Tangiblee at a Glance
Tangiblee provides a product visualization solution for e-commerce websites. The company uses existing product content (product images and descriptions) to generate interactive and personalized product viewing experiences. For example, Tangiblee renders a backpack or piece of jewelry on a virtual model, or piece of furniture in a virtual room.
The solution integrates into existing product pages, with the goal of increasing conversions by reducing consumer uncertainty at the decision-making point of the shopping journey, and also decreasing returns. At the individual SKU level, Tangiblee seeks to address consumers’ size and fit-related concerns.
[caption id="attachment_77491" align="aligncenter" width="504"]
Source: Tangiblee Facebook Cover[/caption]
What Problem Does Tangiblee Solve?
Return rates are one of e-commerce’s most costly friction-points. Retail return rates (fashion, apparel, shoes) are steadily rising, especially for online purchases. Customers returned $351 billion in purchases in 2017 – brick-and-mortar and online – about 10% of total purchases, according to the National Retail Federation. Return rates jump to about 30% or higher when looking at just online purchases. By incorporating a solution that addresses size- and fit-related uncertainties, retailers may be able to reduce online returns.
Headquarters
Chicago.
Funding Stage
--
Business Model
Software-as-a-service (SaaS), based on number of SKUs and website traffic served.
Management Team
- Eliad Inbar, Co-Founder and CEO.
- EV Kuznetsov, Co-Founder and CTO.
Company Outlook
Commercial rollout with about 70 brands and retail websites. Working to grow client base and start beta test on next-gen version by Q4 2019.
Rapitag at a Glance
Rapitag offers a self-checkout solution for apparel and high-value merchandise. The company’s smart security tags let retailers offer automated smartphone-based self-checkout. The company says its tags “are taking mobile self-checkout to another level.”
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Source: Rapitag GmbH 2019[/caption]
What Problem Does Rapitag Solve?
Brick-and-mortar shoppers often point to checkout lines as the number one frustration of an offline shopping experience. Retailers are using self-checkout and checkoutless shopping to overcome this pain point, but some retailers – such as consumer electronics or fashion – don’t use self-checkout due the high risk of theft and fraud. Rapitag says its solution offers security at a level that electronics and fashion companies can use self-checkout.
Headquarters
Munich.
Funding Stage
Seed.
Business Model
Hardware-as-a-service (HaaS).
Management Team
- Alexander Schneider, Founder & CEO.
- Sebastian Mueller, Founder & CTO.
Company Outlook
Technology was successful tested in a pilot with MediaMarktSaturn (one of the largest European consumer electronics retailers) in Germany in 2018. Next, the company will pilot it with shops in grocery and fashion.
