Launches across all 32 Canali ecommerce sites in Europe and the US Naiz Fit increased conversion rates by 800% and increased basket value by 37% for a similar luxury brand
AIRPORT CITY, Israel , April 24, 2023 /PRNewswire/ — MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced that Italian luxury menswear brand Canali has gone live with the Naiz Fit sizing solution on its ecommerce stores. Canali customers may now use the Naiz Fit digital tailor to find the perfect fit for their favorite Canali items. MySize will begin generating revenues from the SaaS agreement effective immediately.
Naiz Fit’s SaaS technology acts as a digital tailor. Without asking customers to measure themselves, Naiz Fit obtains 20+ body measurements using its proprietary AI and computer vision capabilities by transforming simple images into body measurements. For customers who do not want to use photos, Naiz Fit implements statistical modeling algorithms to determine size and fit based on height, weight, age, gender, and fit preference. Convolutional neural networks enable the company’s technology to extract direct body measurements and body morphologies with the highest accuracy.
“Naiz Fit can have a tremendous impact on increasing sales, reducing returns, and further enhancing customer satisfaction for Canali. We are very pleased to implement Naiz Fit with this top luxury European fashion brand,” stated MySize CEO and Founder, Ronen Luzon. “With a similar luxury brand, Naiz Fit has made over 112,000 size recommendations to date, leading to a 37% increase in basket value and 800% increase in conversion rate compared to shoppers who did not use Naiz Fit.
“In men’s suits the Naiz Fit size recommendation tool is especially accurate, as we can establish a sizing model not only for each type of suit but we are also able to differentiate by fit and drop which is highly recommended when talking about tailoring,” stated Borja Cembrero Naiz Fit CEO.
Canali has been promoting the values of Made in Italy excellence through its artisanal know-how, creating masterpieces of exceptional wearability and comfort in a perfect balance of elements that blends culture and history with style and taste.
A family-run company now in its third generation, Canali is a modern-day design and manufacturing group with its own 5 production centers all located in Italy and around 1,400 employees worldwide. In addition to its 150 boutiques, a number that continues to grow, the brand can also be found in over 1,000 retail stores in more than 100 countries across the globe.
About MySize Inc.
MySize, Inc. (Nasdaq: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions including MySizeID and recently acquired Naiz Fit to drive revenue growth and reduce costs for its business clients. Orgad, its online retailer platform, has expertise in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize’s reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.
MySize 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 MySize, please visit our website: www.mysizeid.com.
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Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.
To learn more about MySize and for additional information, please visit: our website: www.mysizeid.com.
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, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. 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 may 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.
Or Kles, CFO
SOURCE My Size Inc.
Originally published at https://www.prnewswire.com/news-releases/luxury-italian-menswear-fashion-brand-canali-implements-mysizes-naiz-fit-sizing-solution-301805418.html
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