The technology has been out there, it is being utilized in by many companies in various aspects. JVB wishes to standardize and democratize it. The industry should be utilizing the technology, especially as a tool in over production and over consumption.
In my opinion, MTailor made a mistake on shark tank when they wanted to focus on the garment creation side over the technology aspect of their company.
The technology is the core of the company.
Aired in February of 2016, MTailor boasted a custom made men’s button up collared shirt tailored off of a cell phone app that measured 20% more accurately than tailors, due to the 16 points of measure. The cell phone version takes 30 seconds as opposed to the Levi's in store 10 second scan, most likely due to the consumer having to rotate to acquire the data as opposed to the 3d scan. The biggest advent is the difference of being measured in the privacy and time of the user's choice.
On MTailor website, there is a great focus on the data and the company’s b2b enterprise. Does MTailor private license the technology for other companies and aggregate all of its clients information?
The app is free to download, and the user is encouraged to measure to be ready to order at any time. The company, founded in 2013, is currently valued at only 25 million. And yes, I say only because in 10 years, especially with the trend in at home shopping, I see this tool being more valuable and therefore something is not being utilized for the company's advantage.
With gen-z consumers gravitating towards niche and items, brands, and experiences that feel personal,** these are core values that will grow with their financial stability and translate even further with their consumer dollars. Brands doing smaller productions, all-pre-order or custom, would benefit greatly in being able to tap into their consumers ideal size and shape for their product. Cutting down on costly guessing of development sizing and production.
While a lot of this information has been collecting, stewing, and residing in my brain. These are the sources specifically used:
https://sharktanktales.com/mtailor-shark-tank-update/