MySize (NASDAQ:MYSZ) announced its first FirstLook Smart Mirror for retail shoppers was featured on Israeli channel 13 as a tool for the future of shopping.
The smart mirror is a interactive, reflected touch display that gives in-store shoppers an interactive experience and contactless checkout option. It can theoretically fit into any retail environment, and also be put in fitting rooms and other high-traffic areas.
“The launch of FirstLook Smart Mirror is ideally timed with the rise of hybrid shopping and with consumers’ desire to reduce environmental impact, which is significant as it relates to apparel returns. MySize identified this opportunity early on, and we are now seeing strong interest in our smart mirror both from our current clients who are using MySizeID on their ecommerce sites, as well as from prospective new customers,” said Ronen Luzon, CEO, and founder of MySize.
MySize is an e-commerce platform driven by artificial intelligence specifically to boost revenue growth while slashing costs for its business clients. Orgad is its online retail platform and it has expertise in e-commerce, supply chain and technology, operating as a third-party seller on Amazon.com and other sites.
The company has also developed a unique algorithm-based measurement technology, as well as other technologies to assist with apparel, DIY, shipping and parcel delivery industries. The measurement technology can calculate and record measurements in a number of different, new and novel ways.
Essentially, smart mirrors use virtual reality or augmented reality technology to give customers the ability to virtually try on
different styles and sizes of clothing, as well as get personalized service like outfit suggestions or different types of makeup without the necessity of opening the package. Beyond that, though, smart mirrors give customers the ability to check on a products availability and pricing, or act like a display, providing information like the time, the weather, the latest news or offering support in other ways.
“Offering a hyper-personalized measurements profile, powered by a QR code, the mirror recommends to shoppers the best pieces for them based on the stock currently in store, along with an in-booth checkout option. FirstLook Smart Mirror leverages our MySizeID AI and cloud-based tech to serve our installed retailer customer base’s physical stores,” said Luzon.
A recent report put out by IBM called “Retail Industry Reshapes with Hybrid Cloud and AI to Help Meet Shifting Consumer Shopping and Sustainability Preferences” noted that consumers are beginning to mix physical and digital channels. One in four consumers surveyed indicated hybrid shopping as their favourite method, with 62 per cent stating they were willing to change their purchasing habits to curtail their environmental impact.
Specifically, but perhaps not surprisingly, GenZ consumers surveyed were the most likely to be hybrid shoppers. More than 50 per cent of consumers surveyed stated they had already used or would try tech-enabled touchpoints in a physical store, according to the report.