MySize's proprietary AI-driven sizing tech solution has drastically boosted conversion rates, revenue per visitor and average order value for eCommerce retailers one year after implementation of the solution
AIRPORT CITY, Israel, July 22, 2021 /PRNewswire/ --MySize Inc.(the "Company" or "My Size") (NASDAQ: MYSZ)(TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced the results of its 6 month (first six months of 2021) internally generated Business Intelligence Report. The report found that the solution has increased revenue per visitor, conversion rates, and average order value for eCommerce retailers that implemented the MySize solution on their sites. The impact was much more significant on retailers that implement the widget on more than 40% of their product listings.
According to the Report, MySize has helped eCommerce retailers increase their conversion rates by an average of 2.75x when MySize tech was applied to 40% or more of product listings. The solution has provided a significant boost to average order value (AOV), which was up on average by almost 15% when e-commerce retailers implemented MySize for 40% or more of their product listings. As customers shop with the knowledge that they will receive their apparel and footwear in the correct size, MySize's solution strengthens both consumer confidence and eCommerce retailers' bottom lines.
MySizeID empowers retailers to make smarter, AI-backed business decisions, thanks to the rich array of AI-driven actionable insights it provides clients, including user behavior and conversion rates. The sizing solution utilizes retailers' size charts, product tables, GTIN, descriptions, and other relevant details, alongside MySize's patented algorithms, to provide online shoppers with a highly accurate size recommendation. The easy-to-use, plug-and-play widget is seamlessly integrated into eCommerce brands' sites, enhancing customers' online shopping experience and boosting their engagement levels and confidence in the brand.
Users of the MySize app, which leverages sensors already built into customers' smartphones, can instantly obtain accurate clothing sizes in any brand's apparel via their patented algorithm, a unique approach that safeguards user privacy. While browsing apparel online, customers can find out exactly which size of an item is the ideal fit for them, from the comfort of their homes.
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 including Levi's, Speedo, and Boyish Jeans, as well as e-commerce platforms including Shopify, WooCommerce, Bitrix, LightSpeed and more.
"The pandemic has shifted shoppers' preferences towards eCommerce, but retailers still struggle to woo consumers who are hesitant to purchase apparel and footwear sight-unseen, without physically trying on in a fitting room," said Ronen Luzon, CEO of MySize. "Our data proves that the ability to know they're ordering the correct size gives a major source of confidence to consumers, resulting in increased conversion rates and significantly higher value per sale. We are immensely proud of how strongly our product resonates with consumers and its impact on the industry."
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.
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.