Benzinga | Jun 17, 2021 09:03AM EDT

MySize Says Developing Sizing Solution For Pre Owned Apparel

MySize Inc(the "Company" or "My Size") (NASDAQ:MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced that it is developing an AI-driven sizing solution specifically for secondhand clothing retailers. The industry-first platform is designed to help online shoppers find their correct size in pre owned apparel, and is intended to provide a full end-to-end solution for merchants to cut down on return rates.

As consumer awareness around sustainability grows, the secondhand apparel market has exploded. In the U.S. alone, the preowned market is estimated to be worth some $30 billion and is expected to reach $80 billion by 2029. Major players have taken notice, and Swedish industry titan H&M recently expanded a preloved garment shop in 20 additional European countries to take advantage of the momentum. Whether it's via peer-to-peer exchange platforms such as Poshmark, or through luxury consignment sites like Vestiaire Collective and The Real Real, consumers are embracing pre owned items that are easier on the planet and their wallets.

Many secondhand garment retailers offer items from a wide variety of brands, which use different measurements and sizing charts, leaving customers in the dark when it comes to a single table they can reference to find their size. Additionally, vintage items are often based on sizing models which are no longer relevant in the fashion industry today. For example, a customer buying a size 8 from 20 years ago will likely receive an item that's sized differently than a modern day size 8. With up to 40% of online apparel returned, and poor fit cited as the most common reason, wrongly sized items cost retailers billions annually.

Users of the MySize app, which leverages sensors already built into customers' smartphones, can instantly obtain highly accurate clothing sizes in any brand's apparel via their patented algorithm, a unique approach that safeguards user privacy. While browsing secondhand clothing online, customers will be able to find out exactly which size of an item is the ideal fit for them from the comfort of their homes. MySize is a trusted partner of leading brands and e-commerce platforms including Shopify, WooCommerce, Lightspeed, Magento, and more.

"MySize's primary mission has always been streamlining the online shopping journey for both the customer and retailer alike. With this new solution in development, we are targeting a need that's so far gone unaddressed and unacknowledged by the industry," said Ronen Luzon, CEO and Founder of MySize. "We expect this solution will be the make-or-break factor in ensuring a customer can make the final leap to purchase a preloved item with the aim of having a major impact on our retailers' bottom lines. By creating an industry-first, unique solution that specifically addresses preloved apparel, we're clearing the way for even more expansion in the market."