GEMSIGHT
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CHALLENGE
We buy almost everything online, unless it comes to jewellery, due to the essential need of that touchy feely in-store experience.
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“how will this ring fit my hand proportions?”
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“and how will it look on my skin color and texture?”
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Such users' high uncertainty and low confidence results in very low conversion rates for jewellery retailers: 0.75% in the jewellery vertical vs ~3% cross-industry average.
SOLUTION
GemSight is bringing the touchy feely in-store experience to online shopping of jewellery and watches.
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GemSight is aiming to improve users' confidence and reduce cart abandonment by offering a virtual try-on (VTO) service in which users can easily examine the jewellery-body fit using their mobile device.
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Click here to view our product mock-up.
MARKET
The jewelry and watch ecommerce vertical is expected to double within the next 5 years reaching $16B by 2024 in the US alone!
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Considering the effect of VTO technology on the eyewear vertical, GemSight can drive additional ~$3B in sales for jewelry and watch ecommerce businesses in the US.
COMPETITIVE ADVANTAGE
Unlike other VTO services, GemSight is focusing on providing the closest try-on experience to being in the store as you can get, by enabling 3D inspection of jewellery-body fit from all angles and positions. This will enable customers to see the finest details of the jewellery while trying it on virtually.
STATUS AND MILESTONES
Completed milestones:
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Formed a founding team.
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Market and competition research.
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Technological risk assessment.
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In-depth interviews with 5 jewellery businesses.
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Currently working on:
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Building an MVP.
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In the process of onboarding 3 design partners and piloting within 3-6 months.
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Initial funding.
TEAM
VLADI
Co-Founder and CTO
