The retail industry is witnessing a David versus Goliath battle. As the big players are doubling down, technology startups are reinventing themselves to strengthen their foothold in the $26 trillion industry. As the retailers have started to realize that one solution cannot fit this underserved market, they are looking for innovative models and technology solutions that cater to different requirements of merchandising, inventory, financing, and branding. Technology startups have also started addressing niche customer and business problems, which could be the ideal approach. As the online competition is higher than ever, innovative retail solutions with the customer at the center could well be the answer for the retail vendors.
The retail tech is already relying heavily on augmented reality (AR) and virtual reality (VR) to meet the increasing expectations of hyper-connected customers. The retail vendors continue to explore the possibilities of AR and VR with experimentation, while technology companies are stepping in to fasten these experiments. Similarly, more applications of machine learning and predictive analytics are being successfully experimented, as AI continues to transform retail tech. While customers are increasingly looking out for emotional connection for their shopping experience, AI delivers the same with high-structured webshops, intelligent in-store bots, and online chat-bots. As the 5G technology is expected to roll out this year, the efficiency of e-commerce operations and in-store technology will surge. Further, the utilization of robotics in retail operations is getting substantial. Besides enhancing speed and efficiency, robotics also delivers augmented customer experience and accurate and reliable results.
As the competition soar up, retail vendors have started utilizing the enormous potential offered by specialized retail tech startups. While some retail tech startups specialize in creating innovative brick-and-mortar experiences, some focus on accelerating the supply chains, and some others on innovating last-mile delivery.
At this juncture, there are a variety of retail tech startups in the market that provides specialized solutions that cater to different requirements. To help retail vendors choose the best solution that fitstheir requirement, Retail CIO Outlook has compiled the list of the top 10 retail tech startups. The enlisted startups are the frontrunners in the market that provide awide span of features. Besides, the magazine also comprises insights from thought leaders inthe sector on the industry trends, best practices, recent innovations, and their advice for theaspiring CIOs.
We present to you Retail CIO Outlook’s, “Top 10 Retail Tech Startups – 2020.”