RetailReady, a startup founded by Elle Smyth and Sarah Hamer, is targeting an overlooked sector of the warehouse/shipping industry that is said to cost retailers about $40 billion annually. The company, which was part of the YC Winter 2024 cohort, is developing a tablet app to replace traditional paper warehouse manuals detailing packing instructions.
Smyth and Hamer, who previously worked together at supply chain startup Stord, identified the potential for innovation in the supply chain industry, which they refer to as an “engineers' playground.” . The pair left Stord to focus on their startup idea after being accepted to Y Combinator.
RetailReady aims to reduce the number of retail fulfillment losses shippers experience each year due to incorrectly shipped packages. The company uses a combination of large language models to understand manual shipping requirements and computer vision to ensure compliance.
The supply chain and logistics industry is a vast market with many legacy companies and startups fighting for a share. However, RetailReady has a more niche focus. Warehouse workers often have to consult extensive manuals detailing how to ship items to retailers like Target and Walmart. These manuals provide information on compliant packaging orders, RFID tag placement, and labeling based on product categories. If these requirements are not met, retailers charge brands fees, known as chargebacks, which can result in brands losing an average of 3% off their bill.
RetailReady's digital solution provides workers with a targeted workflow on how to properly package an order. A feature currently in development will use computer vision to verify compliance as orders are packed.
Six months after launching the company, Smyth and Hamer are in the process of onboarding six clients. The company works with brands, warehouses and retailers. The founders have raised $3.3 million in seed funding, led by Wischoff Ventures, with participation from Y Combinator, 640 Oxford, Lombardstreet Ventures, Duke Capital Partners and a group of angel investors. The funding will be used to hire additional employees and focus on product and technology development.
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