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In recent years, the retail industry has been engulfed in an unprecedented whirlwind of change, fueled by advances in artificial intelligence, robotics, augmented reality (AR), and drones.
Following the widespread adoption of the internet and mobile devices, which significantly altered consumer shopping behaviors, the retail industry is now on the cusp of a new phase of digital transformation.
The traditional distribution structure, once centered around physical stores, is being reshaped through online and mobile platforms. This restructuring is spearheading attempts to redefine 'the future of shopping' across the entire retail sector.
At the heart of these changes are tech startups operating in various sectors, including e-commerce and fintech, which continually propose innovative business models that breathe new life into the market.
For instance, by analyzing big data to understand consumer purchasing patterns and preferences, these startups offer personalized services, AI-driven shopping recommendations, and virtual fitting room services through AR, steering traditional shopping experiences into entirely new realms.
One such innovator, Malaysian startup ComeBy, enhances in-store retail experiences through its platform by utilizing cameras and QR codes to capture traffic data and analyze shopper behaviors and interactions within the store.
The platform also features tools which track mobile phone signals to optimize store layout and interactions, and ComeBy Engage, which acts as a digital shopping assistant providing product information and personalized recommendations.
ComeBy Insight merges traffic and engagement data with point-of-sale (POS) systems to offer comprehensive retail analytics, aiding retailers in understanding shopper behaviors, store performance, and product trends to make strategic decisions and improve product selections and store design.
Inflow has developed a real-time tracking platform designed to revolutionize the textile manufacturing industry in Vietnam.
By digitizing the production process, Inflow's platform facilitates the identification and management of manufacturing partners for global brands, making it easier for these brands to swiftly find and collaborate with reliable suppliers.
This technological advancement also enables manufacturers to optimize their operations and experiment with self-production, thereby enhancing efficiency and adaptability in production practices.
Their approach not only meets the accelerated pace of consumer trends but also introduces a more dynamic and responsive manufacturing model to Vietnam's traditionally slow-paced garment industry.
Republiqe is a pioneering digital fashion brand based in Singapore, known for its innovative approach to virtual luxury fashion.
The brand focuses on creating digital garments that are not only visually stunning but also address issues like unethical production practices and environmental impacts associated with the traditional fashion industry.
Their process involves selecting a garment from their collection, uploading a personal photo, and then having the garment digitally tailored to fit the uploaded image. This allows users to showcase their style on social media without ever physically wearing the clothes.
Founded in December 2018, Revisionary is a sustainable fashion tech startup that is making significant strides in the industry by developing and managing brands like MONTSENU, BLUWEAR, and RE:POSITION.
The company has been actively working on digital solutions to standardize the disparate processes involved in fashion production, aiming to streamline and enhance the efficiency of garment manufacturing.
As an impact company, it not only generates social value but also achieves profitability. Their approach not only caters to the growing consumer demand for sustainable fashion but also positions Revisionary as a leader in the fusion of technology and fashion for a better future.
These startups' innovative ideas and technological prowess are challenging the dominance of established corporations in the retail industry, reshaping the competitive landscape. More than just enhancing shopping convenience, this new era of distribution meticulously caters to the individual tastes and needs of consumers.
The continued innovation of these startups is expected to rapidly transform the retail industry's paradigm, offering consumers richer and more personalized shopping experiences.
Written by underdogs
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