The Coresight Research team will attend and participate in this year’s Groceryshop conference, which will be held September 19-22, 2022 in Las Vegas, USA. Groceryshop 2022 will explore the changing grocery landscape and help businesses navigate the rapid rise of e-commerce, the latest business models and technologies, and changes in consumer behavior that are impacting the industry. .
On September 19, 2022, Deborah Weinswig, CEO and Founder of Coresight Research, will host and serve on the judging panel for Groceryshop’s 2022 “Shark Reef” startup pitch competition, which will see 12 early-career innovators compete to win the pick judges. and audience award. Looking ahead to the event, we profile the participating innovators.
This report is part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fueling innovation across the retail value chain. Meet Lucky Labs, developer of an online marketing platform that enables online brands to offer same-day fulfillment and in-store availability through local retailers. Coresight Research has collaborated with Lucky Labs to offer insight into its capabilities and offerings.
Areas of innovation
Coresight Research ranks the 12 participating innovators across three areas of retail innovation: achievement and sustainability; marketing and marketing of products; and AI (artificial intelligence), ML (machine learning) and automation. Lucky Labs falls under “Thriving and Sustaining”.
Execution (the last mile) is often one of the most complex and costly processes in the supply chain, while sustainability is gaining increasing stakeholder attention. Technology innovators focused on these areas can help brands and retailers improve supply chain efficiency, transparency and sustainability, as well as help them reduce costs.
Lucky Labs: in detail
New York, New York, United States
Total funding raised: $7 million
Founded in 2020, Lucky Labs enables online brands and retailers with physical stores to work together to create an omnichannel experience for shoppers. The Company’s online platform integrates a brand’s products with retail inventory in physical locations, allowing shoppers to see if the product they want to buy is in stock at a brand’s store. local retailer and offering shoppers an in-store pickup option for their online orders.
For online brands, Lucky Labs provides visibility into retailer inventory allocation and the ability to offer BOPIS (buy online, pick up in store). Brands can also generate a stream of revenue and attribution data that will allow them to better understand their buyers and sales to guide future growth. For retailers, Lucky Labs enables them to enhance their partnerships with the brands they carry in their store by making their stores available as a pick-up point for online shoppers, increasing foot traffic and potential revenue.
What problem does the company solve?
By integrating e-commerce elements into their physical stores, retailers can gain a competitive advantage in the increasingly digital retail landscape, particularly following the increase in e-commerce adoption by consumers and the proliferation of emerging brands online. Using Lucky Lab’s online platform, retailers can market their storefront as a pickup location for shoppers on online brand websites, increasing their online exposure and converting web traffic into store traffic. physical and in potential sales.
Coresight Research’s US Consumer Tracker (our weekly surveys) of August 22, 2022 found that only about 21% of respondents avoid malls and malls, and about 19% avoid stores in general, a drop from the highs precedents of more than 50% in 2021 and early 2022. As shoppers return to physical stores to shop, online brands could lose market share to the physical retail channel. By working with Lucky Labs, online brands can diversify their sales and marketing reach through an omnichannel approach, providing the convenience of picking up orders from a physical store and thereby capturing the share of returning shoppers in physical stores.
We expect total US online retail sales as a proportion of total US retail sales to reach 30.8% in 2030, up from 21.2% in 2022, an increase of 45%. Retailers should look to integrate into the online retail space and work with online brands to create an omnichannel approach where web traffic can drive in-store traffic.
Offering BOPIS options can increase revenues for brands and retailers as it becomes a more popular method of execution. In a February 2022 Coresight Research survey, we found that among online shoppers in the United States, 30% had used curbside pickup and 18% had used in-store pickup in the past three months, which which indicates an opportunity for brands and retailers in omnichannel processing.
what we think
As consumers increasingly seek to combine aspects of physical and digital retail to achieve higher levels of convenience when shopping, online brands and brick-and-mortar retailers should explore ways to offer a better omnichannel experience to their buyers.
Brands and retailers can step up their collaboration to seize the opportunities of omnichannel services: brands can work with retailers to provide their shoppers with a physical pickup destination, while retailers can use brands to leverage traffic on the website and convert it to in-store traffic via indent.