Meet the 5 retail entrepreneurs featured in this year’s INC’s 35 under 35

Featured in this year’s INC’s 35 under 35 Entrepreneurs are five extraordinary retail entrepreneurs that are changing the future of retail!

See them below from the article:

Meet Estimote 

Krzych, 32, and Kostka, 26, are the co-founders of the New York City-based beacon maker Estimote. The company’s beacons–palm-size waterproof wireless sensors–transmit data to your smartphone by using Bluetooth low-energy radio signals. Since the two Polish computer scientists founded Estimote in 2012, they have sold more than 20,000 beacons ($99 for a set of three) to developers and companies that have been building their own apps to engage customers through their smartphones. 

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**Image taken from INC.com

Krzych says they realized the size of the opportunity in retail through data and taking a look at how customers buy products in-store and online: “We understand our physical world is at least 10 times bigger than the Internet,” Krzych says. “If you think about it, 95 percent of all transactions in business are still happening in the physical world. So everything that happens on eBay, Amazon, and Facebook are only five percent of all transactions across the world.”

With a list of 20,000 different customers–from huge U.S. and European retailers to museums, hospitals, schools, and public transportation systems–some tasks will become obsolete, Krzych says. When you walk into a restaurant, the menu will pop up as you take a seat. A stroll through New York City’s Museum of Modern Art might prompt your phone to deliver information about each painting you see. Eventually, your home will react to your presence; the door will unlock as you turn the knob and lock behind you as the lights, air conditioner, and TV turn on.

http://www.inc.com/will-yakowicz/35-under-35-estimote-aims-to-give-smartphones-context.html

Meet Everlane 

In the fall of 2010, a then 25-year-old Michael Preysman left his job in venture capital to start his own business. He never expected to work in fashion, but a passion for great design and frustration with the lack of innovation in the retail space, led him to build Everlane. He hasn’t looked back.

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**Image taken from INC.com

It’s no secret that retailers mark up their products by eight or 10 times what it costs to produce them. But no one has really done anything about it–until now, that is.

Enter Everlane, an online retailer that sells its line of minimalist clothing and accessories (think simple white T-shirts and leather tote bags) directly to consumers at a markup of just double what it costs to produce. Beyond peddling the latest in affordable fashion, however, Everlane practices “radical transparency,” which means that in addition to price and thread count, Everlane shoppers will see the care instructions, the height of the model pictured, and the product’s origins. Here’s the 50-cent tour of the factory behind Everlane’s $60 Seed Stitch U-Neck sweater:

By exposing its own production and pricing process, Everlane hopes to strike a cord with consumers who want more information, from how free their free-range chickens are to the amount of water wasted in the production of their yogurt.

http://www.inc.com/diana-ransom/35-under-35-everlane-and-its-radical-idea-of-fashion.html

Meet Shopify

Sometimes the best business ideas come from solutions to temporary problems.

So it was for Tobias Lütke and Daniel Weinand, who inadvertently co founded Shopify in 2004 because they wanted to sell snowboards and other winter gear from their online shop in Ottawa.

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**Image taken from INC.com

Both computer engineers from Germany, Lütke and Weinand were totally disappointed by the suite of tools available to them to build an online presence for their store, as well as to sell and keep track of inventory.

So they built their own software and soon attracted the attention of other business owners who liked the software’s simplicity and the way it connected so many key features, such as point of sale, cool website design, and low cost. At the time, the alternative was costly software from vendors who charged tens of thousands of dollars.

Flash-forward 10 years, and Shopify has more than 100,000 customers in 150 countries powering their businesses on Shopify. Collectively, those stores logged about $1.6 billion in sales through the platform in 2013.

http://www.inc.com/jeremy-quittner/35-under-35-shopify.html

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