Welcome to our dedicated page for My Size news (Ticker: MYSZ), a resource for investors and traders seeking the latest updates and insights on My Size stock.
My Size, Inc. (Nasdaq: MYSZ, TASE: MYSZ) is a cutting-edge technology company headquartered in the USA that has revolutionized measurement technology through sophisticated algorithms. This innovation finds applications across various industries, including apparel e-commerce and DIY projects on smartphones and tablets. Founded to simplify online clothing shopping by reducing the rate of returns due to incorrect sizing, My Size's patented algorithms accurately calculate and record measurements, enabling consumers to find the perfect fit without trying on clothes.
My Size's flagship products, MySizeID and Naiz Fit, offer AI-driven solutions that cater to both online and in-store shoppers. The company has also expanded its portfolio with the FirstLook Smart Mirror, an interactive touch display designed to enhance the in-store shopping experience and facilitate contactless checkouts.
With successful partnerships and collaborations, My Size supports well-known brands like Levi's, Speedo, Dockers, and Perry Ellis, contributing to over 5 million users and 18 million purchases globally. The company boasts a significant reduction in size-related returns, up to 65%, a testament to the efficacy of their solutions.
My Size's recent achievements include the acquisition of Naiz Fit, leading to multiple revenue streams and significant growth. The company reported impressive financial results, with revenues nearly doubling in 2022 to $4.46 million and anticipated to reach approximately $8 million for 2023. Their SaaS solutions for the fashion industry recently won the 'Agile Customer Journey' innovation award at the Paris Retail Week 2023, further cementing their influence in the retail sector.
My Size continues to innovate with new products like Naiz Fit Workforce, targeting the $33 billion workwear market, and integrating Generative AI for enhanced personalization and virtual try-ons. Their commitment to innovation and efficiency positions them as a leader in the fashion-tech industry.
For more information, visit their official website: www.mysizeid.com. Follow them on Facebook, LinkedIn, Instagram, and Twitter.
MySize, Inc. (NASDAQ: MYSZ) has launched the MySizeID E-Commerce Plugin SDK, enabling e-commerce companies to create and distribute personalized sizing solutions for their customers. This SDK addresses a $6.5B market gap in e-commerce sizing solutions, enhancing shopper engagement and conversion rates for retailers. The solution allows businesses to integrate MySizeID's sizing recommendations efficiently, providing valuable customer insights. CEO Ronen Luzon emphasizes the importance of leveraging data for tailored customer experiences amidst the growing e-commerce landscape.
My Size, Inc. (NASDAQ: MYSZ) announced a Notice of Allowance from the Japan Patent Office for its patent titled "System for and a method of measuring a path length using a handheld electronic device." This patent enhances My Size's market entry into Japan, a key market for smartphone-based solutions. The proprietary algorithms facilitate accurate sizing based on users' measurements via smartphones, and this patent increases My Size's patent portfolio to ten issued patents and nine pending globally.
MySize, Inc. (NASDAQ: MYSZ) is attending the NRF annual convention to showcase its MySizeID app, designed to reduce return rates for online retailers. The app utilizes smartphone sensors for precise body measurements, enhancing the online shopping experience. Partnered with GK Software, MySize offers integration into various retail platforms, promoting omnichannel shopping. With online return rates at 30%, the MySizeID technology aims to improve customer satisfaction and reduce costs for retailers. CEO Ronen Luzon emphasized the need for sizing solutions in today's e-commerce landscape.
MySize, Inc. (NASDAQ: MYSZ) announced a strategic partnership with Datalogic to offer its BoxSize measurement solution to Datalogic's customers in the Transportation and Logistics industry. The partnership aims to enhance efficiency and customer experience amid a forecasted 40% growth in e-commerce. BoxSize enables accurate parcel measurement and cost calculation, streamlining delivery management. This collaboration is positioned to support Datalogic's commitment to innovative solutions in logistics, potentially benefiting thousands of customers globally.
My Size, Inc. (NASDAQ: MYSZ) is participating in CES 2021 to showcase its new footwear solution, alongside its MySizeID app and logistics tool, BoxSize. The innovative smartphone measurement technology enhances online shopping by ensuring the perfect fit, addressing a significant market need as global footwear demand dropped by 22.2% in 2020 due to COVID-19. This solution integrates seamlessly with popular e-commerce platforms like Shopify and WooCommerce. CEO Ronen Luzon emphasizes the urgency of sizing technology for improving customer satisfaction in the e-commerce sector.
MySize, Inc. (NASDAQ: MYSZ) announced that its MySizeID app delivered over 12 million size recommendations in 2020, assisting over one million shoppers in 58 countries. The app has shown a significant impact on shopper conversion and return reductions by helping consumers choose the correct apparel size. The company experienced increasing demand from global retailers seeking end-to-end solutions for online shopping. MySize operates under a pricing model based on Price Per Size Recommendations (PPSR), with expectations for continued growth through 2021 due to the ongoing transformation in e-commerce.
My Size, Inc. (NASDAQ: MYSZ) announced plans to launch an AI-driven shoe sizing solution for e-commerce platforms in Q1 2021. This integration aims to enhance online shopping by providing accurate size recommendations, potentially reducing return rates by up to 50% and increasing average order value by as much as 30%. The U.S. online shoe sales market, estimated at $20.9 billion for 2020, is growing rapidly. However, high return rates due to sizing issues pose challenges for profitability in the e-commerce sector.
My Size, Inc. (NASDAQ: MYSZ) has announced a partnership with UniformMarket that will allow its MySizeID solution to reach nearly 3,000 online stores in the workwear sector. This collaboration aims to tackle the $42.1 billion workwear market's challenges, particularly issues related to ill-fitting uniforms, which can lead to safety hazards. The partnership is expected to enhance the online purchasing experience by providing accurate sizing, benefitting both workwear brands and consumers.
My Size, Inc. (NASDAQ: MYSZ) announced it has been granted a patent by the U.S. Patent & Trademark Office for a method of measuring body parts using handheld devices. This patent is part of the MySizeID technology, which employs proprietary algorithms to enhance e-commerce sizing accuracy. With this addition, MySize now holds nine issued patents and ten pending applications globally. CEO Ronen Luzon emphasized the patent's potential to reduce costs associated with reverse logistics in e-commerce, a market burdened with over $500 billion annually.
My Size, Inc. (NASDAQ: MYSZ) reported a strong business update for Q3 2020, showcasing a remarkable revenue increase to $88,000 from $6,000 year-over-year. The company successfully integrated its MySizeID technology into retailers like NOCTURNE and Tricorp, enhancing e-commerce capabilities. MySizeID has significantly boosted retailer sales and reduced returns, evidenced by a partner reporting threefold sales increases and 50% fewer returns. Despite challenges posed by COVID-19 affecting market penetration, My Size anticipates reaching 10 million size recommendations in 2020 and remains optimistic about future growth.
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