Spanish Fashion Brand La Garrocha Boosts Inventory Management and Revenues with AI-Powered Naiz Fit from MySize
Naiz Fit Delivers 127% Increase in Conversion Rate, Turning Website Visitors into Purchasing Customers
AIRPORT CITY, Israel, Aug. 17, 2023 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA), a leading omnichannel e-commerce platform and provider of AI-driven measurement solutions, announced today that La Garrocha, a distinguished fashion brand from Spain known for its equestrian-themed creations, has successfully utilized Naiz Fit, the innovative apparel sizing tool developed by MySize, to improve its business metrics including better inventory management, increased customer conversations, and higher sales. Through this implementation, La Garrocha has managed to enhance several essential business metrics.
Over the past two years, La Garrocha customers utilizing Naiz Fit have generated nearly €600,000 (approximately $654,000.00) in purchases. La Garrocha, driven by data insights, has meticulously tracked the influence of Naiz Fit on its business operations. From the onset of 2023, 14.28% of first-time visitors to La Garrocha's e-commerce platform who used Naiz Fit proceeded to make purchases. Notably, customers engaging with Naiz Fit exhibited a 127% higher likelihood of completing a purchase compared to those who did not employ the sizing tool. Given that a significant portion of La Garrocha's sales occur online, these metrics wield a substantial impact on the brand's bottom line.
Miguel Ángel García Rodríguez, CEO and Co-Founder at La Garrocha, stated, "At La Garrocha, we track our purchase numbers closely, so managing the depth of our size set working with seven sizes per garment is very complex. We rely on experience and place significant trust in Naiz Fit. We continuously monitor the Naiz Fit dashboard to see which size recommendations have been requested per item. Based on this analysis, we optimize inventory purchases to ensure customers have the sizes and styles they want while also increasing our turnover and minimizing unsold inventory."
Ronen Luzon, Founder and CEO of MySize, commented, "The triumph of La Garrocha serves as a dynamic testament to the remarkable advantages unlocked by MySize's apparel sizing solutions for apparel retailers, customers, and environmental sustainability. With La Garrocha's influence sweeping across Europe and beyond, we stand resolute in our commitment to empowering La Garrocha and other retailers with cutting-edge, AI-powered digital tools that will not only fortify their current business endeavors but also aggressively propel our mission of expanding and cultivating future new customers. Through this collaboration, we hope to redefine industry standards while amplifying MySize's role in fueling business growth for our customers."
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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To learn more about MySize and for additional information, please visit: our website: www.mysizeid.com.
Forward-looking Statements
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.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.
