Have Trouble Buying Garments Online That Fit? MySizeID Could Be the Solution

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

If you had the option of ordering a dress online from any U.S. e-commerce giant such as Amazon.com Inc. AMZN, Target Corp. TGT, Walmart Inc. WMT or eBay Inc. EBAY or going to the physical store to buy the product, what would you choose?

As the world continues to battle the deadly coronavirus, ordering online has become the preferred and recommended option for many. Thanks to e-commerce, customers can now sit comfortably on their couches, order any product, and it will be delivered to their doorsteps.

E-commerce has enabled the buying and selling of goods and services over the internet either as business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer (C2C), or consumer-to-business (C2B).

E-commerce sales are going through the roof. In 2020, sales reached $861.12 billion in the U.S. alone. E-commerce sales worldwide amounted to $4.28 trillion in 2020, and e-retail revenue is projected to grow to $5.4 trillion in 2022, according to Statista. The Covid-19 pandemic has accelerated the growth of online shopping, particularly in fashion, as consumers have stayed away from actual store visits.

Many businesses venture into the space because of the unique advantages — low costs, flexibility, and speed — it gives such companies over physical store competitors.

Even though the numbers and convenience may paint a rosy picture, buying via e-commerce can be frustrating. Apart from delays in receiving your item or an inferior product showing up at your door, there is the nagging issue of receiving items — like garments — that don’t fit.

Receiving an ill-fitting garment can be very frustrating, leaving the customer unsatisfied. Ronen Luzon was among customers who grew irritated with the common troubles of online shopping — from size uncertainty to the hassle of returning items that just didn’t fit.

After realizing that size selection is a big part of consumers’ overall shopping experience and that returns are a huge blow to retailers’ bottom lines, he decided to develop a solution that will benefit both sides of the shopping experience.

Luzon founded MySize Inc. MYSZ (TLV: MYSZ) in Israel in 2014 to increase buyers’ satisfaction and reduce costs for online retailers by giving them a tool that will standardize sizing and help consumers find clothing that fits them on any size chart. After a capital raise in late-October, MySize has a cash balance of $13.3 million, which equates to $0.54 cash/share, with no debt.

Tech and Product Development

MySize reports that it has developed a unique measurement system based on sophisticated algorithms and cutting-edge technology with broad applications, including apparel, e-commerce, do-it-yourself (DIY), shipping, and parcel delivery industries.

This proprietary measurement technology is driven by several algorithms that can calculate and record measurements in a variety of novel ways.

Over the course of four years, MySize developed and released several measurement apps, including MySizeIDBoxSize, and SizeUp

As the e-commerce market witnesses continued growth, MySize believes that the demand for unique measurement technology, which aims to increase conversion rates and thus increase revenue for retailers, is set to keep going in the coming years. The company is reporting constant growth on the partnership front.

Additionally, there have been some acquisitions in this space — notable among them is Zalando SE’s ZAL purchase of Swiss mobile body measurement app developer Fision, Gap’s acquisition of Drapr and Snap acquiring Fit Analytics.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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