Snap Inc. is a company founded in September 2011 that provides camera technology products through Snapchat, Spectacles, and Bitmoji. The very famous social media platform Snapchat uses image chatting as its USP. The company already has substantial relationships with clothing and beauty brands. Last year, Snap had released some augmented reality filters and advertisements of top brands on its app. Snap recently acquired apparel technology and shopping assistance company Fit Analytics. Consequently, this marks a new course in the expansion path of Snap.
www.macstories.net
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Fit Analytics works with several big brands like Puma, Calvin Klein, etc. A customer enters her/his measurements such as height, weight, shoe size, and body type, and a machine learning tool by Fit Analytics suggests the best size of clothing. Fit Analytics looks forward to developing a tool that suggests the best-fitting size of clothes with the images that customers upload of themselves. Quite obviously, the pandemic helped FitA reach a huge number of brands and platforms, and now it has over 18,000 retail customers using the ML-powered tool. AR applications like these benefitted the consumers in buying the perfect apparel a lot, and it reduced the chances of misfits.
www.blog.fitanalytics.com
The companies have not yet released the full details of the acquisition, but the benefits to both companies are obvious. Fit Analytics would widen its customer base with Snap and will now help Snap build its shopping platform. Additionally, Snap would receive millions of customer data related to apparel and shopping. Snap has acquired more than 20 companies to date, most of them related to AI. It proves that the company is planning to dive into a spectrum of businesses including online shopping, lifestyle, and music. On a different note, the parent company of Snapchat and Bitmoji reported an earning of $911 million in Q$ 2020.
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