12 Dec, 2017

Retail Technology Creates Success For Startup Companies

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Retail technoloy is pretty impactful. It can range anywhere from in-store technology, to innovative software that runs e-commerce sites, and it is being incorporated into the industry more and more as technology develops.

It is basically the act of integrating technology applications to make for a better customer experience both in brick and mortar and online. There are many different types of retail tech out there, but a few stand out above the rest, like digital signage, which allows retailers to update advertisements and promotions in real-time, which saves money on printing costs. It also allows you to engage with your customers more.

Robots are another example of tech that is being incorporated into the retail industry more and more. Robots are used to manage inventory and can also create a futuristic in-store experience for customers. In this fast-paced world, staying up to date with technology trends are becoming more and more important.

As these trends continue to grow, companies are emerging in the retail industry that focuses solely on offering customers the benefits of these tools. As a retailer, being familiar with the startups emerging in the sector is important because it gives you a clear insight into where the industry is heading and what to pay attention to. After all, being familiar with new companies can teach you a thing or two.

“These startups are taking advantage of not only the changing habits of millennial consumers, but also the ability to reach those consumers and build brand awareness through under-exploited digital marketing channels. As Amazon replaces brick-and-mortar store shelves and social influencers replace television stars, newer brands are not only taking advantage of these channels, but also are architecting their products and business models around them.” Tech Crunch reports. 

I searched the web to find two startups that I find are impactful and innovative.

Dote Shopping

Dote shopping is a mobile shopping app that targets customers who prefer brands that are not found on Amazon. These brands include names like Sephora, Urban Outfitters, and Ugg. Users are provided with a shopping experience as opposed to just a transaction. For example, users get alerts when their brands ago on sale and have the option to show social media followers what they are buying.

This app is relatively new, being founded in 2014. This app stood out to me because it puts a new angle on the shopping experience and taps into a customer who is not shopping on Amazon, which could be a hard task to do.

Wonder

Located in the UK, Wonder has put a whole new meaning to the idea of renting products. This company is a new startup that gives customers a platform that allows them to rent tech products for just a few days at a time. This gives customers the chance to know what is going on in this industry and enables tech brands to reach a customer base and gain brand exposure. Wonder’s goal is to also connect inventors, creators, and makers to consumers, bringing products to a platform that makes them shareable and reusable.

“Wonder is a sharing economy platform, similar to Airbnb or Kickstarter. Anyone who owns or makes new interesting products can add them to the platform. We work closely with creators to help them present and publish their products.” Wonder reports. 

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