Valery Migirov, CEO, B24chat, an e-commerce platformthat offers a marketplace for international and local businesses globally, is one of the leading global experts in the fields of AI, blockchain, payment systems, and e-commerce. With his 20 years of expertise in international business and consulting, Valery is responsible for B24chat’s B2B and B2C operations including its AI/Cognitive Computing (CC) for e-commerce. With over 50,000 member-companies from 37 countries, the portal has bolstered relationships with more than 200 chambers of commerce and business associations. With over five years of proven success on the market, B24Online has won hordes of awards too. In an interview, Valery speaks on an array of topics. Excerpts from the interview:
B24chat – The History Behind
B24chat is a one-stop-shop and a marketplace of tech solutions for SMB, enterprise, and retail needs. “We continue to focus on platform, the ecosystem, for creation and realization of business requirements, enhancing customer experience and realizing every digital dream, on our platform. The company’s B24chat NON-CODE platform aims at creating a community for startups to help them realize any business idea” says Valery. “As an innovative retail solution, our AI provides the solution to create any business idea in minutes, using simple, convenient methods.
Andrea Calcagno has spent last 20 years in domains like retail, technology, telco-media market, building a primary professional connection with key executives on a global scale. His unparalleled expertise especially in the retail industry and location technologies helped him co-build Cloud4Wi – a company that offers a suite of location-based marketing products. He is also one of the members of Endeavor, the non-profit association that selects high-potential entrepreneurs and helps them scale globally. As a CEO, Co-Founder of the company, Andrea is at the helm of affairs at Cloud4Wi. Excerpts from an interview:
Conception of Cloud4Wi
Headquartered in New York, Cloud4Wi is the most comprehensive location-based marketing platform for filling the offline gap of the digital customer journey and ultimately driving revenue. According to Andrea, with Cloud4Wi, companies can rapidly get customers to sign up at their locations, and gain visibility over their behaviors — both inside and outside of your physical locations, with a 100% consent-based approach.
Any achievement without hard work often seems to have a limited life. Giacomo Pastore strongly believes in and follows the philosophy of hard work and confidence. “Hard work always pays off. It is just a matter of time.” As CEO of FrescoFrigo—a health food company, Giacomo is driven by challenge to transform the retail realm. An Italian startup, FrescoFrigo was born with the idea of developing a new retail concept: small, technological, intelligent, proximity and accessible 24/7 to distribute only healthy food.
Traditionally, all innovations in food retail were based on the same rules and processes. Old ways of doing things and small innovations with imperceptible incremental value. “With FrescoFrigo, we have rewritten the core process. The product that is already in the proximity of the customer. A domestic experience that is combined with a digital environment and together becomes commonplace,” explains Giacomo.
Creating a Single Tech-ecosystem
Todd Morris, CEO, Label Insight, the CPG industry’s leading product attribute metadata solution, is a passionate entrepreneur. He strives to help companies improve stakeholder value thus making an ever-lasting impact in the consumer-retail world. Hard working, empathetic, Todd attributes his humility to his simple upbringing. In an interview, he speaks on an array of topics. Excerpts from the interview:
Conception of Label Insight
Label Insight has been touted as the world’s most comprehensive and trusted data repository of product attributes to drive industry sales growth and meet consumer demand for transparency.
Label Insight exists to empower people with the knowledge to live better lives through better product choices. “This purpose was the basis of the conception of Label Insight 17 years ago and it holds true today.
With his demonstrated skills in strategy, business planning, fundraising and sales management, George Christofis Neto has remained a pragmatic leader in the retail industry. His undying passion for entreprenuership and the desire to take the unchartered path has helped him carve a niche in the industry. A thorough people’s man, George values human relationships and places his employees at the heart of all things at his organization.
As the Co-founder of Mercafacil, the largest platform for managing customer behavior in Brazil, the entreprenuer is at the helm of affairs at the company. In an interview, he speaks on an array of topics – from the conception of Mercafacil to the challenges faced in the industry, from the sucess stories the company has witnessed, to his vision for the retail industry. Excerpts from the interview:
Mercafacil works on the belief that behind every purchase there is a story. Says George, “Information, combined with behaviors, provide the necessary directions for decision making in multiple environments.
Ziv Pitshon, CEO, Onebeat has strived to become an exceptional leader over the last 15 years. His excellent mentorship ways coupled with innovative ways of working has helped him carve a niche for himself especially in the retail industry. As the CEO of Onebeat, an innovative retail software that offers a robust and innovative platform for ongoing operational improvement, Ziv has been at the helm of affairs of the company. Excerpts from an interview:
Conception of Onebeat
Today’s retailers face an array of challenges: from dealing with an ever-growing demand for personalization and freshness from consumers, to handling new and fierce competition from e-tailers and global players, that need a new and innovative approach to retail planning and execution. “Onbeat is an innovative and consumer-centric platform specifically designed to help retailers face these challenges with a set of indigenous yet intuitive solutions.
