By Ernest Dela Aglanu, Benzinga
Shopping for clothing online, while convenient, can at the same time be very difficult, especially because the buyer can't try the clothes on first. All too often, they may receive apparel that doesn't fit – sometimes marring an otherwise great experience.
A survey conducted by Power Reviews revealed that clothing topped the list of items returned by customers who purchase online. Clothing led with 88% returns, followed by shoes at 44%, and electronics at 43% as the most returned product categories.
The survey further explained 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 costing retailers worldwide $642.6 billion, and only 48% of returns can be resold at full price. Even worse, an estimated 5 billion pounds of returns end up in landfills.
To help solve this nagging problem and ensure customers receive clothing and other items that fit, MySize Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA), an omnichannel e-commerce platform and provider of artificial intelligence (AI)-driven measurement solution, has been partnering with a growing list of top retailers.
Since 1999, the company has developed products such as MySizeID and recently acquired Naiz Fit to enhance customers' shopping experience by helping them find the perfect fit while driving revenue growth and reducing costs for its business clients.
MySize says it is helping fashion brands and retailers use AI to create virtual try-on experiences. Now, customers can use their smartphones to create a profile and then virtually try on different clothing items.
Top Fashion Brands Are Using MySize Technology
Interestingly, some big brands have adopted MySize AI-driven measurement solutions to enhance customer experience while maximizing profits, serving as a testament to the quality of their product.
In May last year, Denim brand Levi Strauss & Co. (NYSE: LEVI) revealed that it was adding more digital tools like MySize technology to help customers find the right size jeans as part of its mandate to grow direct-to-consumer sales. The company said it would implement two new digital fit features to its site: a predictive fit algorithm and a photo bank of products on people of different body types.
Forint S.p.a., a leading Italian maker of uniforms for customers including the Vatican, Italy’s Presidency, and the Senate, in December 2022, selected the MySizeID sizing solution for its business. The company said it would offer MySizeID to all its business-to-business customers, providing a smarter and easier way to interact, resulting in a seamless experience and more accurate service.
Another company that has adopted MySize's technology is Estudio de Moda SAS, a leading Colombia-based retail company with a portfolio of brands, including Diesel, Celio, Superdry PLC (LON: SDRY), Marithe François Girbaud, and Replay. The company announced on January 5 this year it will implement MySizeID sizing solution on its Diesel Colombia e-commerce site.
Apart from the announcements mentioned above, MySize has entered into agreements with Temperley London, a luxury British fashion brand, and 7 For All Mankind (Brazil), a premium global clothing brand, to license its MySizeID apparel sizing solution.
Also, after a year of proven success with Levi Strauss & Co. Turkey (Levi's Turkey), Dockers (Turkey) decided to integrate MySize's proprietary AI-driven sizing technology solution. According to the company, the successful integration of the MySizeID widget has reduced return rates for a subsidiary of the world's global leader in jeans wear.
MySize believes that its technology, compared to others, can provide several advantages to consumers — especially including a better fit the first time — and retailers, who can save money because returns are reduced. People are also more likely to buy more when they are confident about fit.
The technology also benefits the environment as it reduces waste associated with returns, carbon footprint, and clothing being discarded.
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