My Size Inc. (MYSZ), a company developing measurement technology based on sophisticated algorithms and technology, has seen a decline of 7.19% in the premarket trading session. As a result, MYSZ stock is trading at $1.42. The reason for this decline seems to be short selling by buyers after it surged 15.04% in Thursday’s regular trading hours and closed the day at $1.53. Let’s discuss some recent developments related to MYSZ stock.
MySizeID availability on Wix e-commerce stores
On 13th April, MYSZ announced that MySizeID is available at the Wix eCommerce stores, from where it could easily be deployed by downloading MySize API. MySize also said that it was helping te-commerce retailers on multiple platforms. The customers of Wix who were implementing MySizeID TM into their eCommerce sites were made capable of receiving three months of MySize expert support. That was done to optimize the MySizeID AI-size widget on their eCommerce site. Numerous other features were included in Wix customer support as well. According to the company, the brands which have utilized AI-powered MySizeID in the past had received the benefit of increased revenue per visitor, conversion rate, and average order value. Ronen Luzon, the MySize CEO, said on the development that MySizeID could add real value to small and mid-size companies on the Wix platform by increasing customer confidence in size selection.
MYSZ rolled out virtual coins
On 8th September, MYSZ announced to roll out virtual coins feature to its MySizeID widget. It was available to the eCommerce retailers who implemented the solutions on their sites and apps. The company said that the registered MySizeID users could earn virtual coins via sustainable purchasing from partnered retailers. After making the purchases from the MySizeID widget, the customers could virtual coins as a thank you for shopping sustainably. The number of the coin could be measured via the eco-metrics. The customers could purchase with the confidence that they would be buying the right size for the first time using MySizeID. This could drastically reduce the return rates. It has a proven track record of reducing returns by about almost 50%. Apart from that, the company’s Average Order Value was increased by 30%. Ronen Luzon said that virtual coins are a win-win-win for customers, retailers, and the environment.
Future of MYSZ
Based on stats, MYSZ is expected to make an impact in the future. The EPS of the company is expected to increase by 25% during the next five years. The recent past performances of MYSZ have also been outstanding. The stock has increased by 17% during the last one week alone and 60% during the last 12 months in general. Consequently, potential investors should keep a close watch on MYSZ stock.