Galen Walters, CEO, Relationshop®, a leading digital shopper marketing company focused on the grocery retail industry delivers a retailer-proven shopper engagement platform to support personalized promotion and commerce. With more than 40 years of deep experience in the retail sector, he is creative, caring, authentic, and responsive. He believes that now is one of the most exciting times to be in the grocery retail industry, as it is undergoing a transformative shift from mass to 1:1 and analog to digital engagement. Relationshop, with its integrated, digital customer engagement platform, and easy to use, big-data, analytics solution & eMarketing services, is ideally suited to meet what’s happening now and coming next. Excerpts from an interview:
Relationshop – The Concept
Relationshop® partners with retailers to grow sales and increase customer engagement through personalized solutions. Galen notes that the company was the result of a rebranding of their original company, Go Think! Retail.
Warren Richmond is a passionate storyteller, an ardent retail enthusiast, a progressive leader, and an innovative entrepreneur. Throughout his entire career span that mainly focused around retail industry, he has been driven by a desire to deliver the best possible customer experiences. As the founder and CEO of Situ Live, an immersive physical and digital shopper destination, Warren has remained an advocate of creating highly motivational environments and causing disruption in markets that need it. In an interview, he speaks on an array of topics. Excerpts:
Conception of Situ Live
Warren notes the existence of many trailblazing products in the market and the need to better airtime those cannot be truly demonstrated online, as reasons behind founding of Situ Live. “During my time setting up and growing field marketing agencies, I saw first-hand the problem lifestyle and technology brands have, showcasing innovation products through traditional retail and e-commerce.
In the late 1960s, four Boeing engineers devised the very first time-delay cash safe. One of the engineers had a convenience store that was subject to robberies. When they installed their time-delay safe, the robbery incidences were dramatically reduced. This got the attention of 7-Eleven, the retail chain, who at the time changed their operating hours to a full 24-hour operation. Unfortunately for them, once they changed their operating hours, they faced an uptick in robberies. Once 7-Eleven saw the impact of the time-delay safe, they placed them in a few of their locations, and their robbery incidences dropped substantially. They then decided to roll out the safes into all their stores, and formed a division of their company to develop and manufacture them. Thus was born Tidel (short for Time Delay). “We were a part of 7-Eleven for many years, and in 1992, we spun out from them to become our own independent company,” says Darren Taylor, President and CEO of Tidel.
The company, today, uniquely provides cash management solutions for both small and large format retailers. They have greatly expanded their smart safe portfolio and introduced multiple new product lines including cash recycler solutions that help retailers automate back-office cash handling.
Since the pandemic hit the world, almost all business sectors have gone through a noticeable change and the retail sector is not even untouched if this effect. One of the most surprising changes which have transformed the entire retail industry is the way consumers started interacting with the retailers. With the increase in a pandemic situation, the rate of interaction was continuously crawling down and by the end of the year, 2020 17% of customers got shifted from their regular retail stores and opted for other online solutions to satisfy their requirements. Since the past year, a rapid surge in online grocery stores with home delivery options has been noticed.
The regular offline transactions have been decreased by 30% as compared to the year 2019 and the transactions over online channels have been taken a spike of 57%. Several engagement models emerged in the current year with various online shopping features, and these models are going to have a long-lasting existence in the market.
E-commerce has seen positive growth from the beginning, due to unparalleled events happening in 2020 the growth has soared higher since a year, as people do not opt for shopping in-person to avoid the risks of COVID. Adding to this people who work from home also prefer to shop on an e-commerce website to save time, which opens the door of opportunity for e-commerce websites to adapt many retail technologies that can help them to keep them going in the competition. People in the e-commerce sphere should look for recent emerging technologies and incorporate them to stay competitive in the industry. In e-commerce, inventory must be managed to make sure that products are available easily for customers who shop both online or offline, that can be done by having artificial intelligence-based systems for inventory management, this tech aids in forecasting the demand more precisely also improve the abilities of retailers. During COVID few stores were closed and could not run their offline business, one thing they could adopt is to have an agile marketing strategy for that retailers must look for opportunities how retailers can expand the digital experience for existing and new customers, also introduce new technologies or mobile applications where it helps customer to shop both online and offline.
