With the retail landscape in India transforming at an accelerated pace, it is a good time to be in the retail & D2C retailing business. As per a recent study by the Retailers Association of India (RAI) data, retail businesses across India witnessed 23% sales growth in April 2022. With the speedy transformation in the retail industry spreading like wildfire post the pandemic, it has become imperative for business strategies to be propelled by data-driven business decisions in terms of operations, sales revenue and most importantly brand loyalty to stay ahead in the game.
Data is the new oil and it is being driven by technology and in-depth retail analytics informed data-driven can help in creating streamlined supply chains and better in-store and online experiences, which has become the topmost agenda on the mind of the marquee Indian retail players, especially after the pandemic.
As per Nasscom’s report, “more than 50% of retail enterprises believe that customer experience, operational efficiency and revenue growth are priority areas for applying AI in retail, while over 80% of retail enterprises believe that reskilling existing talent is key to driving effective AI adoption”.
Technologies like AI, AR & VR, SaaS and Machine Learning (ML) are some of the top tools seen to be bolstering the “Retail Technology” and helping the top retail players build a strong foundation. The AI models and ML algorithm works as a great catalyst to analyse data quicker and also aid in offering a better-personalized shopping experience and thus help in driving better sales growth for the company.
So here are the Top 5 startups revolutionizing Virtual Retail technology with aid of data-driven business decisions:-
Flipspaces: Established in 2015, Flipspaces is the first tech-enabled brand which offers a full-stack solution for the design and building of commercial spaces. It is also the largest global supply chain platform for interior products and services backed by its strong technology and industry acumen. Flipspaces SaaS-driven product Vizstore is a virtual store which allows interior product owners to digitize the product display, visualization and selection experience aided by virtual reality technology. Embracing its cutting-edge technology specially created for furniture and furnishing retail stores, it helps boost sales by 30% while reducing store rent to mere 3 paise per sqft.
Pepperfry: Pepperfry since 2011 brings you stylish and quality furniture with attractive EMI options. From electrical appliances to wall art, Pepperfry grants everything you need to make your apartment a
home and your home your dream one.
Furlenco: In 2011, Furlenco was born to give everyone access to awesome furniture without any hassles. Plus, the complete freedom to use it for as long as they want or change it as per their needs.
Urban Ladder: Urban Ladder commenced operations in 2012 with a vision – to make a million homes beautiful. They had a mission to enable their audience to think of setting up space as an energizing,
creative pursuit and to help to breathe life into empty rooms with ideas.
Rentomojo: It is an online furniture rental platform that was incorporated in November 2014, and currently operates in Bangalore, Pune, Mumbai, Hyderabad, Chennai, Delhi, Gurgaon and Noida.
RentoMojo was founded in November 2014 in India.