Ronen Luzon, the Chief Executive Officer of MySizeID, discusses how artificial intelligence (A.I.) is supporting clothing stores in sizing garments and improving profits on the show “Varney & Co.”
One company is causing a stir in the financial sector by leveraging artificial intelligence to streamline online shopping and reduce product returns significantly.
Since 2014, MySizeID has developed an algorithm that analyzes customer behavior and body proportions, leading to substantial cost savings of 30 to 50% for retailers on returned items.
In a recent appearance on “Varney & Co.,” MySizeID CEO Ronen Luzon highlighted the transformative role of artificial intelligence in driving potential profits, addressing a long-standing challenge in the e-commerce industry.
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MySizeID empowers customers to find the perfect fit by utilizing A.I. to determine the most suitable size based on individual body measurements.
“We provide personalized recommendations to customers, guiding them on the right size for a specific item. By understanding your preferences, we can minimize returns due to sizing issues,” Luzon explained to Stuart Varney of FOX Business. “Our platform also enables retailers to gain insights into their customers’ preferences.”
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Luzon informed Varney that MySizeID has partnered with over 100 retailers, including renowned brands like Levi’s, Canali, and Desigual, to enhance the online shopping experience by refining search results.
Our A.I. algorithm learns and adapts to your size preferences, ensuring a personalized shopping journey. By understanding your choices, we tailor recommendations for each product accordingly, Luzon elaborated.
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Walmart, a global retail giant, is among the companies leveraging artificial intelligence to drive operational efficiency and elevate customer service standards. The implementation of A.I. at Walmart aims to revolutionize the shopping experience.
FOX News contributor and “The CyberGuy,” Kurt Knuttson, reported that Walmart recently introduced an A.I. software, “My Assistant,” to aid employees in various tasks such as scheduling meetings, making travel arrangements, ordering supplies, and generating reports.
By integrating cutting-edge technology like A.I., Walmart is enhancing customer interactions and personalizing the shopping journey, Knuttson highlighted.
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Knuttson predicts a seismic shift in the financial landscape as Walmart, a retail powerhouse, redefines the shopping experience through A.I.
The advent of A.I. has significantly reshaped the technology industry and is poised to revolutionize the retail sector permanently.
