My Size registers its Third Patent – this time in the U.S.
Airport City, Israel, November 08, 2017: My Size, Inc. (the “Company” or “My Size”) (NASDAQ: MYSZ; TASE: MYSZ), developer of proprietary, smartphone measurement applications, announced today that after approval of its patent in Russia and Japan, it obtained similar approval in the U.S. The patent relates to My Size’s “Measurement of a Body Part” technology. The U.S. patent will expire 20 years from the date the patent was initially filed, or January 20, 2033.
“Registration of the third patent within a short period of time demonstrates further recognition in our technological innovation and fills us with professional pride,” said Ronen Luzon, CEO of My Size, Inc. “We are especially pleased with the recognition from the U.S. Patent and Trademark Office and have filed applications to protect our patent in other countries as well”.
The Measurement of a Body Part application was designed for the online apparel market. It enables shoppers to always choose the right size garment on a retailer’s website using the accurate measurements taken with their smart phone of an area of their body. The application first analyzes the recorded information using big data, then recommends the appropriate size of an article of clothing the shopper has selected for consideration on a retailer’s website. All of My Size’s technology applications use algorithms within a smartphone, rather than the smart phone camera, to record and document body measurements. This method is not only more accurate, but it also maintains and ensures customer privacy.
According to Fashion United, “the global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world’s Gross Domestic Product (GDP).” According to an article published in the Washington Post, in 2015, “clothing generated $51.5 billion in online sales…” While this market is enormous, so too is the return rate. According to MarketWatch, in the United States alone, $260 billion of goods are returned each year, and in 2015, 80% of the returns were clothing and accessories, with $62.4 billion due to wrong sizes.
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways.
To learn more about My Size, please visit our website. www.mysizeid.com.
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