10/1/2018 – Fashion personalization platform Pixibo has secured an investment from a few investors including Indonesia’s Prasetia Dwidharma and EverHaüs.
The portal has raised its Series A funding around five months ago, and this investment comes as a follow-on funding round.
The round was also participated by angel investors, including Jonathan Price, a former retail executive and TPG Capital’s Senior Advisor.
Driven by an AI technology called Pi, Pixibo helps helps customers find and predict the most suitable and favorable items of clothing.
Its first product, which came out in 2017, is a size prediction solution called Size & Fit helps consumers find which size garments are the best fit for them, regardless of brand or manufacturer.
According to CEO Rohit Kumar, the technology developed by Pixibo addresses the online fashion industry’s oldest problems a.k.a high return rate, which is largely brought about by incorrect size.
“Retailers actually have tons of data for every garment they sell. But regular shoppers don’t necessarily care and can’t process details about the hip or waist circumference of a dress, the fabric composition and the expected stretch factor etc. They like a dress and they just want to know should i buy a small or a medium? So really, size is just detail that stands in the way of getting that purchase,” said Kumar.
With their AI solution, Pixibo helps online retailers remove that friction and helped its clients reduced their return rates by 15 percent to 25 percent.
Pixibo’s customers are some of the major fashion retailer brands across Europe and Asia including Josh V in Western Europe, Pomelo Fashion in Thailand and MAPemall in Indonesia.
In addition to the Size & Fit solution, Pixibo has also recently introduced a second service called Product Discovery, a recommendation solution which curates online inventories to show shoppers only the items they are likely to be interested in.
With the fresh capital, the company will do retail personalization space and expand its service into the footwear category.
According to Kumar, the company is in the final stages of launching a footwear recommendation platform, which will give Pixibo, a comprehensive coverage in fashion categories across apparel, intimates, and footwear.
“Our approach with footwear is a bit different from apparel. We have partnered with couple of hardware providers and these are the folks that specialise in taking digital footprints and 3D scans and give really detailed information about your feet – like length, width, arch type, gait analysis etc.”
“So what we have is a really unique AI driven footwear recommendation engine that combines a shopper’s preferences with their foot profile to identify the right shoe in the right size for every shopper,” Kumar added.
In August 2018, Pixibo raised its Series A funding led by Start Today, the VC arm of Japanese ecommerce firm which runs online fashion mall Zozotown. The VC firm counts Southeast Asian fashion-related startups Pomelo and FashionValet as portfolio companies.
This news is published on Reuters.