Algorithm-based shopping may soon rock the fashion world

Wall Street firms use the technology and shoppers may get their chance next

Since MySize went public in 2016, it’s taken the Israeli-based startup three years to turn a profit — but CEO Ronan Luzon hopes this year will be the turning point.

Continue Reading Below

TickerSecurityLastChangeChange %
MYSZTOPSPIN MEDICAL2.25-0.01-0.44%

“We’re ramping up sales, and now in 2020, retailers are starting to integrate our technology into their businesses,” he told FOX Business.

Luzon founded MySize in 2014 with the idea of creating a tool that would reduce the number of online shopping returns, and in doing so, minimizing the hit to retailer revenues while maximizing the customer’s shopping experience.

TickerSecurityLastChangeChange %
XRTSPDR SERIES TRUST SPDR S&P RETAIL ETF44.82-0.11-0.24%
SHOPSHOPIFY INC531.22-1.75-0.33%

MySize uses algorithms to track your real-time measurements simply by running your smartphone across your body. The inbuilt sensors within the app give you accurate measurements, which the customer can then reference against a brand’s sizing chart.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“When we go online and we try to figure out what size we need in a particular item, we’re always left scratching our heads, especially when buying a brand we’ve never purchased before,” Luzon said.

The consumer-tech company announced this week that it partnered with the U.S. Polo Association to incorporate its custom-sizing tool for recommending men’s dress shirt sizes on e-commerce site Shopify. However, Luzon hopes this niche partnership will help lead to something more.

“The partnership with Polo is a huge milestone for the company," he said. "And hopefully in the very near future you will see more ‘tier 1’ names joining us.”

CLICK HERE TO READ MORE ON FOX BUSINESS