MySize Rolls Out New Rewards Program, Offering Perks For Making More Eco-Friendly, Better Fitting Purchases

Rhea-AI Summary

MySize, Inc. (NASDAQ: MYSZ) has introduced a virtual coins feature for its MySizeID widget designed for e-commerce platforms. This feature rewards registered users with redeemable virtual coins for sustainable purchases, which helps reduce return rates and supports eco-friendly shopping.

With significant textile waste issues, the program encourages accurate sizing and enhances customer experience, potentially increasing average order value by up to 30%. Major brands like Levi's and Speedo are already partners in this sustainability initiative.

Positive

• Introduced a virtual coins feature to reward sustainable purchases.
• Proven to reduce returns by up to 50%, enhancing profitability for retailers.
• Potential to increase average order value by up to 30%.

Negative

• None.

AIRPORT CITY, Israel, Sept. 8, 2021 /PRNewswire/ -- MySize, Inc (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced the addition of a virtual coins feature to its MySizeID widget, available for e-commerce retailers who implement the solution on their sites and apps. Registered MySizeID users can earn redeemable virtual coins by making sustainable and size-accurate purchases from the partnered retailers.

After making a purchase using the MySizeID widget, customers earn virtual coins as a thank you for shopping sustainably. The number of coins earned on a MySizeID purchase is measured by eco-metrics -- water saved, landfill waste prevented, emissions avoided -- compared to purchases made not using the widget. Customers can later redeem their earned coins for discounts, promotions, or free items.

With roughly 11 million tons of textile waste ending up in landfills in 2018 and up to 70% of online apparel returns being blamed on poor fit, incentivizing customers to use MySizeID's widget with the virtual coin feature empowers users to purchase correctly fitting clothes while helping retailers avoid costly returns, prevent logistical headache, and lessen environmental impact.

Using MySizeID, customers can purchase with the confidence that they are buying the right size the first time, drastically reducing return rates. A trusted partner of leading brands including Levi's, Speedo, and Boyish Jeans, as well as e-commerce platforms including Shopify, WooCommerce, Bitrix, LightSpeed and more, MySizeID has been proven to reduce returns by as much as 50%, and increase average order value by as much as 30%.

Customers want to support sustainability efforts – an estimated 77% of Americans are concerned about the environmental impact of products they buy. Virtual coins offer transparency for customers to see how their purchases with MySizeID fare up to industry average when it comes to key environmental metrics.

"The virtual coins are a win-win-win for customers, for retailers, and for the environment. Customers get rewarded for doing the shopping they're already doing and getting a highly accurate fit, retailers get to cut the costs associated with returns and give a better customer experience, all while our planet reaps the benefit of a lower carbon footprint," said Ronen Luzon, CEO, and Founder of MySize.

"We believe the MySizeID coins reward program is going to help build customer loyalty for our partnered e-commerce retailers. For brands that are eager to embrace sustainability and go green, MySizeID coins are the perfect step. Consumers are more environmentally aware than ever before, and they've expressed a strong preference for supporting brands that are earth-friendly. By implementing MySizeID coins, brands can demonstrate their company values around sustainability in a clear way that resonates with customers."

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.

Press Contact:

Joel Strauss
Strauss Communications
joel@strausscomms.com

IR Contact:

Or Kles, CFO
ir@mysizeid.com

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SOURCE MySize Inc.

FAQ

What is the new feature introduced by MySize (MYSZ) for e-commerce retailers?

MySize has introduced a virtual coins feature for its MySizeID widget, rewarding users for making sustainable purchases.

How do users earn virtual coins with MySizeID?

Users earn virtual coins by making eco-friendly purchases through the MySizeID widget, which can later be redeemed for discounts or promotions.

What impact does MySizeID have on return rates?

MySizeID has been shown to reduce return rates by as much as 50%, helping retailers minimize costs.

What percentage increase in average order value can retailers expect using MySize's solutions?

Retailers can potentially increase average order value by up to 30% with MySizeID.

Which brands have partnered with MySize for the MySizeID program?

Leading brands such as Levi's, Speedo, and Boyish Jeans are partners in the MySizeID program.