The second annual Discovery report, published today by RWRC, celebrates 40 global start-ups that are innovating the retail sector at a time when it is needed most.
- With tech solutions that range from supply chain to in-store marketing, the 40 start-ups are enabling retailers to improve and automate some of their processes.
- Tokinomo, the in-store marketing solution built in 2018, is celebrated along with other great retail tech start-ups.
- The start-ups are supporting over 30 retailers and brands including Tesco, M&S, Nespresso, Auchan, Carrefour, Henkel, Depop, AO.com, and John Lewis Partners
The retails sector is a competitive one and when you take into account the damage COVID-19 has caused, retailers need additional help to stay on top of the competition. This is where the 40 tech start-ups come in with solutions that help retailers adjust and improve. Judged by a panel of retail and start-up experts, the Discovery report tells retailers all they need to know.
Virtual try-on assistants, vertical farming, in-store marketing robots, ‘save now, buy later’ payments, and bookable shop space are just a handful of fresh-thinking players featured.
These start-ups came up with fresh, innovative, and disruptive technologies that will help brands and retailers remain competitive and exceed customer’s expectations.
To showcase the power of these technologies, here are some of the results brands and retailers had:
- M&S has trialed a partnership with instant virtual try-on start-up Texel to drive purchasing intent; customers that use the tool are five times more likely to purchase and 30% less likely to return items
- Samsung has benefited from a 20% increase in basket revenue and 28% uplift in items per basket from working with AI-powered product bundling start-up Increasingly
- Henkel has benefited from a 159% increase in sales for its laundry detergent after a campaign implemented with Tokinomo
Download the full report here to see how these start-ups helped other brands and retailers.
These retail tech start-ups operate across all parts of the world, from Europe to Singapore, and have worked with more than 30 retailers and brands including Tesco, Henkel, Nespresso, Asos, Carrefour, Samsung, M&S, AO.com, and John Lewis Partners.
Ian Shepherd has been one of the Discovery judges for the past two years. Shepherd is a non-executive director at Bensons for Beds, former CEO at retailer Game, author of The Average is Always Wrong, and runs the consultancy Moving Tribes where he advises retailers, digital start-ups, and consumer businesses.
Shepherd commented: “This year’s Discovery cohort – just like last year’s – are going to be critical to the future of our sector.
“A different retail sector is possible, a million miles from the old world of ‘how many stores are you going to open?’ and ‘what was your like-for-like last quarter?’ – a retail sector that marries the instinctive customer understanding any good retailer has with the innovation and laser-like focus that new technology allows.”
Tokinomo, along with the other retail start-ups, plans on providing the best solutions for retailers and brands to help them recover after this troubling period. With powerful technology come powerful results. Because of the in-store marketing tech developed by Tokinomo, brands and retailers have the opportunity to present their products uniquely.