NOW THAT’S A GOOD IDEA…
OUT THE BOX NEARST
REAL-TIME LOCAL PRODUCT AVAILABILITY TECH NearSt, A GOOGLE-BACKED BRITISH RETAIL TECH BUSINESS HAS RAISED £2M IN SEED FUNDING TO FUEL GROWTH OF ITS FOOTFALL-BOOSTING REAL-TIME LOCAL PRODUCT AVAILABILITY SOLUTION, AS USED BY LONDIS, NISA AND BUDGENS.
WHAT’S THE BIG IDEA? A real-time local product availability tech solution from a British company called NearSt that makes products on physical store shelves visible to shoppers searching online nearby.
HOW DOES THAT WORK? In simple terms, the solution drives footfall by letting physical retailers show live in-store inventory to people searching online nearby. NearSt is backed by Google who use the technology to show real-time local product availability directly in search results on the main search page, as well as across Shopping, Google Maps, and other Local Listings. It’s also used by Facebook as part of its drive to boost its local shopping capabilities.
WHERE DID THE IDEA COME FROM? NearSt was founded in 2015 by Max Kreijn and Nick Brackenbury, who had worked together developing digital experiences for major brands at a top global agency. Kreijn came up with the concept in a literal lightbulb moment, when a bulb went in his flat and he searched online to see where he could buy a replacement. He says: “I was shown lots of places where I could order it online, but I couldn’t find out which local shops had one for me to pop out and
buy.” The pair started out by spending two months cycling around London on Boris Bikes visiting hundreds of shops to understand why no one had solved this, before starting work on the first NearSt prototype.
IS IT BEING USED IN CONVENIENCE? Yes, it’s already used by Nisa, Londis and Budgens as well as in other nonfood stores including luxury boutiques Creed, Christopher Kane and Hirsh.
HOW DOES IT ACTUALLY WORK? Retailers install a small piece of software that automatically connects to any type of Epos or inventory management system. The entire in-store inventory then starts to appear in local search results, sending nearby shoppers in-store who might otherwise have ordered online. Steve Tonks of Lincolnshirebased DIY shop Tonwood Home Hardware said: “It took us a year to upload 500 products on our website, compared to using NearSt which uploaded 29,000 online instantly.”
HOW MUCH DOES IT COST? Retailers pay a one-time connection fee of £399 and then NearSt’s core search product is free, with the option of
WEDNESDAY 6TH JANUARY 2021 / ISSUE 37 / SLRMAG.CO.UK / 35
