Snap’s Acquisition of Fit Analytics
The social media app company recently acquired the Berlin-based Fit Analytics for an undisclosed amount of money. One of the hallmark portions of the newly acquired company is its Fit Finder. The product is a software tool built specifically to help businesses reduce their return rates by providing customers with features that better help them purchase the right-sized clothing. This is achieved by using machine learning and data provided by the customer.
Fit Analytics’s work can be seen most easily through major companies and brands that use the services. Businesses currently using one of the Fit Analytics solutions include ASOS, The North Face, and Tommy Hilfiger.
The main reason for Snap acquiring the business is for its Fit Finder technology. This service will help Snap improve converting users into revenue as it shifts business more toward in-app purchases through ecommerce. The company has been focusing more on its user conversion due to Apple's newest iOS update, which limits a business’s access to consumer data and, as a result, affects its ability to target sales.
Other Details of Business Acquisition
While the social media company has not released much information on the acquisition, there are some details about the future of Fit Analytics’s business moving forward. For starters, more than 100 employees at the company will now work under Snap at its current center of operations in Berlin. The social media company will also continue to conduct business with brands and clients currently working with them. Additionally, Snap will work closely with the team to create ecommerce and shopping products that will be integrated into its app.
In a statement put out by Fit Analytics, the company said, “By leveraging Snap’s scale and capabilities, we will not only continue to service our existing clients, but also deepen our relationships and offerings with our brand partners and retailers. Our main focus going forward will be to scale the Fit Analytics business and work with Snap to grow their shopping platform, leveraging our technology and expertise.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.