MySize, Inc (MYSZ) revealed the outcomes of a pilot Smart Catalogue implementation with global apparel brand, Salsa Jeans. The Smart Catalogue is a SaaS solution that assists fashion designers in creating patterns to enhance fit, aiming to decrease unsold items and augment profitability.
AI in the Apparel Industry
The apparel sector frequently grapples with sizing inconsistencies leading to increased returns and waste, with 40% of women facing sizing issues. This problem, combined with challenges in predicting size demand based on demographics, results in 30% of all produced clothing remaining unsold.
Salsa Jeans utilized Smart Catalogue to evaluate size consistency in its jeans collection, conducting 342 tests on 31 patterns using 32 individuals fitting their target demographic. Advanced AI tools, including ChatGPT, facilitated data analysis.
The data-driven insights revealed a need for Salsa Jeans to adjust its sizing for a better fit. The Smart Catalogue pinpointed patterns that required corrections and offered recommendations on size ranges suitable for various physical stores considering demographics. Recognizing the potential, Salsa plans to leverage the Smart Catalogue for e-commerce and use AI insights for designing future collections.
MySize Founder and CEO, Ronen Luzon, emphasized Smart Catalogue’s potential to address apparel sizing challenges by merging data with designers’ intuition, leading to enhanced brand loyalty, reduced returns, and a more sustainable environment.
The Growing AI Industry
The global artificial intelligence market has surged to unprecedented levels and shows no signs of slowing down. With a valuation of around $454 billionin 2022 and a projected compound annual growth rate (CAGR) of approximately 19%from 2023 to 2032, the market is experiencing a seismic shift driven by continuous research and innovation led by tech giants.(8)
Industries spanning automotive, healthcare, retail, finance, and manufacturing are embracing artificial intelligence as a central element of their operations. Tech giants are driving this transformation through substantial investments in research and development. For instance, Intel Corporation’s acquisition of Cnvrg.io, an Israeli company specializing in machine learning models, underscores the company’s commitment to advancing its artificial intelligence business.Artificial intelligence has elevated technology to the forefront of organizations, revolutionizing various sectors. From self-driving vehicles reshaping transportation to life-saving medical equipment, AI has become an integral part of almost every device and software program. Its ability to analyze massive amounts of data, make complex decisions, and learn from patterns has made AI indispensable.(8)
As the global artificial intelligence market expands, it brings forth opportunities for innovation, efficiency, and growth. Industries are leveraging AI to optimize processes, enhance customer experiences, and achieve unparalleled levels of productivity. Within this rapidly evolving landscape, My Size, Inc. (Nasdaq: MYSZ).
My Size, Inc. (Nasdaq: MYSZ) is an emerging player in the AI-driven measurement solutions market, offering innovative technologies to drive revenue growth and reduce costs for businesses. As industries increasingly adopt AI solutions, My Size’s offerings, such as MySizeID and Naiz Fit, hold great potential to disrupt traditional measurement processes in sectors like apparel, e-commerce, and logistics.With a focus on delivering accurate and efficient measurement solutions, My Size, Inc. (Nasdaq: MYSZ) could be well-positioned to capitalize on the growth of the global artificial intelligence market.
Reasons Why My Size, Inc. (Nasdaq: MYSZ) Could Be Poised For Significant Upside Potential in 2023.
Active Chart: Shares of My Size, Inc. (Nasdaq: MYSZ) recently bounced off their 52-week low of $1.02 on 6/27/23 before surging over 168% in less than 2 months when they reached $2.74 on 8/22/23. (3) Their 52-week high of $8.46 set back on 12/8/22 could suggest an upside potential of over 729% from their 52-week low. (3) A move back to previous levels is not certain, but the potential should be noted. (3)
Ultra Low Float: According to Finviz.com, My Size, Inc. (Nasdaq: MYSZ) has less than 1.42 million shares available in its public float with insiders owning approximately 18.38% as of 9/7/23.(4)
AI-Driven Technology: My Size, Inc. (Nasdaq: MYSZ) boasts a portfolio of cutting-edge, AI-driven measurement solutions that have the potential to revolutionize multiple industries. (5)
Disruptive Market Potential with Sustainability Focus: My Size, Inc. (Nasdaq: MYSZ) is an emerging AI-driven measurement solutions company set to disrupt the $38 billion apparel returns market. With a strong focus on sustainability, their solutions aim to reduce size-related returns, aligning with the growing emphasis on eco-conscious practices. (1)(2)
High-Profile Partnerships: My Size has already established partnerships with renowned fashion brands, demonstrating its ability to attract and collaborate with industry leaders. MySizeID and Naiz Fit’s AI-driven sizing solutions were adopted by the following brands: Diesel, Celio, Superdry, Marithe François Girbaud, Replay, Canali, Harper & Neyer, Rotholz, and Natura.. (7)
My Size, Inc. (Nasdaq: MYSZ) has demonstrated remarkable growth and resilience in the second quarter of 2023. With substantial increases in revenue, gross profit, and a narrowing of losses, the company is on a path of sustained success. Their innovative sizing solutions, impressive partnerships, and strategic acquisitions have positioned them as a prominent player in the e-commerce industry. As they continue to expand their user base and drive efficiency across their operations, My Size, Inc. (Nasdaq: MYSZ) is poised for a promising future in the world of AI-driven measurement solutions. (25)
Other AI related stocks to take notice include: Nvidia (NVDA), C3.ai (AI), KLA (KLAC), Cadence Design Systems (CDNS), Synopsys (SNPS), Palo Alto Networks (PANW), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), UiPath (PATH)
Source 1: https://mysizeid.com/mysizeid-app/
Source 2: https://coresight.com/research/the-true-cost-of-apparel-returns-alarming-return-rates-require-loss-minimization-solutions/
Source 3: https://www.barchart.com/stocks/quotes/MYSZ/price-history/historical?orderBy=highPrice&orderDir=desc
Source 4: https://finviz.com/quote.ashx?t=MYSZ&p=d
Source 5: https://mysizeid.com/reports/mysize-to-exhibit-at-the-retail-technology-show-2023-in-london/
Source 6: https://mysizeid.com/reports/mysizeid-for-pets-mysize-to-launch-ai-driven-sizing-solution-for-5-billion-pet-clothing-market/
Source 7: https://mysizeid.com/reports/mysize-reports-first-quarter-2023-financial-results/
Source 8: . Source 25: https://finance.yahoo.com/news/mysize-reports-second-quarter-2023-130000788.html
Primary Source: https://techmarketstoday.com/emerging-ai-driven-measurement-solutions-company/
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