With the popularity of online shopping and Amazon, physical retail is suffering, but FutureProof Retail may a solution to draw more people into stores. This NYC startup brings the best of online e-commerce capabilities into the offline retail world through its line-free mobile checkout and line-free order ahead service. Its platform provides an array of functions- like real-time product recommendations that encourage engagement between retailers and customers, replicating the convenience of the e-commerce experience in the physical world.
AlleyWatch spoke with President Di Di Chan about creating a platform that digitizes the relationship between retailers and consumers in person, while making shopping faster and more efficient than ever.
Tell us about the product or service that FutureProof Retail offers.
We here at FutureProof Retail are the makers of line-free mobile checkout and line-free order ahead. Our mission to bring the best of online capabilities into the offline retail world. We help retailers of all size and vertical- from micro-markets to supermarkets – to affordably compete with Amazon and other corporate titans by digitizing their in-person shopping experience.
How is FutureProof different?
FutureProof Retail’s mobile checkout and mobile shopping platform is unique because, with a four button checkout mobile shopping app, it’s the easiest solution in the market (passed the “grandma test” i.e., so simple our founders’ grandma can easily figure out how to use it) it’s the most customizable platform (suitable for all kinds of retailers around the world), and it’s the most collaborative and connectable platform in the market (e.g. we can connect with retailer’s existing POS systems, payment provider of choice, loyalty programs, security systems to minimize disruption to existing store-flow).
Will trying to emulate the online experience through the use of technology like yours be enough to save the majority of retailers who are facing challenging economics due to e-commerce?
Yes, our solution can save the majority of retailers. Retailers are in danger of losing their customers to more convenient options – both online and in the form of micro markets and convenience stores. Our solution reverses this, making in-person shopping the most convenient option – and it opens the path for retailers to bring the other benefits of online into the store: Retailers can recommend products while customers shop, reach them on the go, and drive a variety of digital services (including eCommerce) from the app experience. This more than levels the playing field for many retailers.
FYI, we don’t characterize mobile self-scanning as emulating the online experience – it’s building on top of it. Shopping with our apps includes everything from the online experience AND the in-store experience – creating a new experience.
What inspired the start of FutureProof Retail?
FutureProof Retail is inspired by a team of impatient shoppers and award-winning developers who share the philosophy of prioritizing time. We believe that saving time is the key to maximizing human potential, and our ambition is to lead this generation’s frictionless shopping technology.
FutureProof Retail is inspired by a team of impatient shoppers and award-winning developers who share the philosophy of prioritizing time. We believe that saving time is the key to maximizing human potential, and our ambition is to lead this generation’s frictionless shopping technology.
What market does FutureProof Retail target and how big is it?
FutureProof targets the in-person retail market. According to Statistica 2017, the Offline Retail market is a $20.2T market, which is 10x e-commerce.
What is the business model?
FutureProof Retail offers retailers a SaaS model that includes a flat monthly fee and a transaction fee that decreases with volume.
What are the milestones that you plan to achieve within six months?
In the next six months, we expect to close Series A and continue expanding our operations into more retail verticals as well as key territories in both US and abroad.
What is the one piece of startup advice that you never got?
As founders, it’s our job to be the number-one expert with regards to our business. Gather specific information from experts to enhance your knowledge — but don’t ask for (or follow) generic start-up/business advice. Even experts give conflicting advice – and confidently – nobody can truly plot your path for you — nor should they. So, learn what you must so that you can trust your own expertise.
As founders, it’s our job to be the number-one expert with regards to our business. Gather specific information from experts to enhance your knowledge — but don’t ask for (or follow) generic start-up/business advice. Even experts give conflicting advice – and confidently – nobody can truly plot your path for you — nor should they. So, learn what you must so that you can trust your own expertise.
If you could be put in touch with anyone in the New York community who would it be and why?
We’d love to be in touch with each and every retailer in NY that is serious about their digital future.
Why did you launch in New York?
New York City is an excellent showcase for a global product.
Where is your favorite bar in the city for an after work drink?
Cocoa Bar!
