The virtual shopping world is now in great demand because of the Coronavirus outbreak, and it has helped many startups innovate technology for making online shopping easier. AIVAR CEO Kim Bomin created an app, MY FIIT, that makes body measurements quick and easy, helping online fashion shoppers get perfectly-fit clothes. Kim founded his company after seeing a lack of innovation in the fashion industry. An accomplished entrepreneur wants to solve problems of returns, wrong size fittings, and refund activities in the fashion e-commerce sector.
Through MYFIIT a customer can upload their only photos and get accurate body measurements within 10 seconds. Based on the specific body measurement estimates, the app recommends size and compares the size to the clothes available, thus accurately fitting clothes. The company also seeks to develop the world’s first VR runway show platform.
Kim Bomin talked to koreatechdesk.com about AIVAR and how their groundbreaking products will revolutionize online and mobile clothes shopping worldwide.
1. Please tell me about your background and what motivated you to get started with your company?
Eight years ago, I launched brand A. Bell, which is in pursuit of high-end contemporary women’s total brand, has been operating it up to now. While running the brand, I felt that why there is little innovation in this fashion field. Simultaneously, I strongly thought that I wanted to make breakthroughs that could help fashion industries and fashion people. That is why I started AIVAR.
2. What is your current main product, and can you share any previous product pivot story to the current product?
AIVAR developed an AI-based mobile body measurement solution called MmyFfiit. Users can obtain their body measurements with only two photos taken by their phones within 10 secs and 3 percent of error rate accuracy. I expect that MYFIIT could significantly decrease the return rate and increase the conversion rate at the online fashion commerce market. AIVAR is also developing the VR runway show platform for the first time in the world.
3. What is the market opportunity?
Due to the Covid-19 pandemic, people are more willing to buy their outfits via smartphones or the internet. It means people buy their clothes without trying on before they buy them. So this solution will let you know what size you will fit and help you to purchase the correct one in the first place.
4. What’s your business model, and how have you grown your revenue? What strategy worked best?
Mainly we have the B2B model in which we provide SDK and API documents with our customers. We are to develop the SDK, which can be integrated at any commerce platform easily.
5. Please tell me more about your founding team? (How did the founding team meet each other?
I selected every team member one by one. And they have done very well so far. They did more than they could because we are sharing our vision and mission from time to time.
6. How much money have you raised in total so far? When was the recent funding round?
I founded this company last year, and I started earning from the business from this Feb. We got the seed round from Awesome Ventures, one of the Korea-based VCs. They have lots of connections with foreign VCs. So we are preparing for the next step, too.
7. What are the biggest challenges and obstacles that you have faced in the process of fund-raising? If you had to start over, what would you do differently?
Frankly, I didn’t have significant hurdles in that. Awesome showed their strong trust and belief in AIVAR.
8. What are your milestones for the next round? And what are your goals for the future?
As I said, Fashion has to change. Post-COVID-19 will lead to a new era, which will be different from the past. Everything we have been used to will be changing. So, I prepare for the future and be the first-mover. When it comes to the next round of milestones, AIVAR must prove that we could generate the revenue.
9. How have you attracted users, and with what strategy have you grown your company from the start to now?
First of all, our customers are likely to agree with the need for change when buying clothes online. They are seen to demand something else, not the reviews because reviews are to be manipulated by the people who want to sell their outfits more.
10. What do most startups get wrong about marketing in general?
Sometimes they want to show off what they have achieved. But people don’t want to hear their success stories. These startups have to listen to people. For example, what people want and what people are eager for while using/buying their products. That’s the point that they never forget!
11. How do you plan to expand globally?
We took part in several meetings with the Singapore VCs. Once we make a successful business model in Korea first, we want to expand it overseas.
12. How do you handle this COVID-19 outbreak situation for your company’s survival in the future?
The continuing COVID-19 situation is also giving rise to another opportunity business-wise. Non-contact technology is being needed more than ever for the fashion industry, which means that AIVAR has more business chances.
13. What’s the best advice you’ve ever received? And What advice do you have for someone interested in doing similar things like yours or in a similar direction?
Do it now. Make your idea real now.
14. What are the top-three books or movies (TV series) that changed your life and why?
By chance, I started to watch the SUITS series through NETFLIX. I think I am getting more engaged in the series where there are many business stories because I am doing a startup.
15. How do you keep yourself motivated every day?
In line with the above answer, some movies and TV series with creative stories would motivate me.
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