We provide 'license to use' to retailers and seamlessly integrate our solutions with their web and app platforms. Our revenue model is SaaS-based and we charge SMEs on 'pay per click' basis and enterprise customers are on value-based pricing model.
The last one year has seen a rash of apps and software in the virtual fitting space. What is your USP?
You are right. The problem is well known and the industry is desperately looking for a sizing solution that is user friendly and doesn't need much capital to implement. However, there are many technological barriers to building the right solution. We spent over two years in research and development (R&D) and after we filed our patent in the last week of December 2018, we started our GTM journey.
Mirrorsize is also background agnostic, i.e., works with cluttered and uncluttered background and has several unique and distinct features that will establish our market leadership position in the immediate future. One of our secret sauce is that we create a 3D model of the object on the run and then we deform the mesh to get precise body measurements.
How do you keep a track of the latest trends in the fashion market?
Fashion market is now online but still having to gain a lot of attention from masses, where people will be using apps and websites to purchase apparel instead of visiting the retail or brand stores which saves them a lot of time and effort.
Fashion market globally is evolving as customers are always demanding better look and fit and brands are competing to deliver the best-fit cloth to improve their customer loyalty index. Innovation in technology will play a key role to improve return on investment (RoI) and to optimise the supply chain inefficiencies.
We constantly engage with our customers and users to ensure that we deliver the best results and our accuracy in body measurement helps both consumers and brands to improve ROI and gain deeper penetration in the market. We also intend to participate in a few trade shows going forward to demonstrate the mettle of our solution.
Besides increasing revenues for online retailers and minimising returns, what else will the technology provide?
Bespoke Merchants: Bespoke merchants can now scale their business using Mirrorsize to reach global audiences. Customers no longer require spending time and money to travel, all they need is to download Mirrorsize mobile app to get their body measurements and send it to any brand to fulfil.
Merchants selling ready-to-wear apparel: With MS Size2Fit, brands will not only be able to cut online returns and rejections, which predominantly occur due to ill size, but will also enrich their customer's online shopping experience. Customers can now shop with confidence to pick the right size and avoid going through the hassles of returns. This will improve the customer loyalty index and will also help brands to reduce the churn percentage.
What were the last two years like and what is the target set two fiscal years and the target set for next two.
We have been in the R&D mode for two years and expect to ramp up quickly. Our immediate target is to achieve $1million in monthly recurring revenue in the next 12 months and we are well on track.
Where do you plan to take AI from here, especially in the retail domain?
We are already using AI for recognising and processing body parameters to give you exact body measurements and recommendations. We are in research of another new technology called 'draping' to give customers a virtual try on of apparels on their 3D body mesh to enhance personalisation and to give real-time visualisation. Draping will be rolled out later this year. (HO)
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