Delaware Startup SkipQ Launches $400k Funding Roud
SkipQ has launched a $400,000 funding round in a bid to develop a global marketplace for airport retailers. The funding will contribute to scaling the growth of the business as well as development of the SkipQ platform.
The company is bringing AI technology to the travel retail industry to eliminate the queue. Travelers will be able to enjoy shopping before every trip at every airport, without the nuisance of a queue.
SkipQ uses AI technology and data driven technology to provide its retail partners with real time sales forecasts and dynamic pricing information. This provides a direct link between airport retailers and service providers, with airline passengers through the app. The retailers can use the app to sell their products regardless of where they are flying from or traveling to.
This technology aims to solve the pain points experienced by travelers trying to shop at airports. Studies have shown that less than 20% of passengers who travel by air spend money at airports. These studies also show that it is likely limited by the poor shopping experience created by limited time, long queues, and high prices.
The use of predictive analytics can let retailers know when a consumer is willing to make the jump and click “buy”. This data then informs key sales and pricing information, from optimal selling times to required inventory levels.
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