MySize Partners with Bitrix, a Leading Content Management System in Russia

Rhea-AI Summary

MySize (NASDAQ: MYSZ) announced a strategic partnership with Bitrix, Russia's largest eStore platform, to integrate its AI-driven sizing solution. This collaboration aims to provide accurate footwear and apparel sizing, potentially reaching millions of online shoppers. With proven results in reducing returns by up to 50% and increasing order values by 30%, MySize is set to enhance the customer experience for Russian e-commerce retailers. The MySize app leverages smartphone sensors for precise size recommendations, addressing high return rates in the apparel industry.

Positive

• Partnership with Bitrix enhances market reach to millions of online shoppers.
• Proven ability to reduce returns by up to 50% and increase average order value by 30%.
• MySize's technology improves customer experience by providing accurate size recommendations.

Negative

• None.

AIRPORT CITY, Israel, June 10, 2021 /PRNewswire/ -- MySize, Inc, (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced a partnership with Bitrix, Russia's largest eStore platform. MySize's AI-driven sizing solution and personal fit recommendations will be made available to e-commerce sellers on the Bitrix platform, bringing highly accurate footwear and apparel sizing to millions of online shoppers.

 

 

Bitrix is Russia's market leader in content management systems (CMS) for e-commerce businesses, serving an estimated 71% of the industry. Russia-based online retailers use Bitrix, and millions of customers who shop on their sites have potential access to MySize's online sizing solution. The solution has been proven to reduce returns by as much as 50%, and increase average order value by as much as 30%. MySize is a trusted partner of leading brands and e-commerce platforms including Shopify, WooCommerce, Lightspeed, Magento, and more.

The highly accurate sizing integration is expected to dramatically cut down on the number of people ordering products that are the wrong fit for them, which is critical as apparel and footwear retailers contend with up to 40% return rates. Providing customers with the correct size the first time means that MySize helps to transform orders that would have likely ended up as returns into successful sales where customers purchase products that they are significantly more likely to keep.

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. While browsing online, customers can find out exactly which size of an item is the ideal fit for them from the comfort of their homes, without the need for a visit to a brick-and-mortar store. The app gives customers a perfect shopping experience free of dressing rooms and check-out lines while providing peace of mind around fit equivalent to physically trying on a product.

"Our company goal is to make things easier on both the consumer and the business. By providing customers with highly accurate sizing that takes the guesswork out of online shopping, we're boosting their confidence and taking away the headache of potential returns before they happen," said Ronen Luzon, CEO, and Founder of MySize. "Our partnership with Bitrix is also important when it comes to helping stores compete. We're bringing advanced sizing capabilities leveraged by leading retailers to thousands of e-stores, many of them small businesses that will now be able to offer a superior customer experience."

About MySize Inc:

My Size, Inc. (NASDAQ: MYSZ) (TASE: 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-partners-with-bitrix-a-leading-content-management-system-in-russia-301310060.html

SOURCE My Size Inc.

FAQ

What is MySize's partnership with Bitrix about?

MySize has partnered with Bitrix to integrate its AI-driven sizing solution into Bitrix's eStore platform, targeting millions of online shoppers.

How does MySize's solution impact return rates?

MySize's solution is proven to reduce return rates by up to 50%, improving sales and customer satisfaction.

What are the expected benefits of MySize's sizing solution for e-commerce?

The integration is expected to enhance customer experience by providing accurate sizing, potentially increasing average order values by 30%.

Which markets is MySize tapping into with this partnership?

MySize is tapping into the Russian online retail market through its partnership with Bitrix.

What technology does the MySize app use?

The MySize app uses smartphone sensors to provide users with highly accurate clothing size recommendations.