“We leverage the convenience and reach of the retailer’s existing digital channels by enabling their brick and mortar stores to proactively and seamlessly communicate what’s locally available,” said Sandeep Bhanote, Radius8 co-founder and CEO
Las Vegas, Nevada (PRWEB) May 16, 2016
Radius8, a Princeton-N.J.-based retail tech startup, announced today the launch of its technology platform that creates a direct connection from any consumer’s device to the physical retail store that’s closest to them. Instead of consumers having to drill down on a retailer’s ecommerce site to see if items are available locally, Radius8 enables instant access to the store’s best-selling inventory, local buying trends, and store-only deals that drive traffic and sales right into the store.
“We leverage the convenience and reach of the retailer’s existing digital channels by enabling their brick and mortar stores to proactively and seamlessly communicate what’s locally available,” said Sandeep Bhanote, Radius8 co-founder and CEO, making the announcement at Shoptalk 2016, a leading industry conference. “This is the reverse of what happens today where consumers have to hunt an entire e-commerce site to see if products are in-stock at the local store. Radius8 drives increased foot traffic and motivated buyers to the store, more effectively monetizing local store inventory. Radius8 makes the store come alive for an easy shopping experience.”
Guess Inc. will be a launch partner, rolling out the technology across its stores in summer 2016.
To address the ever-growing challenges facing brick and mortar retailers, Radius8 provides a technology that allows retailers to curate trending local store inventory online, in real time, to customers who are online and within the vicinity of a store and better compete with the “Amazons” of the world.
“This technology will help make the retail store a key strategic advantage,” said Bhanote. “While the customer journey to the store begins online, more than 70 percent of consumers still prefer to buy apparel, footwear and cosmetics in-store where they can touch and feel the product and try it on. But foot traffic in stores is down considerably because there is a lack of information in the store that turns off consumers. Radius8’s solution bridges the gap.”
The Radius8 platform leverages retailers' current technologies and marries it with Radius8's cloud-based analytics and intelligence around the radius of a store, providing valuable insight to better understand “local” online browsing activity of a retailer’s website. Retailers can use the Radius8 web-based interfaces to dynamically market, merchandise and promote store-specific inventory and events, in real time, responding to local trends and preferences in unprecedented ways.
“We’re ultimately converting ‘on-line’ browsers into ‘in-store buyers,’ where lifetime value per customer is highest,” Bhanote said, adding that while trends show people like to shop online, less than 5 percent of online searches convert to sales. “At the same time, retailers continue to struggle to provide relevant local store content on the web, leaving money on the table.”
Guess SVP-Head of Retail and E-Commerce Edward Park said, “Radius8’s technology is connecting the synergy between two valuable channels -- online and offline -- so we can truly respond to our customers’ needs and wants in their local areas across all 450+ of the Guess, G by Guess, and Guess Kids North American stores.”
Radius8 has secured a pre-seed funding round of $1 million led by Brooklyn Bridge Ventures with participation by Commerce Ventures, Tigerlabs and ARC Angel Fund.
Radius8 is the only retail cloud platform that revolutionizes the way consumers interact with local retail stores. By enabling “Brick and Mortar" stores to digitally broadcast inventory at a hyper-local level, the R8 Platform drives on-demand foot traffic into stores that need the traffic the most while generating high-value Online-to-Offline (O2O) conversions. Headquartered in Princeton NJ, Radius8 was founded in early 2016 by a team of retail technology experts with the goal of transforming the role of the store in today’s tumultuous retail landscape.
Prior to co-founding Radius8, Sandeep Bhanote was the co-founder and CEO of Global Bay Mobile Technologies, a pioneering mobile platform for the retail enterprise which transformed the in-store landscape by delivering integrated MobilePOS, high service-level Clienteling, Inventory Management and other robust omni-channel capabilities. Global Bay was acquired by Verifone, Inc. in 2011 and subsequently became part of enterprise retail software leader Manhattan Associates in 2014 and serves as the basis for their in-store omni-channel offering.
For more information, please visit http://www.radius8.com.