MYSZ - High Apparel Returns Can Have Significant Impact On The Environment As An Estimated Five Billion Pounds End Up In Landfills; MySize (NASDAQ: MYSZ) May Have The Solution
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By Ernest Dela Aglanu, Benzinga
MySize Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA), an omnichannel e-commerce platform andprovider of artificial intelligence (AI)-driven measurement solutions,is systematically carving a niche for itself as a leader that believesin environmental sustainability.
For over two decades, the company has been workingto solve two critical problems facing the fashion retail industry —customers receiving apparel that doesn’t fit and reducing returnsthat sometimes end up in landfills.
A survey conducted by PowerReviews revealed that clothing topped the items returned bycustomers who purchase online. Clothing led with 88%, shoes were at44%, and electronics at 43% rounded off the list of the top three mostreturned product categories.
The study further elucidated that the top threereasons people gave for returning an item were that it didn’t fit(70%), the item was damaged, or defective (65%), or the item didn’tmatch the description (49%). These fit-related problems are estimatedto be costing retailers worldwide $642.6 billion, and only 48% of returns can beresold at full price.
While it’s expected that returned apparels go back on sale,that’s unfortunately not always the case because retailers seem tospend more on assessing and repackaging them than trashing them, whichmay appear cheaper.
Sadly, an estimated five billion pounds of returns end up in landfills, prompting expertsto conclude that fashion has developed a notorious environmental footprint —accounting for up to 10% of global carbon dioxide output. There arenow concerns that the fashion industry will retain its unwantedreputation as a significant contributor to climate change shouldmarketing practices that encourage waste and fuel emissions continueto persist.
Whilesome brands like Burberry Group plc. (LON: BRBY), NikeInc. (NYSE: NKE) and American Eagle Outfitters Inc. (NYSE:AEO) have moved toward donating and repurposing returned goods, a large number of retailers are still trashingreturns.
Now,concerns around environmental sustainability are influencing consumerbehavior. The Capgemini Research Institute found that almost 80% of consumers are changing their shopping habits basedon social responsibility and environmental impact.
This is where MySize ’ssustainability-focused business practices could enhance value in theindustry, especially as there is currently a global push for thereduction of waste and preservation of resources like clean air, waterand wildlife for future generations.
Brands are more likely to use MySize’s solutionsto show their consumers that they are green. Some well-known brandshave already adopted the company’s technology.
On January 24, MySize revealed that Germany-based multidisciplinary fashion label Rotholz hadselected and fully implemented the Naiz Fit sizing solution on itse-commerce site.
A pressrelease by the company said the selection showed how fashioncould be made in harmony with nature, people, and ethics, as Rotholzworks in collaboration with creatives from all over the world to bringtogether advanced design and production processes.
“Naiz Fit is now usedthroughout Europe and beyond to create a superior customer experienceand to support sustainable shopping. We welcome Rotholz as our latestfashion brand to adopt a MySize sizing solution, and we’re pleasedto be a part of their corporate sustainability ethic,” Ronen Luzon,MySize CEO and founder, said.
Spain-based Natura also fully implemented the Naiz Fit sizing solution allowing customers shopping at Natura’sonline stores and its 200 physical stores throughout Spain, Portugal,Italy, and Andorra to use the Naiz Fit app to take their measurementsand match their ideal fit with Natura’s apparel collections.
Natura has beencommitted to making the world a better place with its unique andenvironment-friendly products, including a broad selection of apparelfor women, men, and children. Through the Natura Award, the companyhas been creating a positive impact around the world by supportingmore than 70 humanitarian aid and nature protection projects since1994.
MySize entered into an agreement with 7 For All Mankind (Brazil), a premium globalclothing brand, to license its MySizeID apparel sizing solution inAugust last year.
“7 For All Mankind’s commitment to continuous improvementto serve humanity is admirable, and MySizeID is pleased to partnerwith them in their mission,” Luzon said.
Esber Hajli, CEO of 7 For All Mankind(Brazil), on her part, commented, “By implementing MySizeID, aninnovative, market-leading sizing solution, we believe we cansignificantly reduce returns and its associated financial andenvironmental costs.”
This article was originally published on Benzinga here .
MySize,Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerceplatform and provider of AI-driven measurement solutions to driverevenue growth and reduce costs for its business clients. Orgad, itsonline retailer platform, has expertise in e-commerce, supply chain,and technology operating as a third-party seller on Amazon.com andother sites. MySize recently launched FirstLook Smart Mirror, amirror-like touch display that provides in-store customers an enhancedshopping experience and contactless checkout. FirstLook Smart Mirrorextends MySize's reach into physical stores and is expected tocontribute to revenues through unit sales and recurring servicefees.MySize has developed a unique measurement technology based onsophisticated algorithms and cutting-edge technology with broadapplications, including the apparel, e-commerce, DIY, shipping, andparcel delivery industries. This proprietary measurement technology isdriven by several algorithms that are able to calculate and recordmeasurements in a variety of novel ways. To learn more about MySize,please visit our website: www.mysizeid.com.
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