AIRPORT CITY, Israel, March 20, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today provided its stockholders with an update on the full year ended December 31, 2019 and expected upcoming milestones for 2020. A copy of the Company's year-end report on Form 10-K has been filed with the Securities and Exchange Commission and posted on the Company's website at https://ir.mysizeid.com.
To our valued stockholders,
This has been a transformational year for My Size. We are in the commercialization phase of MySizeID and are now integrating the platform into a number of Tier One retailers, as well as small-to mid-size retailers through the Shopify and other platforms. We believe the selection of MySizeID by retailers from across the world validates the need for innovative solutions that can solve consumer pain points during the path to purchasing online – particularly due to confusion with sizing. Our proprietary algorithms utilize a smartphone's sensors combined with anthropometric data to provide customers highly accurate sizing information for specific brands, based on the user's exact measurements. Retailers that have incorporated our proprietary technology into their e-commerce platform have benefited by increasing their conversion rates and decreasing returns, while enhancing their consumers shopping experience. Using Boyish Jeans as a case study, customer returns decreased approximately 31% over a period of two months after they implemented the MySizeID widget on their website. Another great example is Penti, Turkey's leading underwear brand, which reported that MySizeID decreased their online returns by approximately 50%.
MySizeID has been incorporated into a number of major retailers including DeMoulin, U.S. Polo Assn., Slam and Refrigiwear, just to name a few. MySizeID is also available on leading e-commerce websites including WooCommerce, Shopify and Lightspeed. We are also pleased with the progress of the integration of MySizeID into the eCommerce platform of one of the largest apparel retailers in the world. Although expanding the integration process with this Tier One retailer from domestic to international did cause a delay with this retailer, we expect to launch MySizeID later this year, starting first with brick and mortar stores, followed by the launch of MySizeID on the retailer's e-commerce platform shortly thereafter.
We continue to build a global patent portfolio for MySizeID. We recently announced a Notice of Allowance from the Russian Patent & Trademark and during 2019, we received a Notice of Allowance from the Canadian Patent Office, both for the MySizeID smart measurement solution. We currently have seven issued/allowed patents and 15 patent applications pending worldwide. Building our intellectual property portfolio is designed to ensure long-lasting protection as we continue to advance the rollout of MySizeID with retailers that are integrating it into their online storefronts worldwide.
We also continue to gain traction in other industries such as the shipping and parcel delivery industries where our smart measurement technology, BoxSize, provides large, global enterprises a significant value proposition. BoxSize is now an approved partner for Honeywell's Global Vendor Program, making the BoxSize mobile measurement solution available to thousands of Honeywell customers around the world, while providing solutions for Honeywell's mobile computers and data capture products. We are also in different stages of discussions and implementation of BoxSize with international parcel delivery companies. We believe there is a large market opportunity for BoxSize since it increases operating efficiencies for the couriers and makes it easier for customers to provide the exact volume of the package they wish to mail. Through BoxSize, we believe we will be able to reduce costs for customers and couriers, as well as streamline the delivery management system through accurate parcel measurement.
We are committed to providing support to our devoted customers and partners as we all continue to grapple with the COVID-19 global pandemic. We understand this is an extremely difficult time for retailers and organizations worldwide and encourage customers to support their local businesses via online commerce. We urge the general public to use MySizeID during the quarantines in order to accurately order items tailored to their exact fit, which will help ease the burdensome return process on retailers. We believe more and more consumers will be shopping online since most major malls and retailers will be closed for some period of time. According to our projections, which are based on a combination of usage by our current customers and assumed adoption of MySizeID by prospective customers in our existing pipeline, we continue to believe MySizeID will generate at least 20 million size recommendations over the course of this year, with customer usage increasing exponentially over time. As more consumers are shopping online, retailers are looking for measurement solutions that provide customers with a personalized shopping experience that increases the shopper's confidence and feels like the in-store experience. We believe it's just a matter of time when a solution like MySizeID will be implemented into every retailer's e-commerce platform. I would like to thank our stockholders for their continued support. We are very encouraged with our progress to date as we look to create long-term value for our stockholders. I look forward to keeping you apprised of developments as they unfold.
Ronen Luzon, CEO
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary measurement technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.
Register here for a one-month free trial of MySizeID solution for your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
Important Message Regarding COVID-19
Public health epidemics or outbreaks could adversely impact our business. In late 2019, a novel strain of COVID-19, also known as coronavirus, was reported in Wuhan, China. While initially the outbreak was largely concentrated in China, it has now spread to several other countries, including Israel, and infections have been reported globally. The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the coronavirus or treat its impact. In particular, the continued spread of the coronavirus globally, including in Israel, could adversely impact our operations and workforce, including our marketing and sales activities and ability to raise additional capital, which in turn could have an adverse impact on our business, financial condition and results of operation.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. In particular, this press release includes forward-looking statements with respect to our pipeline and expected number of size recommendations. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission and the risks related to the outbreak of coronavirus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Israel Press Contact:
U.S. Press Contact:
5W Public Relations
Crescendo Communications, LLC
Email: [email protected]
SOURCE My Size Inc.