The retail industry is constantly producing new technologies and ways to accomplish one seemingly simple goal: to sell things to people. Each year, companies appear in the space to help retailers accomplish this task, introducing fresh means to reach customers, drive sales, and streamline the shopping experience.
Below are five of these companies that have the potential to change the way retail does business.
Storefront
The popup phenomenon is nothing new to retail—since the early 2000s these stand-alone, limited-time operations have grown in popularity, with large chains like Nordstrom recently catching on. Launched last year, Storefront facilitates this trend with its retail real estate services.
Dubbed “the Airbnb for retail,” users advertise vacant retail spots that can be rented out for a day (or more) to companies looking for a temporary retail space. Just last month the company received $7.3 million in a Series A round of venture funding, which will help Storefront expand its reach and clientele. With recent efforts to help retailers like Nasty Gal, Kanye West, and Nike, it looks like Storefront will have no trouble on this front.
Tulip Retail
A seamless in-store and online experience seems to be the most recent Holy Grail in retail, as ecommerce numbers push up and threaten traditional retailers. Developing a technology platform to bridge the gap between online and brick and mortar, Tulip Retail raised $2.3 million in funding last year, targeting large retailers’ order fulfillment and analytics needs. Store associates can perform a range of actions using the platform, from accessing customers’ purchase histories to in-store order fulfillment.
Many big names, including Square and PayPal, are in the same omnichannel game though, so this startup is one to watch. If it succeeds in beating out bigger competitors, Tulip may help larger retailers in the tricky brand transition between multiple channels.
Mobile retail trucks
Following the growing popularity of mobile food trucks, some smaller retailers have taken their operations on the road in custom trailers stocked with their wares. The American Mobile Retail Association estimates the capital needed to start a mobile boutique at around $20,000 to $30,000, which includes the costs of the truck, upgrades and inventory. This price point falls below the $100,000 initial investment for a brick-and-mortar retail store, cited by both Forbes and BusinessNewsDaily, and presents new retailers with the opportunity to grow before setting up permanent shop.
If this startup trend mirrors the growth of pop up shops, we may even see large retailers rolling down the street in their own mobile stores.
ID.me
While discounts for military personnel, students, and teachers are commonplace in many brick-and-mortar stores, the transition of these programs to ecommerce can be tough. Started last year by two U.S. Army vets, ID.me Inc. provides legitimate verification for these individuals, helping them obtain the same discount online that they are accustomed to in-store. Currently working with Overstock.com, Carhartt, and Under Armour, the company garnered attention in March when it raised $7.5 million in new venture funding to help more companies create a seamless retail experience for shoppers.
Using the service, which charges clients up to $1 per verification, companies can help maintain customers’ brand loyalty and their commitment to these target communities.
SpyderLynk
QR codes help retailers connect with their customers outside of traditional advertising, offering real-time promotions with the snap of a smart phone camera. But many require specialty apps to process, and frankly, that black and white square can be an eye-sore on otherwise sleek and well-crafted marketing campaigns. SpyderLynk allows for brands to use their own logos in the company’s SnapTags to reach customers, and allows for any type of mobile device—not just smartphones like QR codes—to access the information in the link.
Whether we will see SpyderLynk take over QR codes is yet to be seen. There are multiple, free QR code generators available online, and those looking to use SnapTags have to work exclusively through the company.
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