Israel’s My Size Inc (NASDAQ: MYSZ) was looking sharp on the Nasdaq Friday morning after announcing that it expects 23 per cent year-over-year revenue growth in its upcoming year-end financials. The news came in a shareholder update press release.
MySize’s flagship product is the MySizeID mobile app. It allows users to measure clothing and apparel items with AI technology by taking a photograph with their smartphone. It also provides them with personalized size recommendations when shopping online.
Many retailers, such as Levi Strauss & Co (NYSE: LEVI) and Speedo, have integrated MySizeID into their e-commerce platforms to help reduce the rate of product returns from customers.
MySize also operates the Naiz Fit subsidiary — another artificial intelligence-powered sizing platform utilized by retailers to streamline their shoppers’ experience. The company says Naiz Fit has helped its retail customers reduce their return rates by 14 per cent. It has improved consumer engagement by 15 per cent, MySize claims, and provided personalized sizing advice 42 million times throughout 18 countries.
In addition to revealing expected year-over-year revenue growth in its upcoming financial statement (US$8.5 million), MySize says it anticipates its 2025 revenue to hit US$15 million.
The revenue surge will be largely driven by the retail operator’s Orgad e-commerce platform that it acquired in 2022. MySize says Orgad will be expanding from North America into Europe in the immediate future.
“We believe that Europe represents a significant opportunity for Orgad as we tap into new markets and strengthen relationships with global retail leaders,” founder and chief executive, Ronen Luzon, said.
Most Traded Tickers in pre-market today:$INTZ – No catalyst found today$QSI – No catalyst found today. Quantum theme$RGTI – No catalyst found today. Quantum theme$MYSZ – MySize present year over year growth, 2025 targets $15M Revenue, Anticipates Strong 2024 Finish close to… pic.twitter.com/8O9dMwX3iN
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MySize creates smart mirror product for retailers
This nifty gadget, the MySizeID Mirror, is being used in brick-and-mortar shops to offer an interactive and streamlined shopping experience. The technology made its debut in 2022.
It allows customers to try on clothing items with their own life-size avatar to avoid the hassle of change rooms.
The mirror provides them with recommendations for both size and style too and can process their purchases.
Brazil and Argentina’s denim retailer, Santista Textil, and Germany’s GK Software are companies known to use the device.
MySizeID Mirror. Image credit: MySize
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