Snap Inc. Has Acquired Fit Analytics, Adding Size Technology to its Social Shopping Capabilities
In an effort to expand its e-commerce capabilities, Snap Inc. has announced its acquisition of Fit Analytics, the sizing tech company. As part of the deal, which was agreed for an undisclosed amount, Fit Analytics will work with Snap to help grow its social shopping platform and expand the tools available to its brand partners.
Social shopping is a growing phenomenon within e-commerce, as consumers opt for a more convenient yet interactive experience. By browsing on an app like Snapchat, customers can digitally engage with various products and even purchase within the platform. Unlike in straight web or mobile commerce, social channels like Snap also often provide a variety of extra tools to help consumers make a purchasing decision – and have fun in the process.
Snap’s acquisition of Fit Analytics is just the latest in a series of steps that the company has made to grow its e-commerce offering. Snap is known for its filters, which have attracted users of all ages for peer-to-peer entertainment; through its new AR partnerships, the platform has been able to support virtual try-on for beauty, apparel and footwear products. Previous examples include Gucci’s launch of its latest sneaker.
With Fit Analytics onboard, it is expected that the social platform will begin to incorporate sizing capabilities for its e-commerce customers. Fit Analytics uses smartphone camera images to help recommend the correct sizing for shoppers buying online, who are unable to try on the item in person. Trusted recommendations can increase consumer confidence and therefore conversion, while reducing the likelihood of future returns.
“By leveraging Snap’s scale and capabilities, we will not only continue to service our existing clients, but also deepen our relationships and offerings with our brand partners and retailers,” said Sebastian Schulze, CEO and co-founder of Fit Analytics. “Our main focus going forward will be to scale the Fit Analytics business and work with Snap to grow their shopping platform, leveraging our technology and expertise. Our teams will be jointly executing on next-gen shopping, fashion and style offerings.”