MySize Inc. (MYSZ), a developer of measurement technology based on sophisticated algorithms, is currently seeing a slump within share price in the premarket. MYSZ stock is being traded at $1.01, a decrease of 11.40%.
Business Update for Q2
On the 17th of August, MYSZ provided a business update for the second quarter of the fiscal year 2021. According to the details, the company’s IP portfolio had been secured. That came after waived her right to repurchase certain assets, which were related to the sizing data, and the right to receive 18% royalties. Besides, an internal business intelligence report revealed for the first six months of the fiscal year 2021 revealed a 2.75x rise in conversion rates. MySize CEO Ronen Luzon stated on the occasion that the quarter had been pivotal in terms of consolidating and strengthening the company’s position in a way to meet the challenges ahead.
Results for Business Intelligence Report
On the 22nd of July, MYSZ announced the results for 6 months (first half of the fiscal year 2021) internally generated business intelligence report. The report said Mysize increased the ecommerce retailers’ conversion rate by an average of 2.75x when MySize tech was applied to 40% or more of products listing. Also, Average Order Value (AOV) obtained a significant boost, and was up on average by 15% when ecommerce retailers implemented Mysize for 40% of their product listings. Ronen Luzon said that Mysize is immensely proud of how strongly its product resonates with consumers and its impact on the industry.
Partnership with Delhivery
In late June, MYSZ announced to partner with Delhivery, India’s largest supply chain services provider. Mysize Artificial Intelligence-driven sizing solution, called Boxsize, would have to empower Delhivery with tools to boost efficiency and operational management. Boxsize had to provide Delhivery employees on B2B side with critical information that would have allow them to optimize loading efficiency.
MYSZ Announced Partnership with Bitrix
In early June, MYSZ announced to partner with Bitrix, Russia’s largest E-store platform. According to the details, Mysize AI driven sizing solution and personal fit recommendations would have to be made available to E-commerce sellers on Birtix platform. That could bring highly accurate footwear and apparel sizing to millions of online shoppers. The sizing integration was expected to decrease the number of people ordering products that were the wrong fit for them.
Integration with Trutex Schoolwear
On June 7th, Trutex Shoolwear, the school uniform retailer in UK, announced the integration of MysizeID widget on Trutex site. That was designed to revolutionize online school uniform shopping for parents and children. Mysize sizing solution utilizes Trutex size charts products tables, GTIN, descriptions, and other relevant details to provide parents with a highly accurate size recommendation for their children.
What’s next for MYSZ?
As businesses around the world are opening due to ease in government restrictions, it is believed that Mysize (MYSZ) could improve earnings and revenue trend within the near future. Also, innovation has caused the company’s standing to increase in the business circle. So, keeping this trend in mind, potential investors should keep a close watch on MYSZ stock.
