Learn how to combat inflation
Greetings, Pulse Subscribers!
It’s been a busy week, and we’ve got a lot to cover. Let’s finish strong with a fresh Pulse. Here’s the agenda:
“LinkedIn for hourly workers”
Better conversations = more $$$
Combating inflation through cooperation
Decreasing returns: Two takes
And away we go!
Startup Deals
Hourly Worker Network | While The Great Resignation continues to churn workers, maybe it isn’t that people don’t want to work. Maybe it’s that potential employees can’t find the right job. JobGet hopes to fix that. Billed as a “LinkedIn for hourly workers,” JobGet offers listings for jobs, plus opportunities to connect with others doing similar work and access for recruiters to tap people for openings they might have. With plans to add training and development tools to help hourly workers along their career ladders, JobGet is much more than a job board. Featuring posts from companies like Home Depot, California Pizza Kitchen, Showcase Cinemas, and Taco Bell, the JobGet app has been downloaded by 2 million users, with a further 10 million using its website. JobGet recently raised a $40 million Series B funding round, plus $12 million in debt.
Omnichannel Commerce and POS | One of the biggest changes quietly happening in retail over the past several years is the shift from sometimes decades-old POS systems to modern, integrated platforms. Platforms like PredictSpring’s Modern POS give retailers the power to wow customers, close sales, and keep track of inventory in ways that simply weren’t possible before. PredictSpring offers a replacement for traditional systems with an integrated POS that allows store associates access to real-time inventory and clienteling, so they know what their customers want and if it’s in stock. In addition, there are mPOS, which has the same functionality but runs on an iPhone or iPad, so all that info is right in an associate’s hands and checkout can happen anywhere. But what sets Modern POS apart is its omnichannel commerce services, including order management, endless aisle, buy online pick up in-store, buy online return in-store, and multiple payment options, including buy-now-pay-later all through a single platform. PredictSpring Modern POS is deployed on thousands of terminals in 25 countries, and the company recently closed a $16 million Series B funding round led by Salesforce Ventures.
Online Shopping Rewards | As retailers know, rewards programs can motivate shoppers. However, while points and credits are nice to have, cash is still king, and if a shopper can get cash back on their purchase, why fuss with points? ShopBack, an online shopping rewards app based in the Asia-Pacific region, offers customers real cash back, not points, when they buy goods through the app. In addition, ShopBack has expanded its customer offerings into financial services with the purchase of buy-now-pay-later company hoopla last December and the recent launch of ShopBack Pay. Through rewards and financial services, ShopBack serves over 35 million shoppers across 10 markets in Southeast Asia and Australia, powering more than $3.5 billion in annual sales for over 10,000 online and in-store merchant partners. ShopBack recently raised $80 million in Series F funding.
Conversation Intelligence | These days, when a retail customer needs to speak to a real person, it’s generally because their attempts to answer a question or solve a problem in the digital world have failed. Unfortunately, when they finally get to a real person, they often have to re-explain everything they’ve already been through, adding to an already frustrating experience. Invoca offers a better solution. The platform compiles a customer's digital interactions (like what areas of the website they visited or what digital marketing campaign got them to call), creates a comprehensive view of the consumer journey, and then uses AI-powered insights to drive more effective live conversations. With customers that include AutoNation, DirecTV, Orkin, Rogers Communications, Mayo Clinic, and University Hospitals, Invoca recently raised $83 million in Series F financing at a $1.1 billion valuation.
Essential Industry Reads
As inflation continues to rise and supply chain issues continue to hinder the industry, retailers are struggling with challenges they’ve never faced before. In this encouraging conversation, Bain Partners Richard Pelz and Marco Caldarelli discuss recent consumer trends and how collaboration between retailers and manufacturers could be the key to cutting costs, handling price increases, and staying above water. Covering promising solutions to improve resilience and agility, this video offers a breath of fresh air during a difficult time in the industry.
Watch their conversation here: https://atbain.co/InflationResilience
Returns can be a tricky business. With free returns essentially the norm, charging for them may alienate customers and lose business. That’s not good. On the other hand, with free returns, customers can buy three sizes of the same shirt, knowing they’ll only keep one and return the rest at no cost, leaving the retailer with a 66% return rate. Which is also not good. In this intriguing read, Kaarin Vembar of Retail Dive explores Zara’s recent decision to start charging for some returns, and what it could mean for the industry as a whole.
Read about the return conundrum here: https://atbain.co/CostlyReturns
Speaking of returns, another way to decrease the number of items people send back is to ensure they get exactly what they want in the first place. Over at Retail Dive, Tatiana Walk-Morris takes a look at shoppers who use augmented reality (AR) to virtually try on clothes, shoes, beauty products, and more before they make a purchase. With a stunning decrease in returns and a giant bump in purchase confidence, AR not only has the potential to save retailers money on returns, but it could also be the future of online shopping.
Read more about AR shopping here: https://atbain.co/ARDropsReturns
Forge Retail Showcase
If you missed our last Showcase on the Future of Delivery or want to share the insights with your colleagues, click below to watch the recording.
Our next Showcase event will cover Retail in the Metaverse. Stay tuned for more details about this exciting topic and subscribe to this newsletter to receive early invitations to this upcoming event.
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See you in two weeks!