Israeli startups that are revamping the retail industry with A.I.
Tech is huge in today’s world. It’s ubiquitous, powerful, and we use it everyday whether we are aware of it or not. There is everything from the cloud to a helm repository that can be used to manage data and navigate the complexities of cyberspace.
In a bid to stay relevant and up to date, businesses and organizations of the modern world have had no choice but to adopt the latest technologies into their processes. It is something that did not happen overnight, but in increments. The smartphone is one great example of the encroaching manner of technology. It may seem to have happened overnight, but the fact is that cell phones evolved year after year until they reached their potential. Even now, smartphones are still changing and phone developers will continue to challenge its limits and push the envelope.
The same is happening in every industry, such as retail. Technology has greatly enhanced the consumer experience with their A.I. algorithms and other big data applications.
1. Onebeat is one of the innovators leading the Israeli pack with commerce management
Founded in 2018, Onebeat raised $5 million for their retail-tech startup. The company is focused on analyzing customers and helping businesses with highly personalized targeting with their A.I and big data tools. The system is more than capable of managing everything from sales to inventory, making it one of the most basic tools that retailers require. Currently their clientele includes Toys R Us, WeShoes, American Eagle and the entire retail division under the TATA group.
2. Drill on generating real time big data to be sold to marketers
Big data is big in the retail industry because it gives retailers an idea of how their consumers behave. Understanding how their customers behave will bring them one step closer to creating more effective marketing campaigns. Drill is another Israeli startup that is more interested in gathering real-time data and has positioned themselves as the experts in personalized shopping experience and increased customer satisfaction through their monitoring technology. They use cameras in-stores to pick up on customer’s facial expressions and behavior in order to better understand what helps them choose what to buy. The company was able to implement this service in over 30 Victory supermarkets and are now aiming to penetrate the American market.
3. Nexite making shopping a pain-free and seamless experience
Another key development of today’s generation is that everyone wants convenience and ease. Especially when it comes to consumerism. Today’s entitled generation wants the best service and the most efficient way to reach it – keeping them on auto-bot responses is bound to get them fired up and if they have to look through a store more than once for a product they want to buy, they might just never come back. That’s why real-time in-store intelligence is so important. By connecting products to the cloud, not only does it make each store’s cashier’s job a lot easier, it will also be able to help consumers find what they want quickly and easily (it will also help with returns as well). The faster solutions are provided, the happier clients will be and happy clients return.
4. Grow your company with Trax
Growth is something that every company wants to see, especially one in retail. Trax is a retail analytics platform that provides data to its clients to facilitate better decision-making. Its implementation has saved businesses from thousands of dollars and optimizing on every dollar spent. Maximizing profits and reducing costs is definitely one of the key solutions that all business owners are looking for. Surely, a platform such as Trax has gained great traction and managed to raise over $1 billion dollars since its inception in 2010.
Up and coming inventions for 2023 and beyond
It’s the digital age that’s run by social media influencers and TikTok stars – one thing they have in common is their ability to package themselves. Everyone wants to look at pretty things. It doesn’t matter how deep or un-superficial a person is, we’re biologically programmed to be attracted to certain things that we find appealing and pleasant to look at. It is especially true in today’s age where beauty is sold on every level. If ever there was a time and place for an A.I run application or platform that can help decide what kind of designs and product placements are most appealing to a set demographic, that would be today.
Technology is revamping everything and making us question what we know on top of optimizing what we already do know and Israel is, as always, leading the fray with their innovations and high quality talents and ideas. The whole retail industry is excited to see what else comes out of that innovative country next.