Elevaate moves traditional point of sale activities into the online environment, unlocking a potential $45 billion in supplier funding for retailers.
Elevaate, the new venture from the team behind Kiddicare, brings in store merchandising opportunities to digital channels. Recently voted Retail Week Start Up of the Year, the platform allows retailers and their selected suppliers to easily promote and showcase product without making difficult or complex changes to the retailers underlying ecommerce infrastructure.
Unlike traditional end aisle displays in store, which have physical and cost constraints, retailers can choose to use Elevaate to provide this opportunity to large and niche suppliers – providing access to new funds.
Using the Elevaate platform, the retailer chooses the pages on their own site where Elevaate will create an additional merchandising opportunity. This can be right on the front page or further in – mirroring both the front window and end aisle promotional space in store. Suppliers choose the products they want to support and bid for the promotional space, in real-time.
Designed by Scott Weavers-Wright, Simon Harrow, and Ken Platt, the platform is very much a response to the team’s experiences at the front-line of ecommerce, where the need to take immediate action to maximise a sales opportunity isn’t always met by the tools at hand. Elevaate allows retailers to be much more responsive in their approach to digital retail.
‘Elevaate offers a scalable solution to a real and significant problem,’ says Simon Harrow, CEO. ‘We have built a solution that finally gives commercial and trading teams the capability to replicate impactful and proven offline practices across all their digital retail channels.’
The challenge for new ventures is to develop an idea that will really change the landscape for retailers. Drawing on their experience from founding Kiddicare, valued at sale at £70 million, the team at Elevaate have done just that. Any company working with suppliers or merchandising products will drive benefit from the platform, and leading names from grocery to travel and pharmaceuticals are already in trial with Elevaate.
‘The opportunity here is sizable,’ says Simon Harrow. ‘A conservative estimate would put the potential market at around £2.3 billion in the UK alone and we are already working with retailers across three continents. Retailers are simply not maximising what they can achieve digitally. The idea that drives Elevaate is one that changes a retailer’s ability to leverage their digital channels; creating tangible value for customers, suppliers, and the retailer.