Radius8, a Princeton-N.J.-based retail tech start-up, is launching a new Cloud-based platform that it said will enable storefront retailers to showcase their local inventory online and drive traffic to their showrooms.
According to the company, its software collects local analytics and intelligence to provide valuable insights for retailers regarding what online consumers are searching for within the radius of a particular store.
In turn, retailers can market, merchandise and promote store-specific inventory and events in real time, responding to local trends and preferences in unprecedented ways.
“This technology will help make the retail store relevant again,” said Radius8 CEO and co-founder Sandeep Bhanote. “The Radius8 platform is designed to increase foot traffic, more effectively monetize local store inventory, and minimize the margin-eroding discounting and markdown tactics widely employed today.”
What's more, while people clearly like to shop online, less than 5 percent of online searches convert to sales, he noted.
“We’re ultimately converting ‘on-line’ browsers into ‘in-store buyers,’ where lifetime value per customer is highest,” Bhanote said.
First up to employ the Radius8 technology will be the Guess apparel chain, which plans to roll it out across its store base this summer.