Like the constantly evolving retail industry, venture capitalists (VC) are always on the lookout for innovative solutions that disrupt traditional business models and create meaningful change. Shopic is a great example of that type of company. It is revolutionizing brick-and-mortar shopping and is a great fit in our portfolio of companies.
Shopic offers a fresh perspective on retail. It combines the advantages of e-commerce with the experience of in-store shopping, creating a low-friction, highly personalized interactive shopping experience. It is revolutionizing traditional shopping, addressing many of the pain points experienced by in-store shoppers.
American consumers prefer to buy groceries in physical stores rather than shop online. Shopic enhances that experience and helps the physical store experience mirror that of online shopping. It leverages leading technology to eliminate waiting in line and makes it easy for customers to navigate the store, find products, and make cashless purchases. It is convenience and efficiency combined with the seamless integration of digital capabilities.
Personalized shopping experiences are critical to retailers, who leverage that experience into higher basket values. Shopic is able to provide that experience, delivering tailored recommendations, promotions, and discounts in real-time that are based on customer preferences and their history.
This personalization enhances customer satisfaction while empowering shoppers to make informed decisions, ultimately creating a more enjoyable and engaging shopping experience.
Shopic’s benefits go far beyond the customer experience. The insight and analytics it delivers to grocers are immensely valuable. Shopic collects a wealth of data about customer behavior, product preferences, and in-store traffic patterns. By analyzing the data, grocery managers can optimize store layouts, improve inventory management, and create highly targeted marketing strategies. Groceries can use the data to make informed decisions, reduce operations costs, and maximize revenue.
To date, Shopic has lived up to our expectations for the company. Through its partnership with Shufersal, it is the first smart cart company with a nationwide deployment. There are over 2,000 AI-powered shopping carts used in that chain today, and the partnership earned a RETA award for the best AI.
Microsoft recently selected Shopic to be part of its EuroShop booth. According to ShiSh Shridhar, worldwide retail lead for Microsoft for Startups, “Shopic is one of the leaders in the field, and we’re pleased to showcase them as a Microsoft for Startups retail partner.”
The company has started pilots across North and South America, including two Wegmans locations in New York. From the perspective of a VC, these accomplishments point toward a strong future for the company.
Shopic’s smart cart technology has the potential to transform the retail industry. By combining the best elements of in-store and online shopping, Shopic has created a unique solution that enhances convenience, personalization, and data-driven decision-making. We believe in investing in companies that disrupt industries and drive meaningful change. Shopic’s vision is in perfect sync with ours, and we are excited to be part of their journey
IBI Tech Fund is an Israeli VC, founded in 2019 by Dr. Dan Aks and Dr. Dor Lee-Lo and manages $110 million. We focus on B2B SaaS companies in various industries, including multi-cloud, fintech, Web3, quantum computing, and cybersecurity. To date, we have invested in 15 companies, one of them is Shopic, the only one in the Retail Tech Industry.