shop test removes a huge barrier to purchasing and aligns with current shopping behavior.

2)         Fit Accuracy: GoodFit is accurate because it accounts for qualitative parts of fit, something our competitors ignore. GoodFit can recommend with nearly 90% accuracy. About 90% of the time, GoodFit suggests a size that fits well enough that the shopper will not return the item.

3)         Ease of Use: GoodFit takes <1 minute to complete. The next fastest solution takes more than 5 minutes to complete. A study by [TC]2 has shown that user dropoff rate increases exponentially for every additional minute it takes to fill out a fit survey.

4)         Sell to Brands: GoodFit can sell to both brands and retailers. This opens up an entire new market. Others such as TrueFit cannot do this, because they ask the shopper to insert clothes from other brands that fit them well. Brands spend millions every year to distance themselves from other brands and make their look and fit unique; a widget that asks questions about other brands that fit would not be welcome on the brands website. 

 

Questions and Answers

Q: What is your go-to-market strategy?

A: We're first targeting the brands/manufacturers and then the retailers. The reason for this is because the manufacturers own the schematics we need in order to recommend accurately. Once we have amalgamated enough brands onboard, we'll target retailers that sell those brands.

GoodFit eventually will be integrated as an add-on to popular e-commerce platforms such as Magento and BigCommerce. This simple “plug-and-play” feature will allow any retailer using these platforms to instantly integrate the GoodFit widget into their website. This will allow us to scale effortlessly.

 

Q: You're only focused on women's denim right now. What's next?

A: Later this year, we're expanding to men's denim. Eventually, we'll be able to recommend all apparel that can be sized such as t-shirts, dresses, and knits.

 

Q: Are you just a plug in service to retailers, or is there a bigger picture here?

A: The personal fit data that is collected is GoodFit's gold mine. It can be re-sold back to retailers and manufacturers through targeted marketing, smarter fit design, re-arrangement of  product mix for brick and mortar stores, and trend analysis. Eventually, we can also create a social graph that spans across all partner sites that recommends style in addition to fit.

Investors
Howard Marks
co-founder Activision, CEO Acclaim Games, Managing Partner of StartEngine.
paul kessler
paul kessler - Unconfirmed
Co-Chair of Start Engine & Principal and Founder of Bristol Capital Advisors, LLC. Mr. Kessler has extensive experience in all aspects of financing emerging growth public/private companies.