![]() In a more recent report, Forrester found despite spending cuts, nearly 40% of retailers and wholesalers immediately increased their tech investment, in some cases implementing projects in weeks that would have otherwise taken years.īehar said “the pandemic made it clear the retail industry was not prepared for a sudden change in demand, as consumers faced empty shelves and out-of-stocks for extended periods in key categories. As the pandemic continued, buying patterns shifted dramatically and in April 2020, Forrester forecast COVID-19 would cause global retail sales to decline by an average of 9.6% globally, resulting in a loss of $2.1 trillion, and that it would take about four years for retailers to overtake pre-pandemic levels. “Finally, we see many opportunities to help retailers along their digitization journey and will be expanding into new use cases with products we develop internally and via potential acquisitions,” Behar said.Įarly in the pandemic, retailers had to cope with surge buying, as customers emptied shelves of stock while preparing to stay at home. The funding will also be used to expand Trax’s Dynamic Merchandising - a partnership with on-demand work platform Flexforce and Shopkick, the shopping rewards app Trax acquired in 2019 - into new markets over the next one to two years. More specifically, we will use the capital to accelerate growth and triple-down on continued innovation across our core vision, machine learning, IoT and marketplace technologies.” ![]() The company says it serves customers in more than 90 countries.īehar told TechCrunch that the new funding will be used to “invest heavily in global strategies and technology for our flagship Retail Watch solution, as we look for ways to make it easier for retailers and brands to continue their digitization journey. Reports emerged last year that it is considering a public offering, but chief executive officer Justin Behar had no comment when asked by TechCrunch if Trax is planning for an IPO.įounded in 2010 and headquartered in Singapore, Trax also has offices in Brazil, the United States, China, the United Kingdom, Israel, Mexico, Japan, Hungary, France, Russia and Australia. Trax did not disclose a new valuation, but reportedly hit unicorn status in 2019. Morgan acted as a placement agent to Trax on its Series E, which brings its total funding so far to $1.02 billion. Other participants included new investors OMERS and Sony Innovation Fund by IGV.īefore this round, Trax had raised $360 million in primary funds. The round included primary and secondary capital, and was led by SoftBank Vision Fund 2 and returning investor BlackRock. The Singapore-based company announced today that it has raised $640 million in Series E funding to expand its products, which combine computer vision and cloud-based software to help brick-and-mortar stores manage their inventory, merchandising and operations. Retail analytics unicorn Trax expects that this openness to tech innovation will continue even after the pandemic. Image Credits: TraxĬOVID-19 forced many retailers and brands to adopt new technologies. The user friendly application delivers a robust range of reporting capabilities such as distribution, share of shelf, out of stocks, promotional presence, planogram compliance and more, with custom reports for both field users and supervisors.įeatures also include: automated KPI calculations, task prioritization tools, reports highlighting gaps and opportunities, role-based task lists, targeted questionnaires and surveys, geo-located images, historical store data and offline reporting capabilities.Trax’s co-founders, Joel Bar-El (left) and Dror Feldheim (right), and Trax’s CEO, Justin Behar (center). With an advanced camera application, Trax allows the field user to take high quality images of the store shelf, have it sent to our Trax cloud and within minutes the user is sent actionable real-time mobile reports on immediate corrective actions to be taken in the store. Trax’s breakthrough mobile application is built on cutting edge computer vision algorithms unique to retail. Reduce manual auditing time and maximise your sales at every point of sale. Trax Retail Execution is a solution that provides consumer goods manufacturers and retailers with unprecedented control and optimization of their in-store execution.
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