Fast Company has issued a report listing the top ten most innovative companies in retail. The company offers that their “reporting team sifts through thousands of enterprises each year, searching for those that tap both heartstrings and purse strings.” The team also searches for companies which have made a difference in the world.
The winners of the 2017 World’s Most Innovative Companies are:
- Amazon. This cloud computing and ecommerce company was founded in 1994 by Jeff Bezos (pictured above, credit) Since its initial launch as an online bookstore, Amazon has expanded to include a wide range of products, including its own brand. Amazon has focused on customer satisfaction and short term profits.
- Casper. This company’s inception in 2014 came as a surprise to the retail industry. Casper used a direct to consumer model to sell its mattress brand, and used social media to promote the product.
- The Home Depot. In 1978, The Home Depot was founded in Atlanta. The stores were intended to provide one stop shopping for building and landscaping. Today, The Home Depot is using ecommerce to expand, forgoing the traditional brick and mortar expansions.
- Clique Media Group. This group began as a blog in 2012, and has since expanded to include a fashion-forward, accessibly priced clothing line. The company made use of “social currency” to enhance its brand, and uses Snapchat to solicit opinion from consumers.
- RewardStyle. RewardStyle also makes use of social media, using Instagram to determine which products sell best. Google enlisted a RewardStyle product to launch its Shop the Look software, a lofty addition to any company’s corporate resume.
- Hypebeast. Canadian Kevin Mia began a sneaker blog in 2005, and has since logged the latest trends in sneakers and streetwear. The company is now headquartered in Hong Kong, and revenues in 2015 were &7.2 million.
- Pirch. Originally a SoHo shop, Pirch now operates 9 appliance stores. The company has showrooms stocked with fully operational appliances, making the buying experience more “homey” for consumers. The stores also boast coffee bars and cooking classes.
- Ulta Beauty. Ulta focuses its brick and mortar expansion on suburban strip malls, but has taken measures to downplay its reputation as a bargain store beauty shop. The company plans to open a store in Manhattan, among hundreds of others. It offers salon services in its stores, and the company’s bottom line has been growing. Stock was up 38% in 2016.
- T.J. Maxx. This company has 1,119 locations, but a very limited online presence. It markets its brand by a sense of urgency. Inventory is limited, so customers must act now to get top fashion deals.
- Beautycounter. Beautycounter is taking steps to ban chemicals used in American made beauty products. Through lobbying for safety legislation and by utilizing its own safe ingredients, Beautycounter is changing the way women buy (and sell) makeup.