Retail App Stored to Help High Street Compete With Tech Giants
Retail app, Stored, will offer retailers a lifeline against big retail tech by revolutionising how consumers discover and shop via an entirely new shopping experience. Consumers using Stored can benefit from an innovative phygital experience where they can curate shopping baskets containing online and offline items from any retailer in one place on their mobile and share them via social media and messaging platforms. The app will also track product prices and promotions and shortcut the path to purchase.
“They’re transactional by their nature and built only for purchase even though consideration and social sharing forms a huge part of the shopping experience.”
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Stored taps into changing consumer shopping behaviour where digital natives are curating their own virtual wish lists by screenshotting their favourite items, saving products on social media, taking pictures in store, or copying links to items into notes apps on mobile devices. Many will have baskets saved across multiple retailers on numerous open tabs. A recent survey by Stored in April 2022 found 98% of the 1,200* respondents mentioned they saved product ideas in one or more ways across multiple channels. While 56% started a product search via one channel but completed the purchase via another.
Stored is the brainchild of co-founders Danny Howe and Lee Hart who have held senior roles at leading fin-tech companies.
“Conventional baskets aren’t aligned to how we shop today.” Comments Lee Hart, co-founder of Stored. “They’re transactional by their nature and built only for purchase even though consideration and social sharing forms a huge part of the shopping experience.”
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“It’s also a massive, missed opportunity for retailers.” Adds Stored co-founder Danny Howe. “By making it easier for consumers to buy or save products using their mobile in store and adding to that basket online too, we are giving retailers another opportunity to retain visibility of the consumer journey as they move offline and online and also potentially influence transactions with offers. With the average consumer only using four retail apps frequently, Stored puts the power back into the hands of the retailer by aggregating their collective pulling power and helping overcome the barriers to adoption.”
Stored is the first step in creating a true omni-commerce experience for retailers where physical and digital experiences and commerce are seamlessly connected and in one place. Retailers will also remain in complete control of their brand when connecting physical and digital assets in the platform.
In the future Stored expects to add a closed loop payments ecosystem for phygital retail enabling retailers to harness the power of scale thanks to aggregated consumer adoption instead of standalone apps which can’t compete on scale and require considerable investment in both time and expense.
The Stored app will be available on iOS and Android and launches in early December, offering consumers the ability to save products to their virtual baskets. It is currently in talks with several retailers to add products in store for showrooming shoppers via barcodes, QR codes and NFC tags.