In today's episode, we're talking about the future of retail with Raghav Sharma, co-founder of Perfitly, a virtual fitting platform that aims to bridge the gap between online and in-store shopping experiences.
Raghav shares insights into the challenges faced by e-commerce brands, the impact of returns on the industry, and how Perfitly's innovative technology is revolutionizing the way we shop.
Key Concepts and Highlights:
- The dominance of retail: Despite the growth of e-commerce, physical retail still reigns supreme, with 83% of retail sales happening in brick-and-mortar stores.
- The problem of returns: Raghav's experience with excessive online shopping returns sparked the idea for Perfitly. They realized that customers were buying multiple items with the intention of returning most of them, leading to significant costs for both consumers and retailers.
- The birth of Perfitly: Raghav and his father set out to create a virtual fitting platform that would enable customers to digitally try on clothes before making a purchase, just like they would in a physical store.
- The power of technology: Perfitly utilizes AI, machine learning, and AR/VR technologies to create accurate digital avatars of customers and simulate how clothes would fit and look on them.
- Impressive results: Brands using Perfitly have seen a significant reduction in returns, with rates dropping by up to 64%. Conversion rates have also increased by an average of 70%, leading to a substantial uplift in sales and financial performance.
- Personalized experiences: Perfitly's technology can be integrated into physical stores, allowing customers to try on clothes virtually and receive personalized recommendations. This enhances the in-store shopping experience and reduces friction in the decision-making process.
- Future possibilities: Raghav envisions further applications of Perfitly's technology, such as personalized lookbooks, interactive displays, and integration with the metaverse, enabling brands to engage customers in new and exciting ways.
If you're intrigued by the idea of bridging the gap between online and in-store shopping, you won't want to miss this episode! Tune in now to hear the full conversation with Raghav Sharma and learn how Perfitly is revolutionizing the retail industry.
