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Artificial intelligence is helping the retail industry reduce their costs with returned merchandise. According to the National Retail Federation, a 2022 survey showed for every $1 billion in sales, the average retailer is hit with $165 million in returns. One company is offering a tool that will help control the rate of returns: MySize ID is an e-commerce platform that helps consumers pinpoint their exact size of certain clothing that aligns with their body type. Online shopping often results in buying a size too large or too small. In those cases, the MySize ID app will alert the user with a different size recommendation in advance of the purchase. The app also tracks consumers’ habits. (Source: Fox Business)

Why this is important for your firm and clients: Retailers — regardless of size — should be leaning into AI-leveraged applications like MySize ID and others to help minimize returns by doing more to help customers make the right selection at the time of sale.