We’ve seen 3D imaging used in virtual dressing rooms before. That’s cool.
But what if you could feel how the garments fit on your body?
That’s what sets Qvit apart. And that’s what makes all the difference to retailers, when it comes to the high return rates they see from online shopping. Fit is important and Qvit takes it into a whole new dimension. Literally, because let’s face it: fashion is as tactile as it is visual.
Founders Laura Pastrana and Lenora and Myra Roa tell us how their company is going to kill it in Dublin and beyond.
Tell us about the product.
Qvit is the leading virtual dressing room technology that creates exact 3D body replicas of each of its clients’ bodies and designers’ garments. Clients can try on different styles and sizes on their avatar in a matter of seconds to determine what fits them best. It is fast, free and no measuring tapes are needed.
How is it different?
Although our direct competitors sound great, their no other fit technology that allows you to see how each garment fits your body or, more importantly, how a garment’s fit feels all throughout your body (tightness).
Qvit’s technology is based on four core values:
- Show how garment fit YOUR body,
- Replicate EACH garment’s characteristics (stretch, wash, fabric composition),
- Show how a garment FEELS (how tight or loose) and
- Provide fit in MORE than five areas. None of our competitors offer all of these values bundled into one virtual dressing room technology.
What market are you attacking and how big is it?
Our target market is apparel retailers who want to offer their clients the ability to virtually try on clothes before buying them. Because of a lack of a virtual dressing room technology, online apparel retailers have, on average, a 30% return rate. Putting this into perspective, for a store like GAP, it could represent losses of about $460 million per year. With Qvit’s technology we have reduced returns to 3%, 90% lower than the industry average. For GAP, it could represents savings of $414 million.
In the US only there are $7.8 billion losses per year.
What is the business model?
Qvit virtual dressing room technology can be implemented into any online or brick-and-mortar apparel retailer via our plug-in or mobile app. We charge retailers $0.03 for every virtual try on.
What is your startup attending Summit and what are you hoping to get out of it?
Qvit is attending the Summit because it was selected as one of the best startups of 2014. It is not only an honor to be attending the Summit, but even a greater honor to be selected as one of the best 100 companies who will be presenting in the Summit.
We want to further expose our company to different audiences: the more exposure we get, the more feedback we receive, and the better we become. It is certainly also a huge plus to spend three days with such an influential crowd, as the “Davos of Technology.” The relationships you build here are priceless, potentially becoming your future strategic partners or investors.
Outside of Summit activities, what are you looking forward to the most in Dublin?
Doing the Game of Thrones’ Tour
What are the milestones that you plan to achieve within six months?
We plan to partner up with a new retailer and replicate our results, reduce the apparel return rate from 30% to 3%.
If you could be put in touch with one investor in the New York community who would it be and why?
Accel Partners. We are not looking for investment right now. But we think it would be interesting to start the conversation and hear their opinions about Qvit. The reason why we like Accel Partners is because they have invested in many of the most disruptive startups in the world. We expect Qvit will change the online and in store shopping experience.
Why did your startup choose New York?
Qvit works in two very different industries: fashion and technology. So our options were to live in the Silicon Valley or New York City – the answer was easy. Plus, if we made it in New York City, we would have made it everywhere; this is a city for lions.
What’s your favorite fall destination in NYC?
New York Fashion Week. We love to see the designers that we have partnerships with on the runway.