MySize’s SizeUp App Gains Traction Among Consumers
May 1, 2017 11:52 am ET
Smartphones have become much more than just a phone, with users tracking everything from steps to medical records. Companies like Snap Inc. (NYSE: SNAP) and Facebook Inc. (NASDAQ: FB) rely on smartphones to power their social media platforms, while companies like Apple Inc. (NASDAQ: AAPL) and Alphabet Inc. (NASDAQ: GOOGL) are constantly improving the hardware and software capabilities of the devices.
In this article, we will take a closer look at the early traction of MySize Inc.’s (NASDAQ: MYSZ) (TASE: MYSZ) flagship product, SizeUp, and how it’s using measurement apps to change everything from the apparel to the shipping industry.
Flagship App Surpasses 200,000 Downloads
MySize launched SizeUp in September 2015 in the Apple App Store to instantly and accurately measure a flat object by moving the smartphone from one side of the object to the other. The app has the potential to become just as ubiquitous as the flashlight app or other apps designed to help with everyday tasks. For instance, consumers may use the app to quickly measure furniture at a store and record the size to see if it would fit in their own home.
In January 2017, the company announced a significant upgrade to the app that eliminates the need to slide the phone over a surface and improves accuracy. Users could instead simply place the phone at the starting point, activate the app, pick up the phone, and move it to the selected endpoint. These new features help users avoid problems like rough or dirty surfaces, which could be the case in the construction and other industries where the app is used.
On April 28, the company announced that SizeUp crossed the 200,000 download mark with 216,192 downloads as of the date of the press release. Since the re-launch of SizeUp on January 2017 at the Consumer Electronics Show, the company’s download rate has averaged roughly 700 per day. These figures could accelerate as new users share the app with their friends and family and increase the app’s viral coefficient.
Innovative Technology Platform
MySize’s unique measurement technology is based on sophisticated algorithms and cutting edge technology with broad applications including the apparel industry, e-commerce, shipping, and parcel management. The proprietary technology uses patent pending algorithms to calculate and record measurements in a variety of novel ways. These attributes make the company’s potential much larger than simply a virtual tape measure.
On March 30, the company announced the completion of a beta pilot testing program and the beginning of a commercial program for its KatzID product - a measurement app that was white labeled for Katz employees. The KatzID product is expected to provide Katz with a significantly yearly savings that is estimated to increase the company’s annual income by about 2.5% to around $1 million by more efficiently measuring its parcels.
On March 20, the company announced a new MySizeID measurement app for online apparel shopping. The app - which can be white labeled by e-commerce shops - helps consumers quickly and accurately take body measurements to determine the correct apparel sizes when shopping online. By doing so, consumers are more likely to find clothes that fit the first time and retailers are able to avoid a costly problem with returns.
MySize Inc. (NASDAQ: MYSZ) (TASE: MYSZ) is focused on proprietary smartphone measurement applications that address a wide variety of industries. With its flagship SizeUp app reaching more than 200,000 downloads, the company has validated that consumers are comfortable using smartphones for measurement. Management is now working with partners to commercialize white label apps targeting a variety of industries.