Retailbound Wants to Build a Retail Platform for Gadget Entrepreneurs

030915 tech retail

So you have a successful crowdfunding campaign. Your product has been funded, manufactured, and shipped. The question is, now what? According to Retailbound, Inc. only one in fifty crowdfunded gadget entrepreneurs manage to get their product on the shelves of major retailers.

The team behind Retailbound wants to improve these odds. The Chicago based company has been around since 2008, describing themselves as a full-service retail marketing consulting company. Its website boasts:

Our seasoned executives bring versatile experience and expertise of retail marketing and merchandising solutions, from both sides of the retail buyer’s desk. This experience within the retail industry sets us apart as a leading retail marketing and merchandising solutions provider.

Now the company is looking to build a new platform designed to help crowd-funded gadget entrepreneurs get their products into retail stores. The company is calling this platform a “virtual incubator” where gadget entrepreneurs can learn, network, and sell.

Retailbound is currently running an Indiegogo campaign to launch the new platform. A $10,000 funding goal has been set. It’s still early, so there is no telling if the campaign will reach that.

For more on the campaign, see the group’s Indiegogo video below:

Specific details on what the platform will entail and look like are vague. Retailbound does say it will provide how-to videos that can be accessed 24/7. The goal is to help entrepreneurs learn and develop strategies to successfully sell.

Retailbound also claims the platform will help match retail-oriented gadget entrepreneurs with retailer and distributor opportunities. If the platform can deliver on this claim, it would be a helpful tool for those getting started in that market.

There are no specifics on pricing for using the platform once it’s completed. Right now it’s looking like membership will run about $50 a month. This price is assumed based on rewards perks offered with the current Indiegogo campaign. But there may also be different levels of membership with differing fees or additional services that could cost more.

Retailbound’s new project, if it gets off the ground, could hold some helpful opportunities for entrepreneurs. An online membership could be an alternative to hiring an expensive consultant and could be a solution for entrepreneurs starting out who don’t have a big budget to spend.

Retail Technology Photo via Shutterstock

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LeEco Expands Retail Partnerships to Boost Offline Presence in India

LeEco Expands Retail Partnerships to Boost Offline Presence in India

Chinese Internet and technology conglomerate LeEco on Friday announced that it has forged partnerships with six regional retail chains in India to strengthen its offline presence across the country.

“This marks another milestone in our India journey that has been incredible so far. Our strategy to strengthen our offline business is a testimony to our commitment to the Indian market,” Atul Jain, COO of Smart Electronics, LeEco India, in a statement.

“For this, we have tied up with some of the well-known names in offline retail across geographies and we will continue to add more partners as we go along,” he added.

LeEco has partnered with retail chains like Sangeetha, Poorvika and zonal distributors like Shivalik, AppsYouNeed, Pearl Infotech and PCH to expand its retail network.

Through these partnerships, the company will be able to expand its retail base to 2,000 outlets across 65 cities.

LeEco will offer Le 1s and Le 1s Eco smartphones through the offline model in the first phase and has plans to offer the entire product portfolio in the offline market in the coming months.

By the end of this year, the Chinese conglomerate plans to have 6,000-8,000 outlets across the country.

Tags: Android, LeEco, LeEco India, Mobiles

Apple, Xiaomi seek nod for retail stores

Apple users under first Mac ransomware attackiPhone and iPad maker Apple has resubmitted its application for opening single-brand retail stores in the country as there were certain gaps in its earlier proposal.

Further, sources said Xiaomi too has submitted an application with the DIPP to open single-brand retail stores in the country. Currently, they sells their products through ecommerce and offline platforms.

Single-brand retailers are also allowed to take ecommerce route for such trading. At present, 100 per cent FDI is permitted in the sector but the companies are required to take FIPB permission if the limit exceeds 49 per cent.

“The proposal is being processed by the Department of Industrial Policy and Promotion (DIPP). Chinese smartphone maker Xiaomi too has submitted an application,” an official said.

In January, Apple had filed proposal seeking permission for single-brand retailing and sell products online but due to certain gaps in the application, DIPP had sought more information from the US-based technology giant.

According to the sources, the government could exempt the Cupertino-based company from the mandatory local sourcing norm of 30 per cent as it makes ‘state-of-the-art’ and ‘cutting edge’ technology products.

Last year, the government had relaxed the foreign direct investment (FDI) policy for single-brand retailing.

The government had said it may also relax the sourcing norms for entities undertaking single-brand retailing of products having ‘state-of-the-art’ and ‘cutting edge’ technology and where local sourcing is not possible.

The company sells its products through Apple-owned retail stores in countries including China, Germany, the US, the UK and France.

Apple has no wholly-owned store in India and sells products through distributors such as Redington and Ingram Micro.