Luxor + Finch is Fit Technology Consulting Company. Our goal is to bridge technology with brands and retailers in order to resolve the $62.4B apparel and shoe return issue. We specialize in fit and fit technology integration.
What is Fit?
Fit is the relationship between a garment, shoe or accessory and the body. Our understanding of fit, based on our research and experience, defines fit as a combination of body measurements ( anthropometric data) and personal preference of a garment (shoe or jewelry) in relation to the body. (image) Both are needed to truly understand a person's’ perception of fit. There is no current universal fit technology tools. Each can be customized to a retailer’s or brand’s specific needs. Creating fit technology requires a thorough understanding of the consumer, their fit issues, shopping habits and desires.
How Fit is Your Competitive Advantage
Fit and Fit Technology are Customer Experience Tools- A lot of brands believe that to reduce the issues shoppers have with poor fit, they should implement more lenient return policies. This is similar to putting a bandaid on a gash… it simply does not treat the real issue. According to an article on online apparel returns myths : Most returns are made by one-time buyers. -- Good returns policies do not affect sales. -- Most shoppers don't think about returns before buying. -- Most people are not concerned with free return shipping. -- Bad return policies don't affect sales. -- A returns policy won't impact your future sales.” By the time a customer has to return an item, you have lost them for future opportunities. Prior to the return, customer expectations must be met. This can be done through building confidence with the consumer whether in store or online and helping the consumer understand what to expect.
Fit and Fit Technology are loss Management Tools- Implementing fit technology helps to increase consumer confidence in products. $62.4 billion worth of apparel and footwear is returned every year due to incorrect fit. That works out to about 57 percent of footwear and 64 percent of apparel purchases, according to a recent footwear news study. The same study found that if fit were not a concern, 51% of respondents would purchase footwear more often both online and in-store — 58% would purchase clothing more frequently. Communicating fit is so important because it helps to build confidence with the shopper and more units can be sold and retained. Implementing tools that create directive shopping experiences and manages expectations can help to reduce the amount of unsold inventory.
Fit Can Help Reduce Fashion’s Carbon Footprint- A recent Op-Ed piece published in The Business of Fashion revealed that dead inventory (clothing that is unsold) costs the US retail industry $50 billion a year. Although brands can absorb some of the costs through write offs on the balance sheet, landfills and our environment takes the hardest blow. Newsweek published an article stating that Americans alone produced 15.1 million tons of textile waste in 2013, and around 85 percent of that ended up in landfills, according to the Environmental Protection Agency. Fit technology helps to match shoppers to their best fitting products so that clothing is not created in vain and does not end up so quickly in a landfill. Although changing shopping habits of consumers is a difficult task, brands have to take more responsibility for their impact on the environment. Implementing fit technology can help to fix fashion’s misaligned supply and demand issues.
Fit Is Inclusive: More People Shopping = More Money- In a survey conducted by Fung Global Research, Some 72% of respondents do not believe that fashion designers create their designs with the average American woman in mind. Approximately 78% would be willing to spend more money on clothing if more designers offered plus-size options. Some 68% are interested in participating in fashion trends, but 67% feel that there are not as many fashionable clothing options available in their size as they would like. This isn't just a plus size issue. According to a Business Insider report on petite people, ‘over 70 million U.S. women fall into the special size category, that 50 % of the population is actually under 5'4 but brands size offerings do not reflect this. In addition to these categories, there are also tall women, big and tall men, petite men, people with handicaps and other ailments who are also opportunities for brands to capitalize on.
These are just a few examples on why Fit and Fit Technology are important for brands and retailers. Luxor + Finch will be releasing a white paper soon on Fit Technology Integration, explaining how fit is a competitive advantage and giving recommendations on what types of technology can reduce the fit issue.