Represents significant potential monetary savings for retailers by reducing size-based returns
Smart Mobile Measurement Technology empowers shoppers to make smart purchasing decisions and builds brand loyalty
My Size targets $20.4B plus-size clothing market as significant opportunity for its MySizeID smart mobile measurement solution
AIRPORT CITY, Israel, April 30, 2019 /PRNewswire/ — My Size, Inc. (the “Company” or “My Size”) (MYSZ) (MYSZ), the developer and creator of smartphone measurement solutions, today announced it has recently completed a pilot program for a leading global plus-size apparel brand. During the pilot testing, consumers utilized My Size’s smart mobile measurement solution, MySizeID, to record their body measurements and receive a recommendation on the correct size item for purchase. MySizeID achieved an 84% success rate during the pilot, where women reported how well an item fit them after they purchased it using MySizeID’s measurements and size recommendations.
“We are pleased with the results of the pilot program, which further showcase the effectiveness of our technology—in this case, for a leading global apparel brand. With online retailers losing millions of dollars each year due to size-based returns, an 84% success rate in sizing recommendations represents significant potential monetary savings,” said Ronen Luzon, Chief Executive Officer of My Size. “The positive response to MySizeID from shoppers during the pilot program serves as further validation for the need of such personalization technologies within online shopping. Consumers want to be able to shop confidently online, as they would in a store – MySizeID empowers shoppers to make smart purchasing decisions.”
The plus-size clothing market is a key vertical for penetration for My Size, with a reported market value of $20.4 billion in 2016. The average dress size of women in the U.S. is 14 to 16, yet there remains a significant gap in available options in both apparel and sizing due to issues with fit and retailers taking a blanket approach to sizing. As a result, retailers are losing out on sales by not focusing on solutions to fit issues.
“While sizing has been an issue in fashion and apparel for years, no one has been more impacted than plus-sized shoppers seeking to buy clothing online. Whether retailers are ‘sizing down’ to make larger sizes smaller, or just aren’t offering plus-sized options at all, this sector of the market is unfairly overlooked,” said Luzon. “We see the plus-sized market as an opportunity to work with retailers to both expand their offerings, as well as generate customer loyalty due to an enhanced shopping experience. Through a combination of our industry knowledge and innovative mobile sizing solutions for retail, we feel we are well positioned to penetrate this market.”
While some retailers have focused on the plus-sized industry, there has been a call for fast-fashion brands to make more of an effort to offer apparel that correctly fits a broad range of sizes. Still the frustration remains – like the female shopper whose tweet went viral and was shared over 300,000 times. She compared multiple pairs of jeans, all labeled size 12, only to find none of them were actually sized the same.
“It’s time for consumers to regain control over their sizing when shopping for apparel online. Retailers have put forth inconsistent sizing ranges for much too long, leaving consumers to guess – often incorrectly – what will fit them before ordering,” said Luzon. “MySizeID combats the problem by matching a consumer’s true measurements to a retailer’s sizing chart to recommend the correct sized item. Rather than forcing a consumer to guess, and possibly return an item after purchase, retailers can empower the customer to choose the item that will fit correctly each and every time, while building crucial brand loyalty that turns a one-time buyer into a fan of the brand for life.”
The MySizeID app is a turnkey solution that helps any merchant’s customers choose the appropriate apparel size for that specific brand, based on the shopper’s real measurements. My Size’s innovative technology enables consumers to measure themselves using their smartphone and then be matched with a brand-specific apparel item in their size. Once launched on any given e-commerce platform, store owners will be able to add the MySizeID app to their storefront through a simple integration and provide their shoppers with a more personalized experience.
About My Size, Inc.
My Size, Inc. (MYSZ) (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 which 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 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.
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