AIRPORT CITY, Israel, March 18, 2021 /PRNewswire/ -- MySize, Inc (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of e-commerce measurement solutions, today provided its stockholders with an update for the year 2021.
To our valued stockholders,
Despite the many challenges stemming from the pandemic, MySize has been able to capitalize on the significant growth in apparel eCommerce and is now believes it is positioned to expand our product offering, based on our proprietary and patented technology. At the beginning of 2020, MySize was focused on helping online shoppers choose an appropriate apparel size for a specific brand, based on the shopper's real-time body measurements. This year, our goal is to transform the apparel eCommerce shopping experience by delivering not only size recommendations but a robust, end-to-end, AI-driven platform that inspires customer confidence and drives revenue growth by providing a superior consumer journey to both the online and the brick and mortar stores. MySize apparel customers using MySizeID have repeatedly demonstrated that providing tools that remove customer doubt about size, fit and style, not only increases customer confidence but also increases Average Order Value. Beyond the bottom line, MySize has demonstrated a positive impact on sustainability by helping retailers to reduce returns and thereby reducing carbon emissions along the retail value chain.
As the Covid-19 spread throughout the world at the beginning of 2020, retailers of all sizes quickly realized that more digital tools to improve and simplify the user journey for consumers is neededto meet growing demand. Furthermore, in recent weeks, there has been increased investment in brick and mortar stores by brands, with the goal of providing a robust omnichannel experience for customers that is more digital, and the MySizeID in-store solution does that and more.
As part of MySize's expanded suite of end-to-end tools to increase customer confidence, the company plans to introduce a 3D try-on avatar feature in Q4 2021. This new avatar feature, together with MySizeID's smart size recommendations, will provide customers with a gamification element that is fun and entertaining while increasing engagement by as much as 4x, according to company research. Over the last few months, there has been active and increased M&A activity in our industry. Fit Analytics, a Berlin company with a solution that competes with MySizeID, was acquired by Snap for an undisclosed amount. Media reports indicated that the acquisition is part of Snap's strategy to grow more e-commerce and in-app purchases to Snapchat, and in October last year, Zalando SE, Europe's leading online platform for fashion and lifestyle, acquired the Zurich-based software company Fision, a body scanning app and virtual dressing room. Acquisitions such as these, we believe, are affirmation and acknowledgment by the retail industry of the mission MySize began six years ago, with the launch of MySizeID, to utilize technology to optimize the retail industry for both retailers and consumers, and that it is a validation of our strategy going forward.
The pandemic forced countless merchants to move to e-commerce, making it a necessity for nearly every retailer. This has driven strong growth on ecommerce platforms like WooCommerce, Shopify, Wix, PrestaShop, Bigcommerce, Magento, and Salesforce Commerce Cloud. MySize continues to see adoption and growth of MySizeID by apparel retailers across these platforms.
Another huge segment where the MySizeID solution has been adopted is the uniform market. The company is seeing an increase in demand for our solution, with customers citing MySizeID's ease of use, accuracy, and privacy, as the main reasons for adoption. Uniform and workwear companies in NL, UK, US, TR, IT have deployed MySizeID to enhance their eCommerce platforms. The MySizeID solution is an affordable business optimization tool for the growing number of small and mid-size retail vendors across these platforms. Easy implementation and attractive onboarding plans allow them to seamlessly begin using MySizeID and scale according to growth.
With retailers now forced to compete for more limited customer spend, while satisfying rising expectations, delivering a fluid and engaging personalized experience is critical. MySize is cooperating closely with several key retailer partners to develop a robust, personalized, omnichannel solution for their consumers, one that erases the boundary between online and brick-and-mortar shopping. In coordination with an expanded product offering and strong presence on third-party eCommerce platforms, the company plans to continue efforts to monetize its growing and proprietary MySizeID measurement database. The database, and patented-analysis algorithms, can be monetized to provide brands with AI-based, intelligence-driven customer insights by unlocking complex datasets to reveal optimization paths that will continuously improve the brand's operational and financial performance.
As was previously reported, we are continuing our work with a significant tier-1, international apparel brand to integrate MySizeID into its online and offline sales platforms.
Ronen Luzon, CEO
About MySize 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 that 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.
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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. 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. 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.
Or Kles, CFO
SOURCE My Size Inc.