Buyers are increasingly shopping online, online retailers such as Amazon are opening physical stores, and long queues of online shoppers are keeping customers from making purchases: Online commerce is booming, while more and more retailers are fighting for their existence. What does the future hold for retail? Possible answers are presented by the industry’s who’s who at Shoptalk in Las Vegas: In addition to big players such as Google, Salesforce, Amazon and Co, numerous founders are represented in “Startup Street” with visionary products and solutions for online and offline commerce.
From Munich to Las Vegas: German IoT technology convinces internationally
At Shoptalk, Munich-based startup rapitag presents the world’s first patented anti-theft device for 1-click shopping in retail – and attracts international attention with its IoT-based solution: In the Startup Pitch Contest, top speakers of the 15 startups selected from hundreds of applicants pitched their business ideas. Number one for the audience: The German company rapitag, founded in 2017. The prize money of 25,000 dollars goes directly into the further development of the solution developed by rapitag, among other things in anti-theft devices specially optimized for fashion, accessories and bottles, which replace long checkout queues with mobile 1-click payment via app. The demand is high: not only did MediaMarktSaturn launch a pilot store with the Munich-based company last year – the founders have also been featured on Galileo on German television. In addition, the company is currently negotiating the implementation of further Future Stores in Germany and the USA.
Changing purchasing behavior requires new solutions
The positive resonance shows: The three founders hit the nerve of time with their idea. Numerous studies show that customers are increasingly searching and buying their products online. Online payment processes are becoming ever faster and more convenient. The buying behavior and expectations of customers have changed fundamentally. Amazon and other online shops have dramatically reduced the amount of time customers are willing to wait to get their product. Long queues at checkouts are no longer acceptable to many consumers. Buyers not only want convincing customer experiences online, they also want a pleasant shopping experience offline.
“Online shops are setting new benchmarks in terms of user experience. In order to operate and survive profitably in times of Amazon and Co, retailers must follow suit and counteract the fast and convenient online payment processes of the industry leaders. With the smart solution from rapitag, retailers bring customer experiences that users know from online shops to their stores, increase sales, generate valuable omnichannel customer insights and lower their costs – with no more cashiers, no terminals and no more queues,” comments Sebastian Müller, CTO rapitag.
