My Size Inc. (NASDAQ:MYSZ)
Shares of My Size Inc. (NASDAQ:MYSZ) jumped 17.7% after the technology company announced it had received its first patent. The new patent, Measurement of a Body application, issued in Russia, strengthens the company’s prospects in the online apparel market.
MYSZ Stock Performance
The rally did little to reverse a strong selling pressure that has engulfed the stock for the better of the year. My Size Inc. is down by more than 60% for the year having underperformed the overall industry. The stock is currently trading in a strong downtrend and at multi-year lows.
My Size Inc. (NASDAQ:MYSZ) faces immediate resistance at the $1 a share mark. It awaits to be seen if the new patent, which expires in 20 years, will strengthen investor’s sentiments.
According to the Chief Executive Officer, Ronen Luzon, the new patent will strengthen My Size Inc. position as a measurement technology company in the growing e-commerce apparel business.
The Measurement of a Body Part patent details a system whereby shoppers will be able to choose the accurate size garment on retailer’s websites using measurements taken by a smartphone. The My Size Inc. app will analyze recorded data by a customer using big data and recommend the appropriate size of a clothing for purchase.
My Size Inc. (NASDAQ:MYSZ) new app utilizes smartphones algorithms rather than smartphone camera to record and analyze measurements thereby ensuring high levels of customer privacy.
“We are very proud of our R&D team which has engineered unrivaled technology that is now formally recognized as unique. We have many other patents pending worldwide for our Measurement of a Body Part smartphone application as well as other measurement applications in our long pipeline of products […],” said Mr. Billy Pardo Chief Product Officer.
MySize Marketing Strategy
In addition to the new measurement patent, My Size Inc. (NASDAQ:MYSZ) is also offering TrueSize app designed to enable shoppers quickly and accurately measure themselves using mobile phones. The company is currently pushing for the integration of the technology in retailers e-commerce or m-commerce websites.
TRUCCO is one of the retailers that has already adopted the technology through an application dubbed RealSize.
“TRUCCO’s RealSize launch was a major milestone. We are very excited that online retail customers are enjoying the benefits of our technology, and we look forward to meeting companies at PremiereVision whose customers could benefit from our products,” said Mr. Luzon.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.