My Size, Inc. (NASDAQ: MYSZ)

 

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My Size, Inc. (NASDAQ: MYSZ)

MySize, Inc. Blog

MySize, Inc. News

Website: http://mysizeid.com

 

My Size, Inc. (NASDAQ: MYSZ) is a technology company whose strategy is based on the development of applications that can be utilized to accurately take measurements of a variety of items via a smartphone. By downloading the application to a smartphone, the user is then able to run the smartphone over the surface of an item the user wishes to measure. The information is then automatically sent to a cloud-based server where the dimensions are calculated through the Company’s proprietary algorithms, and the accurate measurements (+ or - 2 centimeters) are then sent back to the users smartphone. We believe that the commercial applications for this technology are significant in many areas.

One of the biggest problems facing ecommerce – online fashion retailers, in particular – is high return rates due to the fact that purchased products aren’t always a good fit. This can apply to all kinds of items, but clothing leads the way with more than 50 percent of online purchases being returned to the vendor due to sizing or quality issues. Israel-based company MYSZ is intent on solving this problem once and for all via an innovative suite of high-precision measurement applications that can be used in a variety of markets.

Using a unique measurement technology based on several patent-pending algorithms that calculate measurements in novel ways, the company has developed various apps designed to help users determine the correct size of virtually any everyday object, as well as their bodies and clothing. One of the most popular My Size apps is designed to help shoppers always get the right fit, no matter what kind of size charts online vendors are using. The MySizeID app utilizes smartphone sensors to determine a user’s personal measurements, which can then be stored in a secure online profile and used for any new purchase.

The app will soon become available worldwide as a direct result of a new partnership between My Size and renowned high-end fashion retailer Trucco. Based in Spain, Trucco has more than 30 years of experience in the apparel industry and is present in 20+ countries all around the globe, including markets in Europe, Asia and South America. Under the deal, the My Size measurement app will become available to Trucco’s online and offline customers beginning this spring, coinciding with the launch of a new collection. Until then, the app will undergo a testing period in the Trucco system. According to both Trucco and My Size representatives, the highly-accurate app will help customers select the right size garments on the first try, which will ultimately help improve conversion rates and significantly reduce returns.

The application is very easy to use, My Size Chief Product Officer Billy Pardo explained in a news release. Customers are only required to wave their smartphones (with the installed app) over a piece of clothing that fits just the way they like it. The app will instantly calculate the exact measurements, and the Trucco system will then recommend which size the customer should purchase, making the entire online shopping experience easier and fun, all while minimizing the risk of wasting time and money on items that are not the right fit.

In addition to the exposure it will receive due to the Trucco partnership, My Size is expected to make a strong showing at the Consumer Electronics Show (CES) in Las Vegas this month. The company will showcase its products at the Israeli Pavilion during CES 2017, with a program that will include a press conference on January 5, a market launch, contests and demonstrations. Additionally, My Size will exhibit its applications at the ShowStoppers press reception, which is also scheduled for January 5 at this year’s CES.

How MySizeID Can be Utilized by the Apparel Industry

 

The MySizeID application will allow consumers to create a secure, online profile of their personal measurements, which can then be utilized with partnered online retailers to ensure that no matter the manufacturer or size chart, they will get the right fit. The MySizeID application will utilize a patent-pending measurement technology that does not rely on user photographs or any additional hardware; all a user needs to do is scan their body with their smartphone and the app records their measurements.

 

The application is being designed to use a person’s body measurements to help determine correct apparel sizes when shopping on-line. The app measures the hip breadth and uses algorithms to recommend the most appropriate sized trousers.

The first beta version of the MySizeID app was revealed and demonstrated at the 2018 Consumer Electronics Show, or CES, held in Las Vegas, Nevada in January 2018. 

 

The first beta version of the app includes the ability of users to take their own measurement using their smartphone and obtain the recommended size for retailers according the measurements taken which provides a more personalized shopping experience. 

 

  

 


OTCQB Symbol: MYSZ

Current Price: $1.36

Shares Outstanding: 29.1 million

Market Cap: $41.7 million

52 Week Trading Range:

52-Week Low: $0.57
52-Week High: $3.48

Corporate Offices:
3 Arava St.
P.O.B. 1026
Airport City, Israel 7010000

Website: http://mysizeid.com

Phone: +972-72-3331002

Email: contact@mysizeid.com

Reporting Status
Alternative Reporting Standard

Audited Financials: Audited

Latest Report: 12/31/2017

Fiscal Year End 12/31

SIC - Industry Classification 3812 - Search and navigation equipment

Incorporated In: Delaware