Along with the digital transformation efforts, the diversifying choices of consumers in the retail arena have also evolved, both with the case of brick-and-mortar and e-commerce stores. Retail businesses, in order to keep pace with their customers’ expectations, are always on the lookout for the latest of strategies to maintain their position in a highly competitive market. The most common starting point for such startups is to provide businesses with sophisticated digital platforms such as AR displays and Wi-Fi-based beacons. The advent of AI and cloud-based paradigms in the retail industry has brought major changes, especially in enhancing buyer experience. In addition to that, merchants are beginning to adopt a data-driven approach to technology and are investing in newer trends.
While companies are targeting at improving in-store operations with the help of mobile apps and virtual reality, solution providers are helping them with integrated software that can help retailers manage employee scheduling, mobile payments, coupons, and shelf-stocking all from a single-pane-of-glass. Some AI-based retail solutions also have digital catalogs that recommend items to customers based on their preferences. Virtual mirrors are yet another range of sophistication that have changed the traditional concept of shopping, as it allows users to try out apparels in a short span of time, helping retailers lure more consumers.
To help retailers maximize their productivity, Retail CIO Outlook’s distinguished panel compromising CEOs, CIOs, VCs, and industry analysts, along with its editorial board has come up with “Top 10 Retail Tech Startups - 2018.” We believe these vendors can help elevate the status of retail companies through innovation and technology integration to meet the needs of the industry.