10 Most Promising Retail Tech Startups - 2023

Retail Tech Firms are Elevating the Craze of Shopping to the Next Level

Retail business is exactly opposite to the wholesale industry where products and services are directly offered to the customers who situate at the dead end of the supply chain management. In case of wholesale the business deal is done in channels like Business to Business or Business to Institution, but in case of retail it is business to customer. Retailers purchases in bulk from the producer of the product and then sells the same after adding a profit margin to it. Retail business has it strings attached to the ancient period of history where in Ancient Greece, there was place called agora, where products were showcased for selling on mats or temporary stalls. From there till today’s technologically advanced world retail business has gone through a whole process of metamorphosis.

Retail Tech Service: Recently, with the advent of AI driven world every single object in the supply chain management needs not to be taken care of as the whole process is fully automatic. The whole process of market analysis to review of product mix and distribution channel runs by the data analysis of automated technology driven services. The retail business came down to online platforms besides having its brick-mortar counter parts side by side and attracted many customers around the globe. Previously, a good quality product which was only bound to a local remote area now it can be available to the whole world by the help of online platforms, which helped the businessmen to earn a hefty profit.

Technology Used: When the silver touch of Artificial intelligence and blockchain technology has touched it a wide range of technological innovation took place. Apart from this computer algorithm, QR Code, Barcode, RFID technology and NFT are used. With the increasing demand of online shopping the companies are conjoining pool of data in more creative way. According to the market data report, retail sales will increase $29.7trillion worldwide. The online sales are expected to exceed the in-store outlet sales by 2024.

CIOTechOutlook in this issue presents a list of ‘10 Most Promising Retail Tech Startups – 2023’ who have leveraged their extensive industry expertise and experience in providing excellent services. The following list has been prepared after being closely scrutinized by a distinguished panel of judges including CXOs, analysts and our editorial board. We recognize their valuable contribution to the ever expanding and competitive market and their ability to sustain themselves and emerge as top contestants through their reliable product and services.

We present to you CIOTechOutlook 10 Most Promising Retail Tech Startups - 2023.