MySize's Sizing Tech Benefits Levi's Direct-to-Consumer Sales: Article in Modern Retail "Most-Clicked Stories" by National Retail Federation

Rhea-AI Summary

MySize, Inc. (NASDAQ: MYSZ) announced the implementation of MySizeID on Levi's e-commerce platforms in the U.S. and six European countries. This innovation has led to a significant reduction in returns, with womenswear returns down 47% and menswear returns down 44%. An article in Modern Retail highlighted this success and ranked as one of the most-clicked stories in the National Retail Federation's newsletter. MySizeID, an AI-driven sizing solution, aims to improve customer satisfaction while helping brands like Levi's optimize their direct-to-consumer sales.

Positive

• MySizeID significantly reduced returns for Levi's, improving customer satisfaction.
• The implementation of MySizeID is positioned to drive revenue growth for MySize.
• Recognition in a leading industry publication enhances brand visibility.

Negative

• None.

• MySizeID implemented on Levi's ecommerce stores in the U.S. and six European countries
• Reduced womenswear returns by 47% and menswear by 44% for Levi's

AIRPORT CITY, Israel, Dec. 15, 2022 /PRNewswire/ --  MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the "Company"), an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced that an article published in Modern Retail, a leading industry trade publication, titled "Levi's adds more sizing features to its website in DTC sales push" was ranked one of the "most-clicked stories" in the National Retail Federation's newsletter on December 14, 2022.

According to the article, brands including Levi's and Nike, which are building their direct-to-consumer (DTC) business, are investing more in digital sizing solutions to address the costs of processing returns.

The article states:
In response, Levi's invested in a predictive algorithm called "What's My Size," where shoppers enter their weight, height and gender and are given a size prediction. "The algorithm will recommend the best size to select based on the knowledge of the Levi's size charts as well as the understanding of the consumers' body measurements," said Lasisz. [Lara Lasisz, direct-to-consumer innovation lead at Levi Strauss & Co]

A Levi Strauss & Co. blog post cites roughly 40% of all online sales returns stem from size and fit issues, and that one of Levi's key innovation priorities is finding the right technology to help people find the perfect fit. The post describes the MySizeID feature on Levi's ecommerce sites.  

"The apparel retail industry is at a tipping point in addressing the pressing need to adopt technologies that help shoppers gain the benefits of a physical dressing room experience when shopping online," stated MySize CEO and Founder, Ronen Luzon. "Determining the correct size and fit is a challenge for online apparel retailers and brands looking to increase their DTC sales. MySizeID directly addresses this issue, delivering a better experience for  shoppers while helping retailers and brands improve their economics and customer satisfaction levels."

MySize's sizing solutions, MySizeID and Naiz Fit, are software-as-a-serve (SaaS) products offered to fashion brands and retailers worldwide.

About MySize Inc.
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.

MySize 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 MySize, 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 the MySizeID solution for your online store and here for the Naiz Fiz solution.

To learn more about MySize and for additional information, please visit: our website: www.mysizeid.com.

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, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. 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 may 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.

Investor Contacts:
Or Kles, CFO
ir@mysizeid.com

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SOURCE My Size Inc.

FAQ

What is MySizeID and how does it benefit Levi's?

MySizeID is an AI-driven sizing solution that helps reduce returns by accurately predicting customer sizes based on their measurements. It has led to a 47% reduction in womenswear returns and 44% in menswear returns for Levi's.

How does MySize's technology impact Levi's direct-to-consumer sales?

The implementation of MySize's technology, such as MySizeID, aims to improve size accuracy, enhance customer satisfaction, and ultimately increase Levi's direct-to-consumer sales.

When was MySize's technology implemented on Levi's ecommerce sites?

MySizeID was implemented on Levi's ecommerce stores in the U.S. and six European countries as of December 15, 2022.

What was highlighted in the Modern Retail article regarding MySize and Levi's?

The Modern Retail article featured MySizeID's successful implementation at Levi's, noting its effectiveness in reducing returns and enhancing customer experience.

What impact do returns have on online sales according to Levi's blog?

Levi's blog states that approximately 40% of all online sales returns are due to size and fit issues, highlighting the importance of accurate sizing solutions.