Countdown to Groceryshop 2018: Startup Pitch Competition Participant Profile, Part 3—Adrich
The Coresight Research team will be attending and participating in the Groceryshop 2018 conference, which runs October 28–31 in Las Vegas. The team behind the Shoptalk retail and e-commerce conference founded this new event, which will cover the disruption of the grocery, consumer packaged goods (CPG) and related industries.
- The conference is expected to bring together 1,000 attendees and more than 150 speakers. Discussion topics will include the transformation of the retail industry, including convenience stores, supermarkets and e-commerce, and changes in the production and distribution of CPGs across multiple retail verticals. Additionally, the event will cover shifts in consumers’ shopping behavior and how they want to shop in the future in both brick-and-mortar and online formats.
- On October 28, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 12 innovative, early-stage technology companies that provide solutions to solve major problems in e-commerce, grocery retail, and/or the food or CPG sector. The participating startups are Adrich, Forager, IceCream Labs, IntraPosition, Locai Solutions, Nextuple, Observa, Packyge, Shelf.ai, Simplista, Tastry and Tochize.
- In this report, our third in a series of daily Countdown to Groceryshop 2018 reports, we profile Adrich, which creates smart labels that can generate a stream of product usage data even after a shopper has taken an item home.
The Coresight Research team will be attending and participating in the Groceryshop 2018 conference, which runs October 28–31 in Las Vegas. The team behind the Shoptalk retail and e-commerce conference founded this new event, which will cover the disruption of the grocery, CPG and related industries. Coresight Research has previously partnered with Shoptalk to host that conference’s annual startup pitch competition.
Groceryshop is expected to bring together 1,000 attendees and more than 150 speakers. Discussion topics will include the transformation of the retail industry, including convenience stores, supermarkets and e-commerce, and changes in the production and distribution of CPGs across multiple retail verticals. Additionally, the event will cover the rapid shifts in how consumers discover, shop and buy—from the use of new technologies and business models to the latest trends in consumer behaviors, preferences and expectations.
According to Zia Daniell Wigder, Cofounder of Groceryshop and Chief Content Officer of Shoptalk, Groceryshop was created to meet the needs of a sector on the verge of a massive shift. The percentage of grocery sales made online in the US is only 2%–3%, significantly lower than for other categories such as apparel and electronics, where e-commerce accounts for about 20% of sales, Wigder said.
Over the next few years, new omnichannel grocery offerings will likely go mainstream, providing consumers with new experiences as well as more convenient delivery and pickup options. Digital platforms that offer the best mix of price, selection and convenience will see increased transaction volume, while physical stores will experience change and likely play a key role in online order fulfillment.
Startup Pitch Competition
On October 28, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 12 innovative, early-stage technology companies that provide solutions to solve major problems in e-commerce, grocery retail, and/or the food or CPG sector.
Each company will present its business to a panel of judges from the investment community and to the audience. Two winners will be announced, one chosen by the panel of judges and one by audience vote, and each winner will be awarded $10,000.
Groceryshop curated the participating startups based on their solutions to some of the most pressing challenges that grocery, e-commerce, food and CPG companies are facing. All of the participating startups have less than $3 million in funding, provide business-to-business (B2B) solutions and were founded in 2014 or later.
We categorized the 12 companies into four buckets of retail disruption:
- Sourcing, Merchandising and Cataloging: Shoppers are demanding more grocery choices than ever before, and grocery retailers face challenges in keeping their assortments up to date and in sync with consumer demand.
- Enabling Grocery E-Commerce: Providing engaging and personalized online experiences while meeting consumer expectations regarding fulfillment and delivery is crucial for retailers.
- Improved Shopping Experiences: Shoppers are demanding intuitive and more seamless grocery experiences both online and in stores.
- Tracking, Measurement and Insights: Digital technology is creating new metrics and capabilities for gleaning insights for grocery retailers and CPG manufacturers.
Below, we profile Adrich, one of the companies participating in the startup pitch competition at Groceryshop. We categorize Adrich as being in the Tracking, Measurement and Insights group.
Adrich is a postpurchase engagement platform that draws information from smart labels on products. The company’s proprietary labels generate product usage insights after a consumer has purchased an item and taken it home. Once a consumer has provided consent, Adrich’s labels and custom software create a stream of real-time product usage data that enables manufacturers to increase sales, automate reordering, predict order lead times more accurately, and identify opportunities for product improvements and targeted communications.
Customer analytics refers to the use of customer behavioral information to help make key business decisions. The systematic study of this information enables companies to respond appropriately to customers’ behavior and product interactions. According to Market Research Future, the customer analytics market is expected to grow at a CAGR of 15% between 2017 and 2023, to approximately $7.3 billion.
What Problem Is the Company Solving?
Retailers know very little about what happens to their products after those products leave a store, as it’s difficult to collect postpurchase data from consumers. This general lack of data, and the fact that most postpurchase data that is collected is self-reported by consumers, means that retailers miss opportunities to improve customer conversion through need-based, targeted communications.
Adrich is solving this problem by enabling two-way communication between retailers and consumers. The company’s smart labels can track how much of a product people use, and when. Sensors embedded in the labels can detect movement and determine how much of a product remains in a package. Adrich collects that information and then uses a proprietary algorithm to make sense of it.
Adrich operates on a project basis. All Adrich projects include the use of its smart-label technology and access to data through the Adrich dashboard. The company’s component-based solution allows partners to “build their own bundle” to fit their individual needs.
Founder and CEO Adhithi Aji has more than six years of related industry experience, including product management and technical research and development experience.
Adrich will soon deliver its solution to a Fortune 100 food-manufacturing company based in Chicago. In addition, Adrich has begun consumer-facing project work with a Fortune 500 manufacturer and marketer of consumer products and with a major manufacturer of consumer cleaning products.