13 Apr Nike Acquires Israeli Computer Company
Nike Inc. acquired Invertex Ltd., a fashion-tech company providing scan-to-fit shopping platforms powered by 3D and deep-learning, to strengthen the company’s digital technology and talent as part of Nike’s Consumer Direct Offense. Terms were not disclosed.
“The acquisition of Invertex will deepen our bench of digital talent and further our capabilities in computer vision and artificial intelligence as we create the most compelling Nike Consumer Experience at every touchpoint,” said Adam Sussman, Nike’s chief digital officer.
David Bleicher, CEO of Invertex, based in Tel Aviv, Israel, said, “Nike’s connection to and understanding of their consumer is unsurpassed, and we look forward to joining their team to help drive the Consumer Direct Offense.”
Last September, Invertex launched ScanMat, “a cost effective, highly scalable solution, creating feet-to-fit experiences that empowers consumers with the confidence to shop for shoes in-store and online.”
Invertex’s press release at the time noted that while in many product categories online, shopping has become the standard, still only 8 percent of shoes are sold online in the U.S., with return rates scaling up to 40 percent. Inaccurate fit and lack of confidence remain two of the most burning pain points throughout the footwear industry that halter e-commerce revenues.
Powered by 3D and deep-learning, Scanmate utilizes a unique combination of accurate feet mapping and artificial intelligence to allows Invertex to achieve accuracy recommendations at high levels. The device also takes minimal space in a retail environment to help make it scalable.
Once a customer has been scanned, a profile is created and sent either via SMS or e-mail in seconds. Customers can then scan any shoe in the store and be notified of the correct size alongside recommendations of other items that will fit. Customers can also scan their feet via this solution at home when deployed via a retailer app.
“ScanMat transforms point-of-sale into a positive experience and delivers an engaging retail touchpoint, benefiting both retailers and customers,” said Bleicher at the time. “Alongside providing consumers with the confidence of knowing products will fit, retailers can expect their customers with scanned profiles to visit their ecommerce sites more frequently, incur dramatic increase in conversion rates and up to 50 percent reduction in return rates. Plus, the data collected by our technology which already incorporates thousands of feet and shoe models creates a valued resource for retailers across core areas, from advertising and planning to D&D and customer care. ”