My Size Announces First Commercial Contracts for the MySizeID Smart Measurement Application for Online Apparel Retail
Enters commercialization stage following successful pilot programs Signs agreements with multiple online retailers from the U.S. and Europe MySizeID to be available to more than 3.6M combined monthly online customers following integration with strategic partners
AIRPORT CITY, Israel, May 17, 2019 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced it has secured its first commercial contracts for MySizeID, the Company's smart measurement application for fashion and online retail, following successful pilot programs.
The first retailers that are either in the process of integrating or have completed integration of MySizeID into their online stores include: a sustainable fashion brand out of Europe; one of the world's oldest and largest manufacturers of music performance group apparel; one of Europe's largest ready-to-wear and accessories brands; a premier wedding dress manufacturer; and a retailer specializing in beachwear and intimate wear. My Size is also in the integration phase with one of the world's largest U.S.-based lifestyle brands.
The agreements were executed either directly with My Size, or through its recently announced collaboration with Shopify and Lightspeed. Following a short integration period, the newly signed retailers are able to implement the MySizeID widget into their online stores for consumer shoppers to use. These online stores receive more than 3.6 million combined monthly visitors, all of whom represent potential users of MySizeID following integration. The retailers pay My Size a monthly licensing fee for continued usage of the application, with the fee increasing as the retailer's monthly usage of MySizeID grows.
"We are thrilled to announce we have moved beyond the development and pilot stages with our first commercial contracts. We believe the selection of MySizeID by multiple retailers from across the world validates the need for innovative solutions that can solve consumer pain points during the path to purchase online – particularly due to confusion with sizing," said Ronen Luzon, Chief Executive Officer of My Size.
"We're pleased to have already experienced success with both the Shopify and Lightspeed marketplaces, both of which listed MySizeID in their app stores just a short time ago. The Shopify platform powers over 800,000 businesses in approximately 175 countries. Similarly, Lightspeed's point-of-sale solution processed over $13 billion in gross transactions in 2018 alone. Each of these partners represent a potentially meaningful and highly scalable source of reoccurring revenue as we expand across the respective platforms and customer adoption begins to ramp up. Additionally, we believe these early wins are a significant validation of our technology to the rest of the industry."
The MySizeID app is a turnkey solution that helps any online shopper choose the appropriate apparel size for that specific brand, based on the shopper's real-time body measurements. MySize's innovative technology enables consumers to measure themselves once using their smartphone and then be matched with a brand-specific apparel item in their size.
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.
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.
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SOURCE My Size, Inc.