The Investment in & Shift Toward Data-Driven Personalization
There's simply no question about it - retailers are finally realizing that data-driven personalization is critical to their success. And there's an increasing amount of investment in the practice to prove it.Personalization platform True Fit, for example, which caters to apparel and footwear retailers, just announced a new $55 million Series C investment led by Georgian Partners with participation from existing investors Jump Capital, Signal Peak Ventures, Intel Capital, and new investor Cross Creek Capital.
True Fit indicated they will use the funding to continue developing their AI data platform and further advance their personalized style, fit, and analytics solutions (which Website Magazine first covered back in 2014).
The company also indicated it will expand its offerings to include more robust open APIs, new AI-driven integrations, and new capabilities such as personal outfitting, chatbot virtual stylists, and enhanced visualizations.
The company's shift toward making its APIs available to retail service providers is what is perhaps most interesting. True Fit has a unique understanding of consumer preferences and garment attributes that could certainly help retailers to better personalize touchpoints throughout the consumer journey from top-of-funnel search and display, to on site discovery and inspiration, to conversion confidence and return reduction, reengagement with personalized emails, retargeting, chat and voice applications, as well as in-store experiences. Rich analytics and insights from True Fit help retailers and brands make smarter merchandising, marketing, and manufacturing decisions.
True Fit’s Series C financing comes at a time of significant growth for the company, which reportedly tripled its commercial growth YoY in 2017, thanks in great part to its use by over 200 major global enterprise retail sites (and 55 million registered users).