Digitalization is surrounding all aspects of the retail sector rapidly. The traditional retail world is innovating itself through the improvement of physical processes and the development of new digital experiences. Ranging from AR/VR to artificial intelligence, the retail sector is being disrupted by emerging technologies. This week’s guest of startup spotlight is STOREE from Israel. They developed an algorithm that mimics the work of retail managers and implemented it in a task management tool. The platform, integrated into the DB identifies issues that impact revenues in every store, converts it to a task shared with the store managers, and pushes them to fulfill it. At the end of the day, STOREE is helping retailers to deal smartly with their data and guarantee that every manager always knows exactly what to do to increase sales. Co-founder and COO Idan Sergi told us about their journey.
We are a combination of online advertisement and retail joined together to bring the wisdom of algorithms and automation to the retail market.
When we realized that retail managers are not really capable of dealing with endless amounts of data, we understood they are losing money without being aware of it. In addition, we closely worked with retailers and noticed that even if the store/district manager is super analytical and works hard to improve performance, they don’t have the right tools to achieve maximum success.
We are the first to implement an algorithm in a task management tool and connect it to real-time data. Unlike our competitors which carry a tool in the hand of retail managers, ours is actually helping them to make better decisions and create a better frontline team, all with no human involvement.
We are scaling up our business now. We have more than $25.000 in revenue per month.
We raised a seed of $6M, soon to launch our A round. We have around 40 customers in Israel and more than 5 in Europe. We’re scaling fast.
Create a tool that is managing retail chain stores like the algorithms that are managing the taxi drivers market. The best chain store manager in some years from now will be our algorithm :) With it, we will Grow. Scale. Develop.