Yesterday Snap announced its acquisition of Fit Analytics which is a Berlin/Chicago-based tech company. One of their solutions is a product called Fit Finder that helps users accurately size the clothes their shopping for online.
Fit Finder uses a tool they call “social sizing” to compare body profiles of users in their database to yours to improve accuracy. They also use the purchase history of those profiles that are most match yours to offer recommendations. They can fit over 17,000 brands for men, women, and children in 6 continents and 20 languages.
Other products under the Fit Analytics umbrella that will now be owned by Snap include:
Fit Connect: API-driven personalization
Fit Consult: pricing, merchandising, and sizing strategies; fit consistency and quality assurance; consumer marketing
Fit Intelligence: innovative analytics tool; insights to supply chain, forecasting, marketing, and merchandising
Ok, that’s great. It’s definitely a positive move for the company and all, but while reading the articles announcing Snap’s acquisition, I couldn’t help but wonder why on Earth Snap has no live shopping presence. Like zero. At least I couldn’t find anything that resembled it.
Last month I wrote about how live shopping is the future of e-commerce. It’s a $60B industry!
Instagram, Facebook, Walmart, Tik Tok, Amazon, Tipster, Livescale, Bambuse, Smartzer, Singlegrain.
All of them have gotten in on the action, yet Snapchat has no such feature. I know that they’re not as popular as others like Instagram, Tik Tok, and YouTube, but their platform is perfectly set up for a smooth live shopping experience.
Right now Snap makes virtually all of its revenue ($2.5B in 2020) from advertising. The acquisition of Fit Analytics is a step in the right direction towards diversifying that revenue, but they have not yet indicated how or when they intend to leverage their newly added bag of tricks.
I really hope that their plan is to use all of these new tools as a cornerstone for their own live shopping experience.
They can call it “Snap Shop.” I’ll give them that one for free.