If several retailers were in survival mode in 2020, then 2021 had been a year of tech innovation for many.
Retailers learned to keep up with fast-paced, digitally savvy consumers. Eager to gain consumers’ attention, they boosted their presence on popular platforms, like Snapchat and TikTok, and adopted new capabilities in a relatively short amount of time.
With those initiatives came massive funding for the space. In the first three quarters of 2021, funding for retail tech startups in the U.S. reached $26.8 billion, according to CB Insights’ retail tech report in October. Compared to all of 2020, retail tech funding has increased 35% in 2021 so far.
