MySize Developing Sizing Solution for Pre Owned Apparel

Rhea-AI Summary

MySize Inc. (NASDAQ: MYSZ) is developing an AI-driven sizing solution for the secondhand clothing market. This unique platform aims to reduce return rates by helping online shoppers identify their correct size in pre-owned apparel. With the secondhand market projected to grow to $80 billion by 2029, this initiative addresses a significant demand. Currently, up to 40% of online apparel purchases are returned due to sizing issues, costing retailers billions. MySize leverages smartphone sensors and patented algorithms, positioning itself as a leader in enhancing the online shopping experience.

Positive

• Developing an AI-driven sizing solution for the $30 billion secondhand market.
• Targets significant issue of high return rates in online apparel.
• Utilizes smartphone sensors to provide accurate sizing.
• Leveraging patented algorithm for user privacy and convenience.

Negative

• None.

AIRPORT CITY, Israel, June 17, 2021 /PRNewswire/ -- MySize Inc (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced that it is developing an AI-driven sizing solution specifically for secondhand clothing retailers. The industry-first platform is designed to help online shoppers find their correct size in pre owned apparel, and is intended to provide a full end-to-end solution for merchants to cut down on return rates.

As consumer awareness around sustainability grows, the secondhand apparel market has exploded. In the U.S. alone, the preowned market is estimated to be worth some $30 billion and is expected to reach $80 billion by 2029. Major players have taken notice, and Swedish industry titan H&M recently expanded a preloved garment shop in 20 additional European countries to take advantage of the momentum. Whether it's via peer-to-peer exchange platforms such as Poshmark, or through luxury consignment sites like Vestiaire Collective and The Real Real, consumers are embracing pre owned items that are easier on the planet and their wallets.

Many secondhand garment retailers offer items from a wide variety of brands, which use different measurements and sizing charts, leaving customers in the dark when it comes to a single table they can reference to find their size. Additionally, vintage items are often based on sizing models which are no longer relevant in the fashion industry today. For example, a customer buying a size 8 from 20 years ago will likely receive an item that's sized differently than a modern day size 8. With up to 40% of online apparel returned, and poor fit cited as the most common reason, wrongly sized items cost retailers billions annually.

Users of the MySize app, which leverages sensors already built into customers' smartphones, can instantly obtain highly accurate clothing sizes in any brand's apparel via their patented algorithm, a unique approach that safeguards user privacy. While browsing secondhand clothing online, customers will be able to find out exactly which size of an item is the ideal fit for them from the comfort of their homes. MySize is a trusted partner of leading brands and e-commerce platforms including Shopify, WooCommerce, Lightspeed, Magento, and more.

"MySize's primary mission has always been streamlining the online shopping journey for both the customer and retailer alike. With this new solution in development, we are targeting a need that's so far gone unaddressed and unacknowledged by the industry," said Ronen Luzon, CEO and Founder of MySize. "We expect this solution will be the make-or-break factor in ensuring a customer can make the final leap to purchase a preloved item with the aim of having a major impact on our retailers' bottom lines. By creating an industry-first, unique solution that specifically addresses preloved apparel, we're clearing the way for even more expansion in the market."

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 here to 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

 

View original content:http://www.prnewswire.com/news-releases/mysize-developing-sizing-solution-for-pre-owned-apparel-301314616.html

SOURCE My Size Inc.

FAQ

What is MySize Inc. developing for the secondhand clothing market?

MySize Inc. is developing an AI-driven sizing solution to help online shoppers find their correct size in pre-owned apparel.

How much is the secondhand apparel market projected to grow?

The secondhand apparel market is estimated to reach $80 billion by 2029.

What percentage of online apparel is returned due to sizing issues?

Up to 40% of online apparel purchases are returned, primarily due to sizing problems.

What technology does MySize use for accurate sizing?

MySize uses smartphone sensors and a patented algorithm to provide accurate sizing for pre-owned clothing.

What impact is MySize's new solution expected to have on retailers?

MySize's solution is expected to significantly reduce return rates, thereby positively impacting retailers' bottom lines.