RADAR to Launch New Technology in American Eagle Stores

Rhea-AI Summary

The RADAR platform, known for its advanced inventory-tracking technology, has partnered with American Eagle Outfitters (AEO) to implement its system in 500 U.S. stores over the next year. Utilizing RFID and computer vision, RADAR achieves 99% accuracy in inventory tracking, enhancing customer service and operational efficiency. Additionally, RADAR has raised over $50 million in funding from notable investors, including major retail companies and leading venture funds. This collaboration aims to improve inventory visibility and ensure that products are readily available for customers, ultimately enriching the in-store shopping experience.

Positive

• Partnership with AEO to implement RADAR technology in 500 stores, expected to enhance customer service.
• Achieved 99% accuracy in inventory tracking, improving operational efficiency.
• Secured over $50 million in funding, indicating strong investor confidence.
• Currently piloting with two additional Fortune 500 retailers, suggesting potential for growth.

Negative

• None.

AI-Powered Inventory-Tracking Platform Empowers Retailers With Product Knowledge to Deliver an Elevated Customer Experience

RADAR Also Announces It Has Raised More Than $50 Million in Funding to Date

NEW YORK--(BUSINESS WIRE)-- RADAR, the technology platform empowering brand teams with the inventory knowledge they need to elevate the in-store customer experience, today announced that American Eagle Outfitters (NYSE: AEO) is planning to launch RADAR’s inventory-tracking technology in approximately 500 American Eagle stores across the U.S. over the next year. RADAR uses a combination of RFID and computer vision to track and locate in-store inventory in real time with 99% accuracy, enabling retail store employees to know what product is in-store, and where, so they can more easily and efficiently serve customers, replenish items on the sales floor, and fulfill in-store and curbside pickup orders.

RADAR also announced that it has secured more than $50 million in funding to date from investors that include some of the biggest global retailers, leading funds including Y Combinator, Align Ventures, Sound Ventures and Founders Fund, and the family offices behind Michael Kors and other leading brands. The company is currently piloting its platform with two additional Fortune 500 retailers and several other major retailers and brands are interested in piloting the RADAR technology.

“With consumers back to shopping in stores, many retail brands are looking to elevate the in-store experience, and having complete visibility into store inventory is crucial to achieving that,” said Spencer Hewett, Founder and CEO of RADAR. “We’re thrilled to be partnering with the American Eagle brand so they can continue delivering an excellent customer experience.”

By providing the technology that enables retail employees to know exactly what is in stock in their store at the SKU level, and precisely where each product is located, RADAR helps brands ensure no customer ever walks out empty-handed because the item they were looking for couldn’t be found. The RADAR app also enables timely replenishment and more efficient and seamless in-store fulfillment. In addition, the platform’s analytics capabilities reassure brand decision makers that the right inventory is in stock, regardless of day, season, current trends, staffing level or other factors.

“AEO is extremely proud of the exceptional service that we provide to our customers, and we are always exploring new technologies and innovative ways to empower our brand teams to deliver a seamless shopping experience,” said Michael Rempell, EVP – Chief Operating Officer, AEO Inc. “Our initial test with RADAR provided visibility into inventory availability and placement with impressive accuracy. Based on those results, we are excited to begin implementing RFID technology to unlock operational and inventory efficiencies, while arming our associates to best serve the needs of customers.”

While many retail brands have used RFID tags in the past to track and manage inventory, RFID today cannot accurately identify where items are located in a store, meaning employees have to continually hunt to find items that are in-stock, but have been misplaced or overlooked. In addition, handheld RFID scanners require store staff to wand product tags at just the right angle, leading to errors and inaccurate inventory counts. RADAR’s system eliminates these challenges by automatically locating items in 3D with 99% inventory accuracy in near real time and feeding the data to an app and dashboard that let store staff see where every item is at all times.

About RADAR

RADAR offers a proprietary hardware and software platform that uses RFID and computer vision to track and precisely locate in-store inventory in near real time with 99% accuracy, empowering store associates with the knowledge they need to provide a superior customer experience and enabling brand leaders to ensure each store has the right inventory in stock each day. Headquartered in New York, RADAR is backed by some of the biggest names in retail, including several Fortune 500 companies; the family offices behind Michael Kors and other leading brands; and leading funds such as Y Combinator, Sound Ventures, Align Ventures, and Founders Fund.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005753/en/

MEDIA

Michael McMullan / Felicia Kane

Berns Communications Group

mmcmullan@bcg-pr.com / fkane@bcg-pr.com

Source: RADAR

FAQ

What technology is American Eagle Outfitters implementing with RADAR?

American Eagle Outfitters is implementing RADAR's inventory-tracking technology using RFID and computer vision.

How many American Eagle stores will use RADAR's technology?

RADAR's technology is set to be launched in approximately 500 American Eagle stores across the U.S.

What is the expected accuracy of RADAR's inventory tracking system?

RADAR's system boasts an inventory tracking accuracy of 99%.

How much funding has RADAR raised to date?

RADAR has raised over $50 million in funding from various investors.

What benefits does RADAR's technology provide to retail stores?

RADAR's technology enhances customer experience by providing real-time inventory visibility, ensuring products are available and easily locatable.