Online clothing shopping is on track to become a revolutionized industry, thanks to My Size, Inc. (NASDAQ:MYSZ) and its upcoming MySizeID technology. MySizeID is meant to be a smartphone measuring application that measures your exact size (from waist, to hips, to height, and beyond) and then tells you the appropriate size for individual online clothing retailers by logging onto and browsing through the site via the app. If this app sizes you correctly, it could seriously change the way people shop online.
My Size is all set to present its “MySizeID – The Movie”, a minute-long video that showcases the app’s features and potential, at the Las Vegas CES international innovation conference. The conference will be going on from January 9-12.
Today, My Size stock is currently trading at $2.90, putting the stock up $1.24, or 74%, from the previous closing price of $1.66. This stock price jump is no doubt related to the approaching MySizeID presentation, given the fact that the conference starts Tuesday. The stock has been on the rise since last Thursday after the announcement first confirming My Size’s participation in the CES conference was released on Wednesday. Anticipation for the upcoming release of the app will also be a contributing factor to the company’s increasing stock price.
My question revolves around how well this app works. Sizing is a huge problem when shopping online; it’s incredibly hard to figure out what size you’re supposed to be wearing based on the sizing guides provided by most websites and I personally tend to avoid online shopping for clothes for this reason, especially if it looks like returning an item is going to be a hassle (which it almost always is). So, if this app really can do what it says it can, and do so as accurately as it says it can, that would be amazing. It would certainly open up my world of online shopping and I would imagine other people’s as well, thereby potentially increasing online clothing shopping participants and revenue. But then what about the brick-and-mortar stores? Already, there has been a decline in physical shoppers at physical stores. If this app works, how much damage might it do to brick-and-mortar sales?
Potential industry-sweeping revolutions aside, this is great news for the company. If the mere announcement of the app is enough to increase the stock by over 70%, where will the stock go if it starts becoming common practice?
Featured Image: twitter