With business booming over the last five years, cloud-based product location solution provider Point Inside announced on Tuesday, July 21 that they have expanded their advisory board to include executives from Target, Nordstrom, Lowe’s Home Improvement and more.
“Our new board members all have decades of experience working with top retailers and scaling businesses,” said Josh Marti, CEO and co-founder of Point Inside. “With our expanded advisory board in place, we are looking to grow both our retail and strategic partnerships.”
Former President of the Nordstrom Product Group Gail Cottle, Vice President of Digital at Lowe’s Gihad Jawhar and Chief Marketing Officer at Target Jeff Jones join present and former executives from Sports Authority, Oracle, DemandTec and six others in board positions lasting through June 2016.
The move is part of the company’s move to expand on increasing growth. Since 2009, the company has seen more than 1500 percent revenue growth.
Although the company initially focused on mapping indoor sites like malls, airports, museums and other points of interest, they found an opportunity in production location.
Point Inside’s digital system called StoreMode combines the physical location of products in-store with enterprise data and mobile shopper behavior. The resulting digital store maps let retailers and shoppers know exactly where all of their products are in each store, all of the time.
Target, Lowe’s Home Improvement and Meijer already use the StoreMode platform.
“Given that brick-and-mortar sales make up 90 percent of the total market, retailers’ success lies in developing a solid digital in-store strategy that will allow them to engage customers via mobile in stores,” said Marti.
Retailers must accept that the physical and digital are no longer two separate entities in retail, he said. In a recent study, digital was expected to influence 64 cents of every dollar spent in retail stores by the end of 2015, or $2.2 trillion total, according to a Point Inside press release.
As a result, the company is planning on expanding their digital footprint and on harnessing data insights over the next year or so.