Online shopping is undoubtedly one of the biggest eCommerce marketplaces in the world. In today’s digital-first world, digital retailers are trying their best to improve their customers’ online shopping experience. One such effort is the invention of a new artificial intelligence (AI) tool by a tech spinout from Oxford University. This AI-based tool is designed to scan users’ bodies and provide accurate clothing measurements with the goal of streamlining the online shopping experience and saving UK retailers millions of dollars in returns.
The AI-based tool was first founded in 2019 by Duncan McKay, an INSEAD MBA and Phil Torr, a professor of computer vision and deep learning. The AI-based model uses a combination of 3D scanning, body measurements, and machine learning algorithms to create precise sizes for each individual customer. These precise measurements will enable online retailers to recommend clothing in more accurate sizes, leading to fewer wrong-size purchases and more satisfied customers.
Also, the AI-based model is capable of reducing the waste associated with returns. Shopping returns currently cost retailers over £60 billion per year, leading to added costs and financial losses. However, with this AI-based scanning technology, retailers will now be able to determine correct clothing sizes for each customer, reducing the need for returns and saving millions of dollars each year.
The AI-based technology is currently being tested by a few select UK retailers and is expected to be released for general use soon. With its innovative and accurate measurements, this AI-based technology could revolutionize the online shopping experience and potentially save billions in lost returns.