My Size Inc (NASDA:MYSZ) shares are enjoying a roughly 45% bump today on back of a wave of enthusiasm. This Israeli tech firm was a hit at the world’s buzziest event in new, innovative technology, the annual CES in Las Vegas, closing out its first three days with a reaction glittering with encouragement.
In fact, the company’s unique body measurement technology that hopes to change the way consumers approach buying clothing online could continue to fire up interest throughout the upcoming days, coming from prospective consumers and apparel and tech media alike. MySize is unleashing its revolutionary patented body measurement technology at the global tech show with a video called “MySize ID – The Movie” that will showcase the features and advantages posed to online retailers.
“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,” said My Size CEO, Ronen Luzon.
“In an online clothing market, estimated to be valued at over $72 billion in the U.S. alone, 70%* of apparel returns are size related, while 32%* of shoppers don’t purchase fashion online because of uncertainly around size and fit. My Size has the technology to address this weakness in the e-commerce economy and we believe our solutions will deliver clear financial results for our customers.”
MySizeID enables consumers to measure their body using their smartphones, allowing the application to determine the correct size for clothing provided online. The technology reflects a conceptual revolution that may significantly reduce the margin of error experienced by consumers who purchase the wrong size online and may increase consumer confidence in online purchases on matters relating to size.