MYSZ - Could MySize’s Brand New Apparel Sizing Tech Be Ideally Timed With A Boom In Fashion E-Commerce?
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While there may seemto be some indications that e-commerce growth is slowing amid the current inflation wave, however, equally strongsignals suggest it may not be enough to stop U.S. retail e-commercesales from surpassing a projected growth target of $1 trillion in 2022.
Even amid the economicdownturn, one sector — fashion and apparel — could fuel thee-commerce industry’s growth.
A trend report by BigCommerce Holdings Inc. (NASDAQ: BIGC) revealed that thefashion and apparel sector has been an e-commerce powerhouse thisyear, outpacing overall e-commerce sales in North America.
BigCommerce is not theonly platform projecting growth for the industry. Statista alsoindicates that the e-commerce fashion industry’s compound annualgrowth rate (CAGR) is expected to reach14.2% between 2017 and 2025, with the industry hitting a $672.71billion valuation by 2023.
Sales of apparel, footwear and accessoriescatapulted in 2021, hitting $180.5billion in the U.S. alone. The sector is expected to grow by13% this year, with consumers set to spend $204.9 billion on fashionitems online.
Eliminating A Challenge For Growth
Even though there seemto be great prospects for the industry, growth can be hampered ifpeople still face frustrations in buying online — imagine receivingitems, like garments, that don’t fit?
Receiving an ill-fitting garment can befrustrating and can leave the customer unsatisfied. Correct sizing iskey to growth, building consumer confidence in the purchase andreducing costly returns. MySize Inc. (NASDAQ: MYSZ) says its MySizeID product is the solution.
But the company, an omnichannel e-commerce platform andprovider of an artificial intelligence (AI) measurement solution thatdrives revenue growth and reduces costs for its clients, also reportspioneering a different technology that could change the hybridshopping experience.
MySize’s FirstLookSmart Mirror could be one of the first solutions forchallenges with hybrid shopping — an emerging trend that combinesonline and in-store shopping.
The company says the product is an interactive,mirrorlike touch display that offers:
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Personalized fitand product recommendations
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3D try-it-on interactive avatar experience
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Speed shopping andself-checkout
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Integration with any third-party point-of-sales (POS)system
High Valuations And Revenues
MySize believes itsalgorithm-based technology has broad applications — that could matchif not beat product offerings from competitors.
Just as LivePersonInc. (NASDAQ: LPSN) hit a $4 billion valuation at 10 times revenuewith a chat application that transformed e-commerce by increasingconversion rates and decreasing costs, sizing technology is gainingtraction to do the same, the company says.
As comparable companies are acquired by majorplayers such as Snap Inc. (NYSE: SNAP), Gap Inc. (NYSE:GPS), Walmart Inc. (NYSE: WMT) and Zalando SE (ETR: ZAL)at attractive valuations, MySize notes it could also attract the samelevel of attention and be an acquisition target.
Luckily, a recent reportof recordrevenues in the first half of the year could support thepremise that MySize has the right product and business in ahigh-growth segment.
Retailers Taking Notice
MySize’s technologyhas been adopted by top brands in fashion such as Levi Strauss& Co. (NYSE: LEVI), Nautica, Gant and Dockers, and itdoesn’t look like the company is resting on its laurels.
From all indications,MySize may only be getting started as more companies are adopting itstechnology, which could be ideally timed with growth in the fashione-commerce boom.
The company recently announced an agreement with 7 For All Mankind (Brazil), a premium globalclothing brand, to license ,and it could be going live in the third quarter of this year.
MySize also has an agreement with luxury British fashion brand Temperley London to licenseMySizeID.
MiSizekicked off the year by acquiring Orgad, an omnichannel e-commerce platform.
MySize hopes the acquisition and incorporationof MySizeID into Orgad’s e-commerce solution will increase itsprofit by reducing costly returns.
MySize, Inc. (NASDAQ:MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform andprovider of AI-driven measurement solutions to drive revenue growthand reduce costs for its business clients. Orgad, its online retailerplatform, has expertise in e-commerce, supply chain, and technologyoperating as a third-party seller on Amazon.com and other sites.MySize recently launched FirstLook Smart Mirror, a mirror-like touchdisplay that provides in-store customers an enhanced shoppingexperience and contactless checkout. FirstLook Smart Mirror extendsMySize's reach into physical stores and is expected to contributeto revenues through unit sales and recurring service fees.MySize hasdeveloped a unique measurement technology based on sophisticatedalgorithms and cutting-edge technology with broad applications,including the apparel, e-commerce, DIY, shipping, and parcel deliveryindustries. This proprietary measurement technology is driven byseveral algorithms that are able to calculate and record measurementsin a variety of novel ways. To learn more about MySize, please visitour website: www.mysizeid.com.
This post containssponsored advertising content. This content is for informationalpurposes only and is not intended to be investingadvice.
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