Business
My Size Provides Business Update for the Second Quarter of 2021
AIRPORT CITY, Israel, Aug. 17, 2021 /PRNewswire/ -- MySize, Inc. (the "Company" or "MySize") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of
About this update from My Size, Inc.
[{"type":"text","content":"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.\nRecent Highlights\nThe 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.\"\nMr. Luzon added \"The MySize leadership team sees recent market consolidation in the e-commerce apparel space, as demonstr...