MySize Files 10K for Year Closed December 31, 2021 and Issues Shareholder Update Letter and Positive Outlook for 2022
AIRPORT CITY, Israel, March 31, 2022 /PRNewswire/ — MySize, Inc.. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), an omnichannel e-commerce platform and provider of AI-powered measurement solutions to drive revenue growth and reduce costs for its commercial customers, today announced the publication of the following shareholder letter from its Chairman and Chief Executive Officer, Ronen Luzon:
Dear MySize family, partners and shareholders,
We would like to start by thanking our MySize team, our partners and our shareholders for your dedication and support. While we know there are ups and downs as an employee or shareholder of a small, growing, emerging company, we have strong beliefs in our actions over the past year and more particularly recently in building a solid and valuable company for the future. We are very excited about the value we see for ourselves in the path forward.
We recently tabled our annual report 10K for the year ended December 31, 2021 to March 18. While our revenues for 2021 amounted to $131,000 compared to $142,000 for 2020, we are excited about our ramp-up of licensing deals which is translating into increased recurring revenue. The overall decline in revenue is due to lower fees for one-time customer projects, which is not our goal.
In 2020 and 2021, we entered into commercial agreements with Levi’s, Nautica, Gant, Lacoste, Trutex, Penti, DeMoulin, UniformMarket and Tricorp, among others. We continue to grow our presence in the United States with retailers and accelerating additional commercial agreements for our measurement technology. We are confident in MySizeID’s ability to drive revenue growth, build user trust and loyalty, reduce costs and optimize processes for our existing and potential retail customers. We believe we are now at a marketing inflection point, surpassing 1,000 customers.
At the beginning of February, we made a major announcement that allowed us to become an omnichannel solution for retailers. We launched the availability of FirstLook Smart Mirror, an interactive mirror-like touchscreen that offers shoppers in physical stores an enhanced online shopping experience and contactless payment. We believe this is a great solution for the in-store retailer to better capture the customer and convert them into a final sale. FirstLook Smart Mirror received positive reviews at NRF in New York City and we are in discussion with many retailers.
The MySizeID FirstLook smart mirror fits perfectly into any retail environment, whether in fitting rooms (non-camera version) or other strategic high-traffic locations. Highlight features of the FirstLook smart mirror include a “Try It On” 3D interactive avatar experience, personalized and highly accurate size recommendations by MySizeID, integration with third-party POS systems, style recommendations and a of “selection and collection” without contact.
In the same way LivePerson’s live chat application transformed e-commerce by increasing conversion rates and decreasing costs, scaling technology is gaining momentum to do the same by decreasing returns (costs) and by increasing conversion rates (sales). Merchants are taking notice as evidenced by these recent transactions:
- Gap acquired Drapr and CB4 for $147 million
- Snap acquired Fit Analytics for $124 million
- Walmart acquired Zeekit
- Zalando acquired Fision
At the end of 2021, we partnered with GK Software. MySizeID has been integrated into cloud4retail by GK Software, which has over 359,000 installations in over 65 countries, as a major player in the international retail solutions market.
Apart from retail, we have also introduced our proprietary technology to solve shipping company problems. We have developed an innovative mobile technology known as BoxSize, which allows customers to quickly and easily measure the size and volume of a package to accurately calculate shipping costs. It also offers shipping companies a variety of accurate logistics data to more effectively manage their supply chain, providing them with an accurate way to compare the physical package with what is in the shipping manifest. The BoxSize solution is available under license on iOS and Android operating systems.
BoxSize is available on Honeywell Marketplace, Zebra Technologies and Datalogic.
In February, we completed the acquisition of Orgad, an omnichannel e-commerce platform headquartered in Israel and operates worldwide, including the United States and Europe. Its team is made up of strong operators with deep understanding and knowledge of e-commerce, supply chain and technology. Its technology, operations, and customer service are structured to be able to handle many retailers on its platform.
While Orgad generated approximately $2.5 million of revenue and reached profitability in 2021, we believe it was limited due to its lack of capital. Its lack of inventory has not kept up with demand. Orgad now has better access to capital for inventory to be able to accelerate its growth. We believe Orgad has the potential to increase its inventory turnover by multiples of what it did in 2021.
We have significantly grown our business as a direct e-commerce seller connecting the digital and physical consumer experience. We are now well positioned as an e-commerce platform engaged in online retail in the global market with cutting-edge artificial intelligence technology to improve e-commerce experience and efficiency. Similar to Thrasio, Perch and Hour Loop, we operate as a third party seller on Amazon.com, eBay and others.
We are focused on increasing our stock keeping units (“SKUs”), primarily in fashion, apparel and footwear, and expanding our platform to handle multiple retailers. Our teams’ strong capabilities in technology, operations and customer service will be used to attract additional third-party e-commerce vendors with the goal of increasing efficiency and revenue growth.
In short, we believe we have important enablers in place:
- Orgad now has access to cash to accelerate revenue, where it was previously constrained by limited inventory
- FirstLook SmartMirror penetrating traditional retail stores
- Fashion e-commerce continues to trend upward, with online sales accounting for 23% of total USD online sales. Data drives decision-making and empowers the retailer
- Online retailers cost high returns
- ROI supported by higher conversion rates and lower return rates
- Successful case studies lead to increased awareness and additional opportunities
- Extension to shipping with BoxSize
- M&A strategy to develop the e-commerce segment
This is exactly what we are doing today. We’ve reinvented ourselves with a keen eye on execution in the e-commerce and retail space. We have a strong cash position, which amounted to $10.7 million at December 31, 2021, to continue executing our plan and recreate shareholder value. We look forward to proving our new business strategy and creating value for our shareholders.
President and CEO
About MySize, Inc.
MySize, Inc. (NASDAQ:MYSZ) (TASE:MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-powered measurement solutions to drive revenue growth and lower costs for its business customers. Orgad, its online retail platform, has expertise in e-commerce, supply chain and technology as a third-party seller on Amazon.com and other sites.
MySize has developed a unique measurement technology based on sophisticated algorithms and state-of-the-art technology with wide applications including apparel, e-commerce, DIY, shipping and parcel delivery industries. This exclusive measurement technology is driven by several algorithms capable of calculating and recording measurements in different ways. To learn more about MySize, please visit our website: www.mysizeid.com. We regularly post information that may be important to investors in the Investor Relations section of our website. follow us on Facebook, LinkedIn, instagramand Twitter.
Please click here for a demonstration of how MySizeID provides a complete sizing solution for the retail industry.
Register here for a free plan of the MySizeID solution for your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
To learn more about MySize and for more information, please visit: our website: www.mysizeid.com.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are identified by the use of the words “may”, “believe”, “anticipate”, “have intends”, “estimates”, “expects”, “may”, “will”, “predict”, “potential”, “projects” and similar expressions intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected or implied by the forward-looking statements are reasonable, we cannot guarantee that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and current expectations or projections. Actual results will differ materially from those indicated in the forward-looking statements and the market price of our common stock may fluctuate significantly. Forward-looking statements are also affected by the risk factors described in the Company’s filings with the United States Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events. events.
United States press contact:
Or Kles, CFO
SOURCE My Size Inc.