REDONDO BEACH, CA--(Marketwired - Apr 6, 2017) - SECFilings.com, a leading financial news and information portal offering free real time public filing alerts, recently published an article discussing MySize Inc.'s (
Smartphone applications are becoming increasingly ubiquitous with billion-dollar companies being created in short order, including big names like Facebook Inc. and Snapchat Inc. However, the next generation of billion-dollar smartphone apps may target both consumers and businesses, helping them address problems that negatively impact both of them -- including online merchandise returns.
Shoppers are expected to return 30% of clothing and shoes bought online, according to Customer Growth Properties , which is twice the return rate of goods bought in a store. The core problem is that online shoppers have no way of trying on clothing and sizes vary widely between brands. Often times, online shoppers get around the problem by purchasing multiple items with plans to return at least some of them after trying them on. According to The Retail Equation , merchandise returns accounted for nearly $270 billion in lost sales in 2013.
MySize is a leading developer of proprietary smartphone measurement applications, including solutions to help online retailers and consumers. MySizeID uses a person's body measurements and statistical algorithms to help determine correct apparel sizes when online shopping. The technology helps consumers ensure they are buying the right size and avoid the cost and complications of handling returns over time.
"MySizeID is our next generation measurement application for online clothes shopping," said MySize Inc. CEO Ronen Luzon in a recent press release announcing the launch of MySizeID. "With TrueSize, the right size clothing at a store is recommended based on the measurements of clothes from the customer's own closet. MySizeID takes it one step further, by using an alternative benchmark. It accurately measures a person's body."
The app leverages extensive research and development efforts including:
- Anthropometric Research - The analysis of information pertaining to body measurements derived from a survey and the subsequent determination of correlations between body parts.
- Body Measurement - The company's proprietary algorithm that's designed to measure body parts.
- Retailer Size Charts - Technology that adopts a deep understanding of the size charts of retailers and the corresponding body-to-garment-size.
Consumers using the smartphone app simply move the phone from one hip to the other hip to come up with the right options for their body. By comparison, competing apps involve the use of a smartphone camera, which could involve some privacy issues.
MySize isn't content with simply providing the app to consumers. The company is selling the app to online retailers who can build it into their ecommerce site. The retailer benefits by decreasing the return rate and providing happier customers with appropriately sized products. MySize makes money incrementally, either as a percentage of sales that utilized the app or a small stipend per app use. The app is currently being tested on a trial basis with Trucco, a major online European retailer.
Please follow the link to read the full article: http://analysis.secfilings.com/articles/159-m...-retailers
About SECFilings.com
Founded in 2004, SECFilings.com provides free real time filing alerts to over 600,000 registered members and offers services to help public companies grow their audience of interested investors. Disclaimer:
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns SECFilings.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://secfilings.com/Disclaimer.aspx .
SECFilings.com Paul Archie 406-862-2242 parchie@secfilings.com