Since 2020, the world has undergone a lot of changes and a leap in the e-commerce sector. Where most of the business sectors have seen a downfall, the retail sector is trending with the online stores offering home deliveries to the customers. But due to high competition, it is necessary to keep the digital standards high to satisfy the growing requirements of digitized customers. In 2021, the e-commerce sector is growing to serve value to the customers, making e-commerce apps a customer-centric solution. The two most crucial elements of today’s retail sector are efficiency and accessibility.
The major challenge:
The biggest challenge faced by the customers while buying products from the online portal is the missing luxury of the trial room and the challenge for the e-commerce portal is to serve a perfect fit to their customers with the right information. The major issue which has been faced by most of the e-commerce portal is to reduce the return cost that is making a bigger addition to the expenses of retailers. The question is “how to get rid of this issue and serve a solution to both customers and the retailers?”
The E-commerce sector is growing at a fast pace and the workforce working every moment for this success is the backbone of the retail industry. With the enhancement of technological incorporation in the retail industry, the safety of the workforce has gained importance. To support worker safety, Locus Robotics has raised a huge capital scaling up the level of warehouse robotics in the series E funding. The funding was backed up by Tiger Global Management and Bond. With the rise of the fund, the valuation of Locus Robotics has reached $1 billion. The company specializes in warehouse fulfillment robotics and with every step, it is working to improve the technological use in the retail industry with rigorous research and development process.
Locus Robotics is continuously working with the various big brands like material bank, boots UK, DHL, port logistics group, verst logistics, and more, helping them in doubling their fulfillment productivity. The latest technologies assist the retail industry to enhance the ratio of safety accuracy along with the enhancement of productivity.
Retail is one of the widest sectors in the business industry. All those businesses which don’t manufacture or produce anything at their own, rather buy it from the manufacturer and sell it to the relevant market are counted under retail sector. Electronics, apparels, furniture, grocery, crockery, home décor, and so on, retail has expanded a huge market for all business persons. These days what all e-commerce websites are available, each of those are almost a comprehensive reflection of retail sector. Apart from opportunity, this sector also offers a huge competition for the entrepreneurs. It is really tough to stick on to the wish list of your customers all the time, but not impossible. There are multiple ways with which you can maintain your sustainability.
If you are also seeking an effective way with which you can strengthen your foot in the competition then you are on the right page. Here you will get an effective approach that will not only enable you to stick to the market but also to lead your competition.
Customers are the key to your success:
In the present era of technological advancements each sector is growing at a fast pace. Retail is one of those sectors that are transforming its face. Well, change of technology is not a comprehensive change rather these are iterations of old technologies. Few of the latest technologies that have emerged in past few years in the retail sector are drone, robotics, e-commerce anti-fraud tools, and many more. Bit coin and block chains are the major advancements appeared in the recent past years.
Few these are certain advancements in the retail sector which haven’t got worldwide acceptance by folks; actually folks are not much familiar with such technological advancements. Robotics was included more and more in software sector but slowly it created its space in the world of retail.
Retail is constantly transforming its face and now with latest four revolutions a great enhancement has been noticed in this industry. With the help of modern technologies, retail has grown so far and has evolved a number of advancements. Digitization and modern technology are two major reasons for the steady growth in this sector. Retail sector comprises of multiple procedures, such as inventory management, purchase, supply chain management, accounts, customer service, and many more.
In past days each of these tasks were done manually and were really time consuming but with the technological advancements each of these tasks are automated and also has given perfect communication channels to enhance customer services and keep the brand connected with targeted audiences and existing customers.
Dated back to the 1980’s and early 1990’s, shopping was a really time consuming but hectic task, when every folk used to walk into various shops to find a perfect match of their requirement, but still half of the customers returned unhappy and unsatisfied. But then a sudden change was seen in the shopping method of folks with the emergence of online shopping portal such as Amazon. In the initial days, when online portal was launched, hardly people were familiar about this new advancement of technology and retail sector. The transformation of shopping method from outlet shopping to online shopping took a good sum of years to be adopted by the folks all-round the globe.
Changes made by online shopping platforms in retail sector:
This highly competitive world totally depends on show off. Audience always wishes to watch something better something creative, and day by day ad’s creativity is increasing, making it attention seeking, but does attention is enough to convince the audience to avail your services or buy your products? Not of course. Today’s audience is really practical and they don’t like to opt new things until it connects with them in any manner. Just an ad is just an informative piece that makes your audience aware about your products or services but a sensible and sensitive story helps each of your targeted customers to connect with your brand emotionally and bring them closer to it.
It is predicted that 80% of any company’s revenue can be generated only by the 20% of its targeted audience and the challenge that retail sector faces today is to convince that 20% audience to turn into user.