XRC Labs runs programs that bring together entrepreneurs, investors, brands and retailers to foster rapid innovation and unlock new opportunities in retail. We select startups that are positioned to create significant change in the retail or consumer goods industries. Startups receive capital, mentoring, operational support, and exclusive access to a prestigious network of entrepreneurs, investors, and seasoned industry leaders. They graduate from XRC Labs with solid business plans and a priceless new network.
Mission
Our mission is to foster companies and products that innovate the face of retail and consumer goods fulfillment in a rapidly changing marketplace using design thinking as a key driving process.
Vision
The XRC Labs vision is to be at the forefront of change, disrupting the conventional system of supply chain, promoting the best experience for consumers and producers, and creating an ecosystem that matches partners for success.
At XRC We…
Embrace sustainability so the Earth we leave to future generations is a better place than when we inhabited it
Advocate for moderate consumption to promote a flight to quality and legacy — less is more, for a longer period of time
Endorse economic well-being that fosters a global improvement in the economic condition of participants in the global economy
Demand integrity, honesty, and fairness in our internal and external relationships
Recognize and nurture excellence in people, technology and products
Mentor the next generation of innovators
Share and exchange ideas in an open forum to generate new solutions
Encourage solutions from multiple sectors, applied to retail and consumer products
Why It Matters
Design really matters. Consumers are buying products and shopping at omnichannel stores that deliver a great experience. Disruptive companies are more likely to be founded by designers than by hard-core technologists.
Even though the retail world still dwarfs ecommerce in size it will be more and more influenced by software and great design. The old bricks vs. clicks question isn’t relevant anymore. Customers want a single, well-designed experience for the products they use and the shops they visit, both online and offline. The facts speak for themselves:
- 71 percent of consumers want access to in-store inventory when shopping online
- 50 percent of consumers expect to buy online and pick up in-store
- Nearly 50 percent of in-store retail sales are influenced or start online, representing nearly $2 trillion in commerce
An omnichannel, ubiquitous, and well-designed experience is the new norm. As companies like Warby Parker, Bonobos, and Athleta demonstrate, an online experience is not sufficient for many customers. Customers expect a common, branded, and engaging experience, everywhere. The new rule is: one brand, one experience.
Despite the size of the opportunity, both building a brand online and selling to retail offline is really hard. The brand has to engage, resonate, and compel people to buy, immediately.
And yet the needs of each channel – online, mobile, offline – are very different. New entrants into consumer and retail markets need specialized expertise and light-speed innovation. Failing hyperfast and nanosecond reinvention are just table stakes.