With the physical retail world slowly receding, in addition to shopping restrictions imposed by the pandemic - the next decade or so will be crucial in capturing the shift in shoppers’ behaviours to create virtual and personalized retail experiences, using digital platforms with AI being an important driver for change.
The market landscape is primarily divided among the big retail giants tapping digital innovation through acquisitions of smaller companies i.e.L’Oreal, Amazon, Ulta. The second quadrant consists of tech companies like ModiFace, HelloAva with AR/VR virtual try-on experiences for shoppers. The last category is shoppable AI, which is what Finiite falls under. It’s unique as it pairs facial recognition with engine recommendation, an area that has not been explored yet.
In just 1 year we have gone from idea to building, testing and launching the product. We've seen just over 300+ downloads since launch of the MVP this year growing 15%w/o/w. With a slight infusion of capital we can take this to 10,000 users by the end of 2021 and get to $5000MRR. This product has the potential to disrupt a sleepy $183Billion market and capitalize on the growing reliance on online/mobile for everyday life management.