Splash LA MAy 2013 finalist 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. Here's a video of Andrew Fu presenting at Vator Splash LA.
Among the judges were Ethan Applen (Warner Bros' Media Camp List), David Carter (Amplify.LA), Noah Doyle (Javelin Venture Partners), Neal Hansch (Rustic Canyon Partners), Paul Lee (Lightbank), Peter Lee (Baroda Ventures), Michael Montgomery (Montgomery & Co.), Matthew Mazzeo (Lowercase Capital), Tom McGovern (Idealab), Dave Fink (Science), Erik Rannala (MuckerLab), Heidi Roizen (DFJ), Rick Smith (Crosscut Ventures), David Travers (Rustic Canyon Partners), Pete Vlastelica (Fox Sports Digital), Sharon Wienbar (ScaleVP), Michelle Wroan (KPMG), Martin J. Waters (Wilson Sonsini).
Even though success is not defined by how much money a company has raised, past Vator winners, such as Thumbtack, Getable, Grovo, Astrid, Udemy, and Geeklist have gone on to raise millions of dollars collectively from venerable VCs, soon after presenting.
Here's some other testimonials:
"The process of inviting everyone one we knew to vote for us, even before the event, was a fantastic way to build support for our company. Then presenting at Vator Splash was a blast. The short presentation style ensured the audience was engaged and the follow-up questions from the judges were on-point and constructive. At Vator Splash, I made great connections with a number of investors and had a number of follow-up meetings. We were able to raise our last round entirely from investors who discovered us from the publicity we generated from Vator Splash," said Jon Paris, CEO and founder of Astrid.
"Working with Vator, and Bambi, is a pleasure. She's really passionate about uniting great ideas with the right people. We actually tied for first in last years Vator Splash SF and as a direct result raised $150,000 from an investor who saw us pitch. TEEC Angels approached us right at the event and invested soon thereafter. Reuben Katz, CEO and founder of Geeklist.
"Vator has acted as a launchpad for my startup in terms of awareness and exposure. As a winner of a Vator competition, my startup enjoyed early traction and buzz. Vator has kept my business relevant in the minds of investors, entrepreneurs and potential employees. I've made many invaluable connections to the investor and entrepreneur community." Tim Hyer, founder and CEO, Getable.
"DogVacay.com won Vator Splash LA in June 2012. The competition allowed us an opportunity to meet and pitch against some of the great Los Angeles startups and further foster our entrepreneurial community. There was such a positive energy with so many great minds providing insightful feedback throughout the night. Two paws up, Vator!" Aaron Hirschhorn, founder & Top Dog, Dog Vacay
"Events like Vator Splash are critical for startups to generate awareness. We were a top 10 finalist for Splash LA. It provided us with an amazing opportunity to network and gain exposure to a whole community of investors and VCs. Soon after, we raised $3M as a result of the momentum/exposure from the event and the platform in general," Peter Vogel, founder and CEO, Plink.
Join the Splash competition here.
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Startup/Business
Joined Vator on
Business Opportunity
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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. |
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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
Joined Vator on
Andrew Fu is a lifelong student and free-thinker.