By Ernest Dela Aglanu, Benzinga
MySize Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA), an omnichannel e-commerce platform and provider of artificial intelligence (AI)-driven measurement solutions, is systematically carving a niche for itself as a leader that believes in environmental sustainability.
For over two decades, the company has been working to solve two critical problems facing the fashion retail industry — customers receiving apparel that doesn’t fit and reducing returns that sometimes end up in landfills.
A survey conducted by Power Reviews revealed that clothing topped the items returned by customers who purchase online. Clothing led with 88%, shoes were at 44%, and electronics at 43% rounded off the list of the top three most returned product categories.
The study further elucidated that the top three reasons people gave for returning an item were that it didn’t fit (70%), the item was damaged, or defective (65%), or the item didn’t match the description (49%). These fit-related problems are estimated to be costing retailers worldwide $642.6 billion, and only 48% of returns can be resold at full price.
While it’s expected that returned apparels go back on sale, that’s unfortunately not always the case because retailers seem to spend more on assessing and repackaging them than trashing them, which may appear cheaper.
Sadly, an estimated five billion pounds of returns end up in landfills, prompting experts to conclude that fashion has developed a notorious environmental footprint — accounting for up to 10% of global carbon dioxide output. There are now concerns that the fashion industry will retain its unwanted reputation as a significant contributor to climate change should marketing practices that encourage waste and fuel emissions continue to persist.
While some brands like Burberry Group plc. (LON: BRBY), Nike Inc. (NYSE: NKE) and American Eagle Outfitters Inc. (NYSE: AEO) have moved toward donating and repurposing returned goods, a large number of retailers are still trashing returns.
Now, concerns around environmental sustainability are influencing consumer behavior. The Capgemini Research Institute found that almost 80% of consumers are changing their shopping habits based on social responsibility and environmental impact.
This is where MySize’s sustainability-focused business practices could enhance value in the industry, especially as there is currently a global push for the reduction of waste and preservation of resources like clean air, water and wildlife for future generations.
Brands are more likely to use MySize’s solutions to show their consumers that they are green. Some well-known brands have already adopted the company’s technology.
On January 24, MySize revealed that Germany-based multidisciplinary fashion label Rotholz had selected and fully implemented the Naiz Fit sizing solution on its e-commerce site.
A press release by the company said the selection showed how fashion could be made in harmony with nature, people, and ethics, as Rotholz works in collaboration with creatives from all over the world to bring together advanced design and production processes.
“Naiz Fit is now used throughout Europe and beyond to create a superior customer experience and to support sustainable shopping. We welcome Rotholz as our latest fashion brand to adopt a MySize sizing solution, and we’re pleased to be a part of their corporate sustainability ethic,” Ronen Luzon, MySize CEO and founder, said.
Spain-based Natura also fully implemented the Naiz Fit sizing solution allowing customers shopping at Natura’s online stores and its 200 physical stores throughout Spain, Portugal, Italy, and Andorra to use the Naiz Fit app to take their measurements and match their ideal fit with Natura’s apparel collections.
Natura has been committed to making the world a better place with its unique and environment-friendly products, including a broad selection of apparel for women, men, and children. Through the Natura Award, the company has been creating a positive impact around the world by supporting more than 70 humanitarian aid and nature protection projects since 1994.
MySize entered into an agreement with 7 For All Mankind (Brazil), a premium global clothing brand, to license its MySizeID apparel sizing solution in August last year.
“7 For All Mankind’s commitment to continuous improvement to serve humanity is admirable, and MySizeID is pleased to partner with them in their mission,” Luzon said.
Esber Hajli, CEO of 7 For All Mankind (Brazil), on her part, commented, “By implementing MySizeID, an innovative, market-leading sizing solution, we believe we can significantly reduce returns and its associated financial and environmental costs.”
This article was originally published on Benzinga here.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients. Orgad, its online retailer platform, has expertise in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize's reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.MySize has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries. This proprietary measurement technology is driven by several algorithms that are able to calculate and record measurements in a variety of novel ways. To learn more about MySize, please visit our website: www.mysizeid.com.
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Or Kles, CFO