AIRPORT CITY, Israel, Aug. 17, 2021 /PRNewswire/ -- MySize, Inc. (the "Company" or "MySize") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of innovative measurement solutions, today provided a business update for the second quarter ended June 30, 2021. A copy of the company's Quarterly Report on Form 10-Q for the six-months ended June 30, 2021, has been filed with the Securities and Exchange Commission and posted on the Company's website at https://ir.mysizeid.com.
The Company's IP portfolio has been secured, after Shoshanna Zigdon waived her right to repurchase certain assets related to sizing data and the right to receive 18% royalties.
An internal business intelligence report for the first six months of 2021 revealed a 2.75x rise in conversion rates and almost a 15% rise in average order value (AOV) for brands implementing MySize for at least 40% of their product listings.
Leading brands such as Levi's, Speedo and Boyish Jeans, as well as many others on eCommerce platforms such as Shopify, WooCommerce, reported reductions of as much as 50% in returns while using MySize, and some saw a jump in AOV by as much as 30%.
Onboarding is now far easier for brands with the introduction of a fully automated, process.
High tech veteran executive Guy Zimmerman joined MySize's Board of Directors. Mr. Zimmerman serves as the CEO of B2B Engineering Marketplace, Manufuture, and brings his decades of experience to MySize. He previously consulted for dozens of startups, oversaw marketing and business development of Kornit Digital, as part of their IPO leadership, and led a $100M yearly sales operation for global retail and fashion brands.
MySize CEO Ronen Luzon stated "This quarter has been pivotal in terms of consolidating and strengthening our position in a way to meet the challenges ahead and capitalize on new market opportunities and demand in the coming quarters. As we look to the second half of the year our IP portfolio is now exclusively consolidated within the company, we bolstered our board with a seasoned industry executive, and MySize will continue to provide value and enhance revenue for key brands and across vital marketplaces for existing brands, as well as new partnerships."
Mr. Luzon added "The MySize leadership team sees recent market consolidation in the e-commerce apparel space, as demonstrated by the M&A activity of Walmart and Snap as a validation of MySize's approach to a better, technology-driven experiential shopping platform that benefits both brands and consumers."
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 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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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.