MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA)
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions including MySizeID and recently acquired Naiz Fit 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.
“We are incredibly proud of MySizeID and Naiz Fit for having achieved these milestones. In addition to happy online shoppers and improved economics for retailers, these numbers have a profound impact on carbon footprint reduction. Our latest data show size related returns were reduced by up to 65% when shoppers used Naiz Fit or MySizeID. This is due to continuous improvements of our AI and machine learning tool which optimizes performance based on increased traffic and a 360 degree view of retailers’ business. It’s clear why so many of the world’s top brands are using our apparel sizing solutions.” – MySize CEO Ronen Luzon
An Omnichannel E-Commerce Platform and Provider of AI-Driven Measurement Solutions to Drive Revenue Growth and Reduce Costs for its Business Clients
- Up to 65% reduction in size-related returns compared to shoppers who did not use MySize’s sizing solutions for the same SKUs at the same online stores
- 5 million people are using Naiz Fit and MySizeID worldwide
- 35.6 million size recommendations have been made using Naiz Fit and MySizeID
- 17.9 million items have been purchased using MySizeID and Naiz Fit through a total of 7 million orders
- Over 100,000 items are now available for sizing using Naiz Fit and MySizeID
- MySize’s sizing solutions are available in 13 languages on ecommerce sites worldwide
MySizeID
By leveraging My Size, Inc. (MYSZ)’s MySize ID, retailers can match shoppers’ personal measurements with their brand’s size chart, resulting in significantly fewer returns and increased customer satisfaction. The platform comprises three essential elements: the widget, app, and My Dash.
The widget is seamlessly integrated into the retailer’s e-commerce platform, displaying size recommendations for individual shoppers on a per-item basis. These recommendations are based on data input into My Dash, the user-friendly size chart editor. Retailers can create a unique size profile for their customers using the MySize ID app or the online sizing wizard available on the My Size ID website.
My Dash plays a pivotal role by generating a comprehensive size chart for each apparel item and integrating it directly with the retailer’s product lifecycle management (PLM) and inventory database. Furthermore, MySize ID offers analytics with aggregated customer data, providing in-depth insights into consumer behavior. These insights enable retailers to further enhance personalization and tailor their offerings to meet customer preferences.
The MySize ID app or software development kit (SDK) empowers shoppers to create personalized size profiles by recording their body measurements with their smartphones. This convenience extends beyond online shopping and can be implemented in brick-and-mortar stores. Shoppers can easily scan barcodes, receive size recommendations, and make purchases directly through the app, bypassing fitting rooms and registers.
BoxSize: The Perfect Measuring Tool for Logistic Companies
Logistic companies often face the challenge of accurately measuring packages to ensure efficient shipping and storage. With Box Size, an innovative measuring tool, logistics professionals can streamline their operations and optimize package measurements.
By using Box Size, logistic companies can ensure precise package measurements, leading to improved efficiency, reduced errors, and enhanced logistics operations. With its user-friendly interface and comprehensive functionality, Box Size is the perfect solution for accurate package measuring in the logistics industry.
*Includes a one-time non-recurring non-cash $4,394,390 listing expense incurred due to the Business Combination Transactions and the company’s listing of its shares on the CSE.
SizeUP
The SizeUp App is based on technology developed by MySize Inc. These revolutionary patent-pending algorithms that utilize Smartphone sensors to accurately measure anything from everyday objects to body measurements.
First Look Smart Mirror
The First Look Smart Mirror is an interactive point-of-sale (POS) display that revolutionizes the in-store fashion shopping experience. With My Size ID integration, customers can preview items on a virtual avatar, ensuring accurate personalized sizing and fit. Real-time stock availability and upselling recommendations enhance the shopping journey, while NFC technology enables seamless checkout. This innovative solution reduces returns, boosts sales, and increases customer satisfaction.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is dramatically reshaping the e-commerce shopping experience. Traditional online shopping often involves uncertainty regarding size and fit, leading to higher return rates and customer dissatisfaction. AI-driven tools are providing accurate and personalized sizing recommendations, reducing the guesswork for customers and enhancing their shopping confidence.
By analyzing vast datasets and learning from individual preferences and body types, AI algorithms can suggest the perfect fit for each customer, resulting in fewer returns and increased customer satisfaction. Moreover, AI measurement solutions streamline the entire shopping process. Customers can virtually try on clothes, visualize how items will look on them, and make informed decisions before purchase. This not only saves time but also enhances the overall shopping experience. Retailers benefit as well, as reduced return rates lead to cost savings and increased operational efficiency. Right now, one company is looking to disrupt the global e-commerce apparel market that was estimated at over $500Bn back in 2021, with its AI-driven measurement solutions.
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Summary
As a testament to its growth and potential, My Size experienced significant investments and went public on NASDAQ in 2016. The company’s commitment to continuous innovation and expansion led to partnerships with renowned fashion brands, including Diesel, Natura, and Rotholz, among others, which adopted My Size’s AI-driven sizing solutions in 2022.
As the AI market continues to evolve, My Size, Inc. stands out as a company to watch. Its AI-driven measurement solutions have the potential to redefine the online shopping experience, enhance customer satisfaction, and drive revenue growth for businesses. With its innovative approach and commitment to technological advancement, My Size is poised to make a lasting impact in the ever-expanding AI landscape.
