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.
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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.
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.
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"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."
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.
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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.
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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.
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.
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FOX News' Kurt Knuttson contributed to this report.
