AI-Powered Inventory-Tracking Platform Empowers Retailers With Product Knowledge to Deliver an Elevated Customer Experience
RADAR Also Announces It Has Raised More Than $50 Million in Funding to Date
RADAR, the technology platform empowering brand teams with the inventory knowledge they need to elevate the in-store customer experience, today announced that American Eagle Outfitters (NYSE: AEO) is planning to launch RADAR’s inventory-tracking technology in approximately 500 American Eagle stores across the U.S. over the next year. RADAR uses a combination of RFID and computer vision to track and locate in-store inventory in real time with 99% accuracy, enabling retail store employees to know what product is in-store, and where, so they can more easily and efficiently serve customers, replenish items on the sales floor, and fulfill in-store and curbside pickup orders.
RADAR also announced that it has secured more than $50 million in funding to date from investors that include some of the biggest global retailers, leading funds including Y Combinator, Align Ventures, Sound Ventures and Founders Fund, and the family offices behind Michael Kors and other leading brands. The company is currently piloting its platform with two additional Fortune 500 retailers and several other major retailers and brands are interested in piloting the RADAR technology.
“With consumers back to shopping in stores, many retail brands are looking to elevate the in-store experience, and having complete visibility into store inventory is crucial to achieving that,” said Spencer Hewett, Founder and CEO of RADAR. “We’re thrilled to be partnering with the American Eagle brand so they can continue delivering an excellent customer experience.”
By providing the technology that enables retail employees to know exactly what is in stock in their store at the SKU level, and precisely where each product is located, RADAR helps brands ensure no customer ever walks out empty-handed because the item they were looking for couldn’t be found. The RADAR app also enables timely replenishment and more efficient and seamless in-store fulfillment. In addition, the platform’s analytics capabilities reassure brand decision makers that the right inventory is in stock, regardless of day, season, current trends, staffing level or other factors.
“AEO is extremely proud of the exceptional service that we provide to our customers, and we are always exploring new technologies and innovative ways to empower our brand teams to deliver a seamless shopping experience,” said Michael Rempell, EVP – Chief Operating Officer, AEO Inc. “Our initial test with RADAR provided visibility into inventory availability and placement with impressive accuracy. Based on those results, we are excited to begin implementing RFID technology to unlock operational and inventory efficiencies, while arming our associates to best serve the needs of customers.”
While many retail brands have used RFID tags in the past to track and manage inventory, RFID today cannot accurately identify where items are located in a store, meaning employees have to continually hunt to find items that are in-stock, but have been misplaced or overlooked. In addition, handheld RFID scanners require store staff to wand product tags at just the right angle, leading to errors and inaccurate inventory counts. RADAR’s system eliminates these challenges by automatically locating items in 3D with 99% inventory accuracy in near real time and feeding the data to an app and dashboard that let store staff see where every item is at all times.
RADAR offers a proprietary hardware and software platform that uses RFID and computer vision to track and precisely locate in-store inventory in near real time with 99% accuracy, empowering store associates with the knowledge they need to provide a superior customer experience and enabling brand leaders to ensure each store has the right inventory in stock each day. Headquartered in New York, RADAR is backed by some of the biggest names in retail, including several Fortune 500 companies; the family offices behind Michael Kors and other leading brands; and leading funds such as Y Combinator, Sound Ventures, Align Ventures, and Founders Fund.