AIRPORT CITY, Israel,
Sept. 6, 2018 /PRNewswire/ -- My
Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE:
MYSZ), the developer and creator of smartphone measurement
applications, announced today it has entered into agreement with
Katz Corporation ("Katz"), one of the largest package delivery
companies in Israel, to provide
its BoxSizeID™ mobile measurement technology for
improved operational efficiency and to reduce operating expenses.
The commercial contract follows a successful seven-month
pilot program that resulted in an estimated $1 million annualized incremental revenue to the
customer, a result of BoxSIzeID's ability to optimize packaging
sizes used to ship Katz's packages throughout the world.
Katz will install BoxSizeID on to its mobile devices for use by
its more than 550 employees in seven centers across Israel, measuring more than five million
packages annually. Katz will utilize BoxSizeID to provide real-time
logistics data on package volumes and transportation, enabling the
company to improve cartonization and manifesting, while reducing
operating costs and increasing revenues.
"We are pleased to enter in to this agreement with My Size and
to implement BoxSizeID fully throughout our logistics center. The
success of the pilot program, which we estimated to increase our
annual revenue by approximately $1
million, showcased the power of the technology and why we
needed to integrate it throughout our Company," said Dror Katz, CEO, Katz
Corporation. "It is crucial to our business that our systems
not only run accurately, but efficiently as well. BoxSizeID enables
us to identify areas where our systems could improve, while also
empowering our employees to work quickly and more confidently. We
look forward to continuing our partnership and realizing the
benefits that BoxSizeID provides."
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.
"We are excited to be selected by Katz Corporation, one of the
preeminent shipping companies in Israel, to integrate BoxSizeID and enable a
more efficient process throughout their logistics center. Billing
errors due to inefficiencies in measurement are costly, as is lost
space in trucks and shipping containers that may not have been
allocated correctly due to a lack of accurate sizing information,"
said My Size CEO, Ronen Luzon. "This
agreement, following a successful pilot program, serves as
validation of the BoxSizeID technology and its ability to remove
the difficulties out of package measurement while increasing
efficiency within the parcel delivery value chain. We look forward
to continuing our work with Katz, and to showcasing the value of
BoxSizeID to the growing parcel delivery industry."
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.
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 are costing freight companies additional costs, 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 to help shipping/parcel agencies reduce
costs and work more efficiently.
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.
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.
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.
Eran@rcspr.co.il
U.S. Press Contact:
Matthew
Bretzius
FischTank Marketing & PR
matt@fischtankpr.com
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SOURCE My Size Inc.