New startup Neatsy uses AI machine learning to help you find a sneaker that fits your foot perfectly. The app takes advantage of the iPhone̵
Neatsy’s app fills a much-needed void that will make customers and shoe companies happier. Customers are more likely to find a sneaker that fits correctly, eliminating the need to return it for a different size. And businesses don’t have to file or keep eating so much returns from the costs associated with free returns.
Since the app relies on the FaceID camera on the front of the iPhone, it is currently only available to iOS users as a soft launch (although the official launch is scheduled for December). The app is also currently limited to sneakers, rather than all types of shoes, and can only provide a good fit for a few brands such as Jordan Air, Nike, Adidas, and Puma. However, as the app expands its database and tightens its algorithms, it will likely expand to more shoe types and brands, as there is certainly a need for it.
Earlier this year, the app proved successful in commercial pilot tests among a focus group of 140 people. It showed a 2.7x reduction in custom-based sneaker return rates along with a 1.9x reduction in overall sneaker efficiency.
Shoes giant Zappos claims that customers who buy the more expensive shoes usually get back about 50% of their purchases. Satista noted that U.S. returns cost businesses $ 350 billion in 2017, and that this figure is likely to rise to $ 550 billion by the end of 2020. It goes without saying that an app that can help curb returns is a welcome technology.
Founded in March 2019, Neatsy has raised approximately $ 400,000 in pre-seed funding from angel investors for its app, which is now available in the United States, Canada, the UK, Spain, France, the Netherlands, Italy and Russia. It has also obtained a US patent for its 3D scanning technology and sneaker recommendations.