New retail app to help high street compete with Amazon via “innovative phygital experience”

According to estimates by GlobalData, £4 in every £10 spent online is on Amazon with the online giant often being blamed for the “demise of the high street”.

Now, as part of Bdaily’s latest feature, Retail Week, we hear from a new London based retail app, Stored, that is set to offer retailers a “lifeline” by revolutionising how consumers discover and shop via an entirely new retail 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. 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 conducted by Stored in April 2022 found that 98 per cent of the 1,200 respondents mentioned they saved product ideas in one or more ways across multiple channels. 56 per cent started a product search via one channel but completed the purchase via another.

Stored is the brainchild of co-founders Danny Howe, former managing director of international payments business WorldFirst and Lee Hart, former UK general manager at global fintech giant Fiserv.

Lee commented: “Conventional baskets aren’t aligned to how we shop today. They’re transactional by their nature and built only for purchase even though consideration and social sharing forms such a huge part of the shopping experience.”

Danny added: “It’s also a massive, missed opportunity for retailers. 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, with Amazon being one of these apps, Stored can put the power back into the hands of the retailer by aggregating their collective pulling power and help overcome the barriers to adoption.”

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.

By Matthew Neville – Correspondent, Bdaily

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