Israeli companies are cashing in on the country’s retail tech boom – and the benefits of this innovation are wowing shoppers, investors, and retail giants around the globe.
Whether it’s AI-driven ecommerce experiences, advanced consumer insights, or logistical in-store improvements, Israeli retail-tech entrepreneurs are pioneering numerous innovations in retail tech. With over 250 startups in space, the combined capital raised in retail tech in Israel is in excess of $1 billion.
Seeking to capitalize on Israel’s technological strengths in AI, data analytics, robotics, and logistics, several multinational retail giants, including Amazon, Alibaba, eBay and Sears, have established R&D centers in Israel. In addition, in October Amazon formally announced plans to open two Alexa shopping and research centers in Israel, while global brands including Walmart, Best Buy, H&M, Asos, and Uniqlo have indicated strong interest in the country’s retail tech scene.
Amid all this buzz, McDonald’s, the world’s largest fast food retailer, formally announced the acquisition of the Israeli AI company Dynamic Yield for a sum of 300 Million USD.
By integration of the Israeli technology in McDonald’s outlets around the world, McDonald’s will utilize Dynamic Yield’s decision technology to provide an even more personalized customer experience by varying outdoor digital Drive Thru menu displays to show food based on time of day, weather, current restaurant traffic and trending menu items.
According to McDonald’s, the technology can also instantly suggest and display additional items to a customer’s order based on their current selections.
This move by McDonald’s will definitely add some more Israeli flavor in their burgers sold worldwide
For more information on how Israel is changing retail as we know it, please visit http://www.itrade.gov.il/ or contact the local Israel Economic Attaché.