RADAR to Launch New Technology in American Eagle Stores
March 28 2023 - 7:00AM
Business Wire
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.
About RADAR
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230327005753/en/
MEDIA Michael McMullan / Felicia Kane Berns
Communications Group mmcmullan@bcg-pr.com / fkane@bcg-pr.com
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