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, the Foreign Trade Administration will team up with the Israeli Export Institute at the National Retail Federation (NRF) exhibition in January 2019. Fifteen Israeli companies will showcase their innovative solutions in the Startup Zone, sampling a taste of what the country has to offer.
Here’s a glimpse into how a few Israeli companies are reshaping the retail sector through cutting-edge technology:
· Twiggle is using the most advanced technologies in machine learning, AI, and natural language processing to power next generation e-commerce experiences. With human-like understanding of linguistic structure and a deep retail awareness, Twiggle’s solution allows search engines to understand shoppers the way experienced sales staff would.
· Understanding and improving the performance of in-store retail items, Mystore-E uses computer vision and content recommendation to deliver actionable insights for store displays. The platform uncovers hidden data to align with consumer preferences when it comes to retail spaces.
· Powering image searches for eCommerce, Syte is aiding retailers with image recognition. Using AI to create a data-driven and interactive experience, customers can upload a picture and receive the most visually similar options within that retailer’s inventory.
While Israeli retail tech’s footprint is expanding to new corners of the globe, many of the sector’s top entrepreneurs and thought leaders will come right to the heart of the action for June’s Retail Disrupt conference in Israel, a unique networking opportunity with support from leading brands including eBay, Asos, IBM, and Google. But for the Israeli ecosystem, supporting innovation in retail tech is about more than putting on major conferences and attracting brand names. It’s an ongoing commitment, reflected in entities like The Shelf, a retail tech hub that connects international retailers, entrepreneurs, and investors with promising partnership opportunities in Israel. Partnerships supported by The Shelf have extended to 14,000 stores in 110 countries, generating $110 billion in revenue.
For more information on how Israel is changing retail as we know it, please visit http://www.itrade.gov.il/ or contact your local Israel Economic Attaché.