IMEMINE
3dAIARArtificial IntelligenceE-commerceITShoppingshopping platformvr
IMEMINE is an AI-based fashion technology company that can measure body-size with smartphone camera.
Company Intro Video
Highlights
IMEMINE has been selected for a number of major projects. Examples include the selection of Data voucher AI beneficiary companies in Seoul 2020, Seoul Innovation Challenge business, and the selection of global acceleration by the Korea Institute for Startup & Promotion. In addition, foreign investment companies such as Chinese, UK, Austria, and Myanmar are having a interest in our company, so we are actively engaged in contracts with foreign investment companies rather than domestic companies.
Among them, we are entering the Chinese market with Hstyle, the top fashion sales company of Taobao Mall in China. With Hstyle we are pushing for a purchase contract worth 1 billion won. We are planning to enter China around June next year and are working to localize it. The domestic market is conducting test beds with Dongdaemun Digital Plaza (DDP) Soho Mall, and large malls are set to have a strategic alliance early next year. Currently, we are in the process of signing MOUs with about 50 fashion companies, and we will select a domestic distributor and conduct aggressive marketing from March next year.
Company Overview
To briefly introduce IMEMINE’s solution ‘SizeMine’, it is a platform that can measure body size with just one photo through a smartphone camera, plus 3D virtual fitting with Full 3D Object is also available. And to be more specific, it is a service that measures body dimensions and 3D data through user image information taken with a smartphone. In addition, 3D stereoscopic data, which is made with customer’s actual measurement information, is provided to fashion shopping malls that are serviced through 2D images so that various clothing can be virtually coordinated. This will allow customers to purchase clothes that fit their size, which will dramatically reduce return rates.
Problem Overview
The market size of mobile shopping has grown dramatically due to the increased penetration of smartphones and advances in wireless communication technology. While the market continues to grow, there are many cases where the limitations of online shopping. Which is you can not feel textured or don’t know the exact fit. Also, the biggest problem is the size issue, which accounts for more than 50% of the causes of returns.
To solve this return problem, IMEMINE is developing a platform that can measure the size of a single photo using a smartphone. This is a shift from 2D to 3D, and although the domestic market is still in its infancy, the online shopping market is already changing from 2D to 3D. We believe that the technology of IMEMINE will play an innovative role in this environment, and we have driven our business forward through a business model developed according to technology and market needs.
Through existing technology, IMEMINE will convert actual user information taken with a smartphone camera into 3D and provide realistic environment and information that can be coordinated directly by providing various costumes and fashion accessories.
Solution Overview
The existing body size measurement system, 3D image generation method, utilizes an expensive device equipped with a depth camera or 3D scanning equipment, but it is difficult for the general public to use due to the bulky and expensive problem.
In comparison, SizeMine is a SW method that makes it easy for anyone to produce content that produces 98% accurate actual data.
In particular, by creating a 3D avatar similar to users body type, user can check whether it fits users body or not in real time. Visual AI information provides individual clothing pattern AI, color AI etc which reduces shopping time by recommending clothes suitable for user.
Go-to-Market Strategy and Business Model
- Returning clothes in the clothing market takes a lot of laundry, repair, and other CS costs, so they dispose of the returned clothes. The goal is to reduce the return rate by purchasing clothes that fit the size, and the business model is to reduce the amount of clothing actually produced. B2B license sales will generate revenue, and annual license sales based on site size will provide a stable revenue structure.
- Currently, the B2B fashion mall is building data-base using customer information, which reduces return rates by more than 10%. Currently, we have tested with about 30 companies, and the actual return rate has decreased. Plus the purchase rate has increased by more than 30%.
- SizeMine has recently completed prototype-level development and is has not yet been invested. We aim to release the commercial version in March next year, and we need driver funds to enter the global market and secure IP. It has been selected for a total of 6 government support projects in Korea and is being operated with support for the project cost.
- In the first half of 2022, we will launch an English version to enter the U.S. market and discuss with local partners to find and market the market. We are planning various business models that utilize AI technologies such as global companies based on SNS such as Facebook and creation of full-length avatars. Through this, wewill have more than 8 million members in the next five years and aims to gain 25 million application downloads
Competitive Landscape
- Amazon’s 2019 refund was $207 billion, 60% of which were clothing and 34% were returned because of the wrong And I think it would be an attractive market if we could reduce the return rate by 10%.
- Amazon’s BodyLabs and Softbank’s ZOZOSUITare competitors. Although BodyLabs are highly accurate, they measure body dimensions using expensive scanning equipment, making them difficult to access. Also, ZOZOSUIT is a technology that measures size when the user wears a suit, which has the disadvantage of inaccurate body measurement, and the problem of shipping and unit price of spandex-clothes. By comparison, IMEMINE boasts simple measurements and high accuracy using smartphones. Our company is also interested in entering the global market, and if you invest, I think you will be able to generate various profits through links to various platforms.
- Currently, France’s Virtusize is the No.1 market share company, which accounts for 20% of Japan’s fashion market. Major customers are Uniqlo, etc., and the implementation method is for AI to analyze the customer’s purchasing tendency and obtain customer’s body type information. This is an item that secures body type information rather than size information.
In comparison, SizeMine will strive to become a market leader in the next five years when personalized information, a trend in the fashion market, is needed by directly obtaining size information of over 98% accurate users.
Founders' Bio
Iksoo Park
CEO
CEO Ik-soo Park has experience in marketing at a virtual fitting simulation development company. After a meeting with more than 100 domestic mid- to large size fashion malls, B2B market confirmed that the increase in free returns has increased logistics costs and CS costs responsible for returns. So he decided to develop a solution to solve this problem. He has specialized in marketing related to AI and AR and is an expert in this field. - Samsung Gear VR Prototype Project - AR-Based Virtual Fitting Simulation Project - VR- Based Interactive Education Contents Project
- About IMEMINE
- Website : imemine.imweb.me
- Location : South Korea
- Founded year : 12/01/2017
- Company size : 6 people
- Markets: Artificial intelligenceBig datae-commercefashionmobileonlineVirtual reality