MySize Debuts Seamless Integration of Ecommerce Footwear Sizing Solution to Retailers' Websites, Bringing Highly-Accurate Sizing Directly to Online Shoppers

Rhea-AI Summary

MySize, Inc. (NASDAQ: MYSZ) has announced the full integration of its e-commerce shoe sizing solution into retail websites. This feature enhances the online shopping experience and aims to minimize returns, which can reach 40% in footwear sales. With the e-commerce footwear market projected at $21.4 billion in 2021, the integration is timely as it boosts confidence and reduces return costs. The solution is compatible with major e-commerce platforms and has shown to reduce returns by up to 50% and increase order values by 30%, greatly benefiting retailers.

Positive

• Integration of shoe sizing solution into e-commerce sites enhances customer experience.
• Projected e-commerce footwear sales of $21.4 billion for 2021 indicates strong market potential.
• Solution helps reduce returns by up to 50%, decreasing costs for retailers.
• Compatibility with leading platforms like Shopify and WooCommerce facilitates easier implementation.

Negative

• None.

AIRPORT CITY, Israel, March 26, 2021 /PRNewswire/ -- MySize, Inc (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of e-commerce measurement solutions, today announced the full integration of their e-commerce shoe sizing solution directly to retailers' websites. The integrated sizing solution, which joins a growing list of additional capabilities to the MySizeID platform, which includes garment and shoe recommendations. This latest addition is intended to enhance customers' online shopping experience and reduce the hassle of returns for retailers.

Through MySize's hyper-accurate shoe sizing solution seamlessly built-in as a feature on retailers' sites, customers will benefit from an ultra streamlined shopping experience, allowing them to virtually obtain fits for a brand's shoes without needing to download an app. Retailers can provide customers with an incredibly accurate and user friendly sizing solution that will boost their bottom lines and significantly cut down on returns.

As e-commerce footwear sales are slated to reach $21.4 billion in 2021, alongside market size growth recorded at 9.0% per year on average between 2016 and 2021, it's clear that online shoe sales are a major source of revenue for retailers. But as up to 40% of online footwear purchases are returned, sellers are struggling with costs that top billions annually. The industry is well-positioned to embrace technology that gives customers peace of mind regarding their fits and reduces the risk of returns for retailers.

The MySize footwear sizing solution is easy to implement and is "plug and play" with leading e-commerce platforms Shopify, WooCommerce, Lightspeed, Magento, and more. By pairing a footwear retail's product table, GTIN, description, and other relevant details with MySize's AI-driven and machine learning algorithms online shoppers will be presented with a highly accurate size recommendation, which is expected to increase confidence and reduce returns.

MySize has repeatedly demonstrated the positive impact of its highly accurate online sizing solution in the online apparel industry, reducing returns by as much as 50%, and increasing average order value by as much as 30%. Utilizing this same technology, MySize's footwear solution enables customers to receive a highly accurate shoe size recommendation that is saved, using the current wizard.

"When customers can order the right size without needing to jump through hoops or rely on guesswork, both the retailer and the consumer win," said Ronen Luzon, CEO, and Founder of MySize. "By bringing our highly accurate sizing tech directly to retailers' sites, we're empowering larger numbers of customers to obtain the right fit for them, and increasing accessibility to those who may not have wanted to take the extra step of downloading the app. In 2021, consumers expect an online shopping experience that covers them from A to Z, and with our built-in sizing feature, retailers can provide their customers with the very best virtual fits."

About MySize Inc:

My Size, Inc. (TASE: MYSZ, NASDAQ: MYSZ) 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 My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram, and Twitter.

Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.

Register here for a free plan of MySizeID solution for your online store.

 Please click here to download MySizeID for iOS.

Please click hereto download MySizeID for Android.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

U.S. Press Contact:

Strauss Communications  
joel@strausscomms.com  
www.strausscomms.com

IR Contact:

Or Kles, CFO
ir@mysizeid.com

 

 

 

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SOURCE My Size Inc.

FAQ

What recent development did MySize (MYSZ) announce regarding their e-commerce solutions?

MySize announced the full integration of their shoe sizing solution into retailers' websites, aiming to improve online shopping and reduce returns.

How does MySize's shoe sizing solution impact online footwear sales?

The shoe sizing solution enhances customer confidence and is expected to reduce return rates, benefiting retailers financially.

What is the expected size of the e-commerce footwear market in 2021?

The e-commerce footwear market is projected to reach $21.4 billion in 2021.

What benefits does MySize's solution offer to retailers?

Retailers can expect reduced return rates by up to 50% and increased average order values by as much as 30%.

Which e-commerce platforms are compatible with MySize's sizing solution?

MySize's shoe sizing solution is compatible with platforms like Shopify, WooCommerce, Lightspeed, and Magento.