My Size Launches BoxSizeID™ Measurement Technology for Rugged Hand Held Devices to Serve $343 Billion Shipping/Parcel Industry

Company's innovative solution enables couriers to measure the volume of boxes, crates, containers, and more through a simple movement from their hand held device

News provided by

My Size Inc.

Jun 04, 2018, 08:45 ET

AIRPORT CITY, Israel, June 4, 2018 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement applications, announced today the launch of its BoxSizeID™ mobile measurement technology for rugged hand held devices within the shipping/parcel industry, where approximately 12% of shipments arrive at logistical centers with inaccurate measurements, according to data compiled by My Size.

12% of shipments arrive at logistical centers with inaccurate measurements, according to data compiled by My Size.

Already available for mobile phones, My Size has developed BoxSizeID to be compatible with other leading hand held devices used within the shipping/parcel industry, like the Zebra TC51/TC56 and the Dolphin CT60 from Honeywell. The technology has already been installed on these devices as part of a pilot program in Israel, helping the pilot customer realize a revenue increase of 2.5%, according to data provided from the pilot program.

BoxSizeID streamlines delivery management through accurate parcel measurement and cost calculation, real time dimensional weight (DIM) details for improved logistics, and integration with enterprise resource planning (ERP) systems through barcode scan, image capture, and geo-location tagging. A consumer can utilize BoxSizeID to measure the volume of a package they intend to mail, and then receive a price quote and schedule a pick-up.

For couriers, the benefits are enhanced – they receive the customer's order and already know the size of the package they are picking up, enabling them to assign pick up of the package to the appropriate truck. In the courier's logistics center, the packages are scanned and measured, with that data being uploaded to the company's ERP to ensure the customer's manifest matches what was actually sent.

In addition to the foregoing, My Size is also in the process of developing a technology that can match the volume of measured packages to the volume of specific shipping containers so a courier can properly estimate how many measured packages will fit into that specific container, thereby maximizing efficiency.

"We are pleased to expand the compatibility of our BoxSizeID technology to include other rugged hand held devices, which are commonly used within the shipping/parcel industry," said My Size CEO, Ronen Luzon. "Billing errors due to inefficiencies in measurement are costly, as is lost space in trucks and shipping containers that were not allocated correctly due to a lack of accurate sizing information. With BoxSizeID, we can take the difficulties out of package measurement and increase efficiency with the parcel delivery value chain."

A report by Accenture estimates the express parcel market will reach approximately $343 billion by 2020, driven by continued year-over-year growth in e-commerce. The same report also states that many parcel firms have sought to acquire leading technologies and companies in an effort to widen the scope of their business, with improvements in Logistics and Transportation, and Parcels and Express leading the way. Billing errors resulting in additional costs to freight companies, while inaccurate measurements lead to a 20% sub-utilization of warehouse space due to inefficient slotting. This creates a significant market opportunity for My Size and its BoxSizeID technology within the shipping/parcel space. My Size intends to help shipping/parcel agencies reduce costs and work more efficiently.

Please click here for a demonstration of how the BoxSizeID app works.

Please click here for a demonstration of how the MySizeID™ retail app works.

Please click here for a demonstration of the SizeUp™ "measurement from the air" smart measuring tape.

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. Follow us on Facebook, LinkedIn and Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Israel Press Contact:
Eran Yoels
Rimon, Cohen and Co.
[email protected]

U.S. Press Contact:
Matthew Bretzius
FischTank Marketing & PR
[email protected]

SOURCE My Size Inc.