Business
MySize Acquires Naiz Fit To Consolidate Apparel Sizing Solutions And Position Company As A Potential Leader Helping Serve $1 Trillion Global Fashion Industry
By Ernest Dela Aglanu, Benzinga --News Direct--The nearly $1 trillion global fashion industry is no stranger to innovation. Thanks to technological
About this update from My Size, Inc.
[{"type":"text","content":"By Ernest Dela Aglanu, Benzinga\n--News Direct--The nearly $1 trillion global fashion industry is no stranger to innovation. Thanks to technological advancements in the e-commerce fashion industry, apparel, footwear and accessories sales ballooned in 2021, hitting $180.5 billion in the U.S. alone. The sector is expected to grow by 13% this year, with consumers set to spend $204.9 billion on fashion items online. But while the industry looks promising, there are some disadvantages to shopping online — such as receiving an ill-fitting garment — that could affect the consumer experience and, ultimately, the sector’s growth.With returns being a commonly potentially huge blow to retailers’ bottom lines, MySize Inc. (NASDAQ: MYSZ) has developed solutions that could benefit both sides of the shopping experience.Measurement SolutionsFounded in 2014, the company is an omnichannel e-commerce platform and provider of artificial intelligence (AI)-driven measurement solutions to drive revenue growth and reduce costs for its business clients.MySize’s MySizeID is based on sophisticated algorithms and cutting-edge technology with broad applications for apparel sales in e-commerce and hybrid settings.The company recently launched FirstLook Smart Mirror, a mirrorlike touch display that provides in-store customers an enhanced shopping experience and contactless checkout.MySize says Orgad, its online retail platform, has expertise in e-commerce, supply chain and technology, operating as a third-party seller on Amazon.com Inc. (NASDAQ: AMZN), eBay Inc. (NASDAQ: EBAY) and other sites.To expand its portfolio and offerings, MySize announced on Oct. 12 that it acquired Spain-based Naiz Fit, a software as a service (SaaS) technology solutions provider that solves size and fit issues for fashion e-commerce companies.Naiz Fit’s SaaS TechnologyNaiz Fit’s SaaS technology acts as a digital tailor. It gathers more than 20 body measurements without asking customers to measure themselves by using its proprietary AI and computer vision capabilities to transform simple images into body measurements.For customers who do not want to use photos, Naiz Fit implements statistical modeling algorithms to determine the size and fit based on height, weight, age, gender and fit preference.MySize reports that Naiz Fit’s latest product — Smart Catalogue — will be launched foll...