MySize to Add Highly Accurate Online Footwear Sizing to Ecommerce Solution

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) announced plans to launch an AI-driven shoe sizing solution for e-commerce platforms in Q1 2021. This integration aims to enhance online shopping by providing accurate size recommendations, potentially reducing return rates by up to 50% and increasing average order value by as much as 30%. The U.S. online shoe sales market, estimated at $20.9 billion for 2020, is growing rapidly. However, high return rates due to sizing issues pose challenges for profitability in the e-commerce sector.

Positive

• Launch of AI-driven shoe sizing solution expected to reduce returns by 50%.
• Potential to increase average order value by 30%.
• Solution integrates with popular e-commerce platforms like Shopify and Magento.

Negative

• High return rates in footwear can hinder profitability.
• Customer-friendly policies like free shipping may strain profit margins.

AIRPORT CITY, Israel, Dec. 22, 2020 /PRNewswire/ -- My Size, Inc, (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ) the developer and creator of AI-driven sizing measurement solutions, today announced the planned launch of its e-commerce shoe sizing solution, based on the company's highly accurate, AI-driven sizing solution. The footwear measurement solution can be easily integrated with all leading e-commerce platforms and is expected to be available in Q1 2021.

 

 

Online shoe sales in the U.S. market are estimated to be $20.9 billion this year growing nearly 10% since 2019. Yet despite online footwear's promising sales, customer-friendly policies like "free two-way-shipping", put stress on profit margins and place a cloudy ceiling over future prospects, if the issue remains unaddressed.

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, after providing as few details as their size in a favorite shoe or even a picture of their foot.

"As e-commerce booms, so do returns, and footwear returns are often outsized within the already high return rates for the online apparel industry, costing apparel and footwear retailers dearly and adding to customer frustration." said Ronen Luzon, CEO and Founder of MySize. "With the planned launch of our shoe sizing solution, footwear retailers will finally be able to seamlessly and proactively address the problem and cut return costs, while providing a more confident shopping experience in the process."

For the latest news coverage, please follow the Company on Facebook, LinkedIn, Instagram and Twitter.

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 one-month free trial 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

My Size Investor relations contact:
Or Kles, CFO
ir@mysizeid.com 

View original content:http://www.prnewswire.com/news-releases/mysize-to-add-highly-accurate-online-footwear-sizing-to-ecommerce-solution-301197423.html

SOURCE My Size Inc.

FAQ

What is My Size's latest press release about?

My Size announced a planned launch of an AI-driven shoe sizing solution for e-commerce platforms, aimed at reducing returns and increasing sales.

When will My Size's shoe sizing solution be available?

The shoe sizing solution is expected to be available in Q1 2021.

How can the shoe sizing solution benefit retailers?

It can reduce return rates by up to 50% and increase average order value by 30%, enhancing retail profitability.

What is the estimated size of the online shoe sales market?

The U.S. online shoe sales market is estimated to be $20.9 billion in 2020.

Which e-commerce platforms can integrate My Size's solution?

The solution can be integrated with platforms like Shopify, WooCommerce, Lightspeed, and Magento.