Israel: Revolutionizing Retail Industry Through Innovation
The retail industry, emerging from the pandemic along with the ever-changing consumer behavior, propelled and shifted the industry from its traditional models to embrace a tech-forward approach revolutionising retail on a global scale. As the industry blends tech into its day-to-day operations, retailers and businesses have tapped into the synergy between offline and online presence, valuable customer insights, enhanced customer experience, and improved operational management.
In the past several years, Israel has become an innovation hub for the retail tech ecosystem. Israel’s dynamic retail tech ecosystem comprises over 400 active startups catering to a wide spectrum of solutions from POS systems, drones, robotics, and AR/VR, among others. In 2021, Israel’s retail tech startups raised $2 billion. Along with this are increased acquisitions of Israeli retail tech startups by multinational corporations. The Israeli retail tech ecosystem is further driven by Venture Capitals, Labs, and Accelerators together with the R&D centers of the 380 multinational corporations across Israel.
Some of the retail tech revolutionising the industry are:
1) Self-Checkout / Smart Carts: Shopic
Shopic powers the world’s largest smart cart deployments. Shopic’s unique clip-on device uses computer vision to turn any regular shopping cart into a smart cart for the duration of a visit. It delivers a personalised shopping experience with instant on-cart checkout, an effective in-store retail media channel, and actionable insights from real-time analysis of shopper carts and store shelves.
2) Digital Receipts: Weezmo
Weezmo allows you to identify in-store customers and engage with them online, post-purchase, revealing the full picture of marketing ROI. Weezmo’s omnichannel marketing platform uses AI to connect in-store data from POS with online marketing activities and analytics, enabling it to increase engagement, maximise conversions, grow revenue, and see more returning customers.
3) Indoor Navigation: Oriient
Oriient IndoorGPS provides accurate and scalable indoor positioning, without hardware, Wi-Fi, or beacons. Oriient brings stores a convenient wayfinding experience for customers, with highly accurate navigation on their smartphones enabling retailers to improve service and operations. The In-store navigation leads to the recovery of lost revenues due to unfound products and creates a fun and engaging shopping experience that increases loyalty.
4) Online & Offline Customer Experience: Nexite
Nexite can merge the online and offline experience, track the customer journey, optimise revenue based on real-time store insights, and deliver game-changing retail experiences. Nexite’s Connected Merchandise Platform consists of a battery-less nanoBT tag, sensors, and a cloud platform. The tags transmit continuously and can be read from >7ms. This continuously tracks every piece of merchandise including in-store location. The tag has also an integrated theft-prevention capability that works with the existing security gates in the store.
5) Automated Retail: Invendiv
Invendiv provides automated shopping solutions to brick & mortar retailers, enhancing shoppers’ convenience & boosting sales while reducing costs. It integrates software and new user experience with existing vending technology into retail processes & IT infrastructure. It is managed remotely by cloud-based software. It can also be connected to the store’s POS, payment, and Inventory systems, to make it an integral part of the retailer’s processes and a new customer-facing channel.
6) Last Mile: Bring Oz
Bringoz is a SaaS, cloud-based, platform optimising logistics operations. Bringoz can reduce OPEX, generate revenue, and achieve efficiency while providing customer-centric services. Bringoz Platform is a collaborative tool, that synchronises between the numerous parties involved in the logistics operations, creating a balanced, cost-effective, and productive ecosystem. It services some of the world’s largest CPG, pharmaceutical, automotive, and retail businesses.
7) Data Collection Platform: BrightData
Brightdata provides price and inventory monitoring, competitor tracking, mobile, and ISP proxies, social media sentiments, market research, add sellers, and SEOs. It can turn e-commerce web pages into structured data sets by extracting and scrapping data for inventory purposes or competitor tracking.
These technologies encapsulate Israel’s ability to leverage technology and develop the latest innovation and cutting-edge technologies in the retail industry, becoming a global disruptor that endlessly reinvents the industry as it further adapts tech into its core operations and caters to the ever-developing consumer behavior.
For more information please contact Sydney@israeltrade.gov.il.
israeltrade.org.au 