Major retailers use AI to slash number of clothing returns when shopping online
MySizeID has teamed up with over 100 retailers to help cut the number of online returns
MySizeID uses AI to help customers find the perfect fit
MySizeID CEO Ronen Luzon explains how A.I. is helping clothing retailers with apparel sizing and returns on 'Varney & Co.'
One company is making a splash in the retail space by using artificial intelligence to cut the number of online shopping-related item returns.
Since 2014, MySizeID has developed an algorithm that learns the habits and measurements of the consumer, saving retailers between 30 to 50% on the returns of the item.
BILL GATES SAYS THE BEST AI AGENT WILL REPLACE SEARCH AND SHOPPING WEBSITES
During a recent appearance on "Varney & Co.," MySizeID CEO Ronen Luzon explains why artificial intelligence is the key to future returns, an issue that has plagued the e-commerce industry for years.
Staff at an Amazon Swansea fulfillment centre process orders. (Getty Images / Getty Images)
Through A.I., MySizeID informs the consumer as to what size the requested item would most likely be for their body type, helping them find the perfect fit.
EVERYTHING YOU NEED TO KNOW ABOUT ARTIFICIAL INTELLIGENCE: WHAT IS IT USED FOR?
"We actually recommend to the consumer what size they really need in that particular item. So if you select large, for example, and we think you need a medium, we alert you that you need a medium. And if you still order the large, we understand that the return is because of size related [sic]," Luzon explained to FOX Business' Stuart Varney. "And then we recommend you again next time, and we can alert the retailer as well of the habits of their consumers."
Artificial intelligence holds massive potential for good, but needs guardrails: Selipsky
AWS CEO Adam Selipsky responds to FTC allegations against Amazon, discusses AI innovation, and breaks down Amazon's contributions to the U.S. economy on 'FOX Business Originals.'
Luzon told Varney that MySizeID has partnered up with over 100 retailers, including well-known brands such as Levi's, Canali, and Desigual, to help achieve the shared goal of limiting online returns.
"It could be that you prefer to wear a large to wear oversized items, and that's something that our algorithm - and that's the A.I. - learns your habits. And then we can, next time, understand that you like to wear large items. So, we update your preferences on that particular item. That's how the algorithm works and then the recommendation engine," the company CEO explained.
AMAZON UNVEILS ONE MEDICAL HEALTH CARE BENEFIT FOR PRIME MEMBERS FOR $9 A MONTH
This photograph taken in Toulouse, southwestern France, on July 18, 2023 shows a screen displaying the logo of Bard AI, a conversational artificial intelligence software application developed by Google, and ChatGPT. (LIONEL BONAVENTURE/AFP via Getty Images / Getty Images)
Among the many companies that are using artificial intelligence to their advantage is Walmart – the world's largest retailer. Walmart is using A.I. to automate its office tasks and improve its customer service.
HOW WALMART IS USING AI TO CHANGE HOW YOU SHOP FOREVER
As reported by "The CyberGuy" and FOX News contributor Kurt Knuttson, Walmart recently launched a generative AI app for its office workers in August. The app, called "My Assistant," can help employees with various tasks, such as scheduling meetings, booking travel, ordering supplies, and generating reports.
The company recently demonstrated how it is also applying this cutting-edge technology to create a more personalized and immersive shopping experience for its customers.
We will see massive innovation in artificial intelligence: C3 AI CEO Tom Siebel
C3 AI CEO Tom Siebel provides insight on the 'unimaginably powerful' technology on 'The Claman Countdown.'
According to Knuttson, when the largest retailer, Walmart, overhauls its entire shopping experience with A.I., you can bet the entire retail landscape will follow.
Despite its recent conception, A.I. has quickly contributed to the technology space and will likely continue to change the future of retail shopping forever.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX News' Kurt Knuttson contributed to this report.