Start-up of the Month by Innovatika July 2023 RETAIL
Can you imagine a world without Amazon, Facebook, or Uber? Every mighty business began as a small startup initiative. Get ready for groundbreaking stories of ambitious visionaries in our series – “Start-Up of the Month by Innovatika.” Discover how creativity and determination are changing the world.
Welcome to “Startup of the Month by Innovatika,” our new series of articles designed to showcase the innovative edge that is shaping the future of business across the globe. Our mission? To highlight, each month, startups that are redefining industries, reinventing technology, and reshaping societal norms.
At Innovatika, we recognize that the world is brimming with entrepreneurial spirit. Unprecedented technological advancements, the democratization of knowledge, and an increased capacity for risk-taking have all converged to create a fertile ground for startups. It’s within this vibrant landscape that the game-changers, visionaries, and disruptors emerge – the ones making waves with their unique, impactful ideas. We seek to bring these startups into the limelight, providing our readers with a unique insight into their pioneering journeys.
Why are innovations important?
Innovations are the engines of progress and sparks of economic growth. They pave the way for modern technologies, better healthcare, and enhanced living standards, while simplifying and optimizing various tasks.
By creating new industries, jobs, and economic development, successful innovations also give businesses an edge over their competitors. In addition, innovations respond to the changing needs of customers. Your clients are happier and the processes more productive.
Start-ups often drive innovation with their visionary and agile approach, transforming the market with novel solutions that have a positive effect. That’s why following the latest innovations and trends is crucial. You will discover opportunities, benefit from successful cases, and adopt valuable solutions in your own business.
Innovations in retail – new solutions for sellers
In the retail industry, technological solutions have the potential to revolutionize efficiency, customer satisfaction, and sustainability. Several key areas where innovation can create a significant impact include:
- Inventory Management: Implementing smart systems that efficiently track and optimize stock levels, leading to reduced waste and increased profitability.
- In-Store Experiences: Leveraging digital tools to elevate customer engagement, loyalty, and retention. Interactive displays, augmented reality, gamification, and personalized experiences enhance the overall shopping journey.
- Sustainability Initiatives: Adopting green technologies to minimize the environmental footprint. This may include integrating renewable energy sources, employing biodegradable packaging, embracing circular economy practices, and emphasizing social responsibility.
- E-commerce Advancements: Utilizing automation, pricing optimization, and personalization tools to streamline online operations, drive higher conversions, and offer tailor-made offers to customers.
Start-ups in the retail industry
Below are the startups that caught our attention this month. In making our selection, we were guided by how innovative, versatile and advanced their proposed solution is. All the startups on this list are promising players in the retail market. We hope to hear a lot more about them. Here are our picks:
LEAFIO – Poland
Leafio offers a cloud-based software suite designed to optimize supply chain processes in the retail industry. The main goal of the company is to enable double-digit revenue growth for retail companies by replenishing inventory, optimizing merchandising and trade promotions.
Leafio is using AI to automate and improve operational excellence in areas such as inventory optimization, assortment management, planogram optimization and promotion efficiency.
You can learn more about this retail start-up on their website: https://www.leafio.ai/
SPLASH UP – Australia
Splash Up is creating a network of online merchants that can cross-promote their products with complementary brands at checkout, increasing awareness and reducing customer acquisition costs.
This retail start-up is building a leading platform for brand discovery and collaboration, offering global and local post-transaction shopping experiences.
You can learn more on their website: https://www.splashup.co/
STYLITICS – USA
Stylitics is providing automated styling and bundling content and experiences for online fashion retailers and brands. This company’s primary aim is to assist its clients in elevating their average order value, conversion rate, and customer loyalty.
They achieve this by providing personalized and relevant outfit recommendations and product bundles tailored to each individual customer. Stylitics is using AI and machine learning to create and deliver scalable and engaging styling content across various channels and touchpoints.
You can learn more on their website: https://stylitics.com/
PERFECT – Taiwan
Perfect is offering AR (Augmented Reality) and AI SaaS (Software-as-a-Service) solutions to the beauty and fashion industries, such as product try-on, facial diagnostics, and digital consultation. Democratizing access to enriching digital shopping experiences and revolutionizing the world with AI and AR-powered tech innovations stand as their ultimate objectives.
Harnessing the power of facial 3D modeling and AI deep learning technologies, Perfect provides consumers with a delightful, personalized, and seamless omnichannel shopping experience.
You can learn more about this start-up on their website: https://www.perfectcorp.com/
ZEROQS – Poland
ZeroQs is developing a mobile self-checkout cart that allows customers to scan, weigh and pay for their products without going to the cashier. Their objective is to enhance the shopping process and bolster sales efficiency for retail stores through the provision of a fast, convenient, and secure shopping experience.
ZeroQs is using barcode scanner, cameras, and weight system to detect and verify the products in the cart and prevent fraud.
COOLER SCREENS – USA
This company is replacing the glass doors of retail coolers with digital screens that display dynamic and personalized ads for the products inside. They’ve created a new media platform that enhances the shopping experience, increases sales, and generates new revenue streams for retailers and brands.
Cooler Screens is using IoT, computer vision and AI technologies to deliver relevant and engaging content to shoppers based on their preferences, behavior, and context.
VAAYU – Germany
Vaayu presents an automated software solution for online retailers, enabling them to measure, monitor, and promptly reduce their carbon emissions in real-time. With a focus on sustainability and carbon neutrality, the company seeks to support its clients by leveraging machine learning and data science to optimize their supply chain processes and operations.
Vaayu is using a proprietary carbon calculation methodology that covers all aspects of e-commerce, such as production, packaging, transportation and returns.
You can learn more on their website: https://vaayu.tech/
Honorable mention: FLARE
We also want to mention a startup that is just getting started, but already stands out with its idea. Flare is a UK-based start-up. The company is enabling online retailers to sell their in-stock and out-of-stock products for future dates, using a pre-order system that integrates with Shopify. The start-up endeavours to assist its clients in enhancing their sales, cash flow, and inventory management. They achieve this by capturing more demand, reducing excess stock, and optimizing supply chain processes.
Flare is using a simple and transparent pricing model, based on a percentage of the pre-order sales generated through its platform. They are definitely one to watch in the future! You can learn more about this retail start-up on their website: https://www.getflare.co.uk/
Our July 2023 Start-up of the Month: SIMBE
This month’s winner is a retail start-up from the the USA – Simbe.
Simbe develops and deploys autonomous inventory robots for retail stores. Its flagship product, Tally, is a mobile robot that scans shelves and captures real-time data on product availability, location, and pricing. Simbe’s solution stands you to us as it supports retailers on multiple levels, such as:
- Improving inventory accuracy and visibility, which leads to increased sales, reduced out-of-stocks and optimized replenishment.
- Enhancing customer satisfaction and loyalty, by ensuring products are always available, correctly priced, and easy to find.
- Empowering store teams and managers, by providing them with actionable insights and recommendations, and freeing up their time from tedious tasks.
The versatility of this solution, makes us think that Simbe is currently the most interesting startup of all those mentioned in this article. Congrats to this month’s winner!
Is your start-up our next winner?
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