Staying ahead of the game in today’s retail scene is challenging, as fast fashion ramps up, consumer shopping habits shift and e-commerce just keeps gaining momentum.
Despite these issues, however, some startups are helping retailers get back on their feet. From marketing automation to curated consumer platforms, here’s how some XRC Labs startups are using technology to keep retailers relevant.
[Read more about how startups are changing the game: Report: Six Innovations to Watch in Apparel]
Today’s consumers frequently sound off on social media, including on retailers’ Instagram accounts. Keeping up with—and doing anything about—those comments can be challenging, but this is where Cherry Pick comes in.
The startup is helping retailers listen to their consumers. The tool enables retailers to tap into consumer comments on social media, where very often the consumer spells out exactly what they need and why they may not have purchased something. With Cerry Pick, retailers get real-time updates on what consumers are commenting on, like if they are curious about a new garment or have questions about pricing and can then respond accordingly. The tool mines through these comments, and can send out email discounts or ads for products they already know consumers want.
On its website, Cherry Pick asks: “Are you ready for an unfair advantage?”
Retail is already rough and sales at many brands are taking hits, but startup Trade Monday is providing innovative technology to alleviate this issue.
Trade Monday is a software-as-a-service (SaaS) machine learning market intelligence program, that can help retailers identify hidden supply and market demand, recommend an optimized product portfolio that would achieve desired sales margins, adjust price and product assortments based on sales targets and identify potential counterfeit goods in online marketplaces.
Browsing in-store or online for favorite items could be a headache for consumers, especially when sales associates or search engines often don’t have the adequate knowledge to aid.
Affinity is enabling brands to turn this dilemma around with its digital device platform. Channeling a mix of AI and machine learning, the platform provides consumers with personalized style picks while they shop online.
The platform brings together retailers’ merchandise in one digital marketplace, where consumers take a personal style quiz, receive weekly product recommendations and can shop the web according to their wardrobe preferences. Consumer feedback is also a core component of the platform so that consumers are more likely to receive better apparel picks and more customized experiences. Affinity boosts sales traffic for retailers that may miss out on consumer purchases, while consumers also benefit and find relevant items while they browse and buy retailers’ products.