In an era where brick-and-mortar stores face unprecedented challenges, the need for innovative solutions has never been greater. Enter Hivery, a dynamic startup that has successfully harnessed technology to optimize the physical spaces of retail environments. Recently, the company raised $30 million in a Series B funding round led by Tiger Global, along with contributions from Blackbird Ventures, AS1 Growth Partners, and OneVentures. This funding is set to supercharge Hivery’s mission to help retailers make well-informed decisions about product placement and store organization.

The Background: Navigating the Retail Turbulence

The global retail landscape has been dramatically reshaped by the pandemic, exposing vulnerabilities such as supply chain disruptions and increasing consumer expectations for product availability. A striking report from Retail Insights revealed that a staggering 70% of consumers believe inventory shortages are more problematic now than during the height of the pandemic. Hivery positions itself as a vital player in this chaotic environment.

Hivery’s Unique Approach: Hyper-Local Retailing

Founded in 2015, Hivery combines deep retail expertise with cutting-edge technology to provide tailored solutions for retailers. CEO Jason Hosking describes their platform as enabling “hyper-local retailing,” which adapts product assortments to meet the specific needs of local consumers. The company’s software facilitates real-time adjustments in stores based on consumer behavior and inventory levels.

• Data-Informed Decisions: Hivery’s technology analyzes various data points to make recommendations on what products to stock and where to place them.
• Catering to Local Markets: By aligning product choices with local preferences, retailers can reduce the risk of overstock and stockouts, resulting in happier customers and healthier profit margins.

Products that Make a Difference

Hivery’s suite of software-as-a-service solutions consists of several innovative products designed to streamline assortment optimization:

• Hivery Curate: This tool recommends optimal product placement based on store-specific factors including space and previously defined rules.
• Hivery Enhance: Focused on vending machines in the U.S. and Japan, it offers similar recommendations tailored for unique consumer contexts.
• Hivery Promote: Currently in beta, this tool generates promotion calendars by analyzing past sales data to ensure that promotional efforts align with customer preferences.

Transforming Retail Relationships

One of the standout benefits of Hivery’s platform is the ability to foster strategic relationships between suppliers and retailers. The software allows supplier teams to simulate various category strategies, thereby optimizing their collaboration with retail buyers. Retailers benefit from a localized approach that minimizes waste and maximizes sales potential by ensuring the right products are on display at the right time.

Growth Amidst Challenges

The retail industry may be grappling with economic uncertainties, but Hivery has been resilient. According to Hosking, the company has onboarded 20 of the top 25 consumer packaged goods manufacturers as clients in the past two years. Despite a general downturn in retail technology investment, Hivery has maintained a robust growth trajectory, projecting a doubling of its client base by 2023. Its annual recurring revenue has reached $8 million, with plans to expand its workforce significantly across the U.S. and Australia.

Conclusion: The Future of Retail Optimization

As retail continues to evolve, the solutions provided by Hivery are crucial for businesses seeking to adapt and thrive in a complex environment. By leveraging data and AI technologies to inform assortment strategies, retailers can enhance customer satisfaction and streamline operations, ultimately leading to better financial performance. Hivery exemplifies the importance of innovation in this sector, proving that smart technology can indeed pave the way for a more efficient retail landscape.

At fxis.ai, we believe that such advancements are crucial for the future of AI, as they enable more comprehensive and effective solutions. Our team is continually exploring new methodologies to push the envelope in artificial intelligence, ensuring that our clients benefit from the latest technological innovations. For more insights, updates, or to collaborate on AI development projects, stay connected with fxis.ai.