After nearly two years of unprecedented challenges, the global fashion industry is finding its way to the new normal, and only the players adapting to shifting consumer behaviors will stay relevant. Luckily, technology is providing a nexus for growth and helping retailers face significant challenges in fulfillment, distribution, and sales strategies.
In 2021 brands started to embrace authentic, diverse, real people more than ever before.
Climate change has been a central topic of conversation for a while and it became a reality to many around the world with extreme weathers impact felt by populations around the globe.
Climate change’s visibly growing toll made clear that the fashion industry, which has a larger negative carbon impact than the airline and maritime industries combined must do its part too.
At MySize, we are thrilled to have helped countries navigate these challenges. Here are some of the highlights.
Integrated Footwear Sizing to Reduce Returns
In February 2021 we introduced the Footwear solution to MySizeID, allowing retailers to provide customers with a streamlined, accurate and user-friendly shoe sizing solution that significantly cuts down on returns directly from their sites while providing a more-confident shopping experience
Adapting MySizeID to changed shopping habits
Earlier this year, going back to stores after a while, we enabled the MySizeID app to offer bar code scanning for in-store shopping. This allowed shoppers to continue to feel safe while shopping by eliminating the need to enter public fitting rooms. This feature is particularly beneficial for brands that choose to open pop-up stores worldwide since it also eliminates the need for an in-store POS system.
Pre-Owned Fashion Deserves Sizing Love Too
As consumer awareness around sustainability grows, the pre-owned apparel market continues to gain momentum. Many secondhand retailers offer items from a variety of brands, which use different measurements and sizing charts, leaving customers in the dark when it comes to finding their size. It gets even more complicated with vintage items, usually based on sizing models which are no longer relevant in the fashion industry today. At MySizeID we continue to work on a solution to help online shoppers find their correct size, specifically for pre-owned apparel.
In Data We Trust
To further provide our customers with meaningful insights, we built an analytics tool that measures MySizeID’s performance for their business, while also highlighting where additional opportunities lie. Customers can access data such as conversion rate, cart abandonment rates, and many more meaningful and beneficial data points. This helps MySizeID improve performance and our clients to make better business decisions in terms of product development and optimization.
We also launched a new capability to enable retailers to better utilize anonymized customer data when making their seasonal orders, cutting down on wasted materials while bolstering the bottom line. Utilizing the capability better informs retailers as to their customers’ personal needs (i.e. which sizes of clothing to market them) and allows for the expansion into relevant plus-sized, or differently shaped clothing if current cuts and sizes aren’t aligned with customers’ needs.
Russia’s Finest
Earlier in the year we partnered with Bitrix, Russia’s market leader in content management systems (CMS) for e-commerce businesses, which serves 71% of the industry. Russia-based online retailers use Bitrix, and millions of customers who shop on their sites now have access to MySize’s online sizing solution and personal fit recommendations, bringing highly accurate footwear and apparel sizing.
WIXing It!
The pandemic accelerated the evolution in e-commerce for many small and mid-size brands, and the number of active stores on Wix platform more than tripled in 2020. MySizeID became available to all 600,000+ Wix users that utilize the platform for hosting their online stores, bringing critical help in the battle against returns and boosting customer confidence while buying online.
Furthermore, we improved the MySizeID app for Shopify and Wix platforms, giving retailers a faster and simpler onboarding process. The improvements include our help center and chat being housed under one roof for faster responses and quicker resolutions.
Rewarding The Planet
We rolled out a first-of-its-kind rewards program that enables retailers to offer perks to customers for making more eco-friendly, better-fitting purchases. After making a purchase using the MySizeID widget, customers can be rewarded with virtual coins as a thank you for shopping sustainably. And better yet, they can cash in their coins for rewards from the retailer.
MySize Funding Update
During 2021, we received a total gross proceeds of approximately $18 M from private and public offerings and from warrants that were exercised by holders. At the beginning of the year we completed a public offering for gross proceeds of $2M, and a holder of warrants exercised warrants for $0.8. Later in March, we completed a public offering for gross proceeds of $3.3M. Finally, in October, we received total gross proceeds of approximately $11.4 M from private and public offerings and from warrants that were exercised by holders.
Your Brands, Our App
Back in April we launched the BTC instant in-app solution; enabling customers to get their sizing for more than 120 brands, with recommendations shown directly on the retailers’ sites when navigated to from the MySizeID app. The upgrade was designed to further personalize online customers’ experience, connecting consumers and brands as never before.
GK Says OK!
In November MySize tech became available to a network spanning 346k installations in over 65 countries thanks to our latest partnership with GK Software SE. MySize’s plug-in to GK CLOUD4RETAIL instore touchpoints allows sellers to utilize the platform to support consumers to ensure the perfect fit every time
We also created some useful resources for the industry as a whole!
Sizing up the Apparel eCommerce Whitepaper
Internet Retailing tackles sizing
Need to improve your size and fit strategy? The latest Internet Retailing whitepaper research (featuring MySize and our clients) analyses leading apparel brands’ size and fit strategies across Europe, from size charts to AI, this paper is packed with ideas. You can read the Internet Retailing Whitepaper here
WaterWear with Wallien
We talked with Olivier Wallien from WALLIEN Waterwear to discuss the challenges of shopping for wetsuits and swimwear online, and how sizing tech can help, watch on demand here.
The Ultimate Guide To Instore Digitalization
A must-read for all apparel brands with physical stores looking to embrace digitalization in-store
86% of Americans regularly leave stores empty-handed because of long lines, costing retailers billions each year. Our latest eBook explains how leading apparel and retail brands such as Mango have benefited from going digital and offers key tips on how to digitalize your offline store. Read here
