In a follow-up to Monday’s article, My Size Inc. (NASDAQ:MYSZ) is now finished its showcasing of the revolutionary sizing technology MySizeID at the Annual CES Trade Show in Las Vegas. MySizeID, a body measurement app for smartphones, is designed to help you find your perfect size when shopping online for clothes. The CES Trade Show was held from January 9-January 11 and My Size was there showing off their app through “MySizeID – The Movie”, a minute-long video showcasing the app’s features and potential for the online apparel market.
Ronen Luzon, the CEO of My Size, commented on the success of the technology at CES: “MySizeID has been received with excitement and enthusiasm during the first three days of CES. Our booth was visited by a large number of online retailers seeking to improve their customers’ shopping experience. We had meetings and highly productive discussions with some of the leading retailers in the world. Apparel retailers know that their customers prefer to shop online and simply want to make a purchase that is the right size the first time they order. We believe that MySizeID provides the key to unlocking further growth in the multi-billion dollar online apparel market, while improving economics for retailers and giving consumers a more satisfying shopping experience.”
According to Drapers Etail Report, 70% of apparel returns from online shopping are size related and 32% of shoppers don’t even bother to buy clothes online due to uncertainty about their size and fit. MySizeID has the potential to really change those numbers up by lowering the return rate based on size issues while also increasing conversion rates because the online shopping experience was made easier for people.
MySizeID was a hit at the CES this week and the stock continues to be a hit on the market today. Currently, My Size stock is trading at $2.39, putting it up $0.90, or 60.40%, from yesterday’s closing price of $1.49. So far the day has ranged between $1.71 to $2.48.
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