Homepage / Technology / b8ta lets you try your gadgets before you buy them, in an effort to revive retail
Alibaba’s Jack Ma says bitcoin is 'likely' a bubble while embracing its underlying blockchain tech Netflix is on pace for its worst day in 2 years Carnival shares plunge the most in 2 years after slashing full-year forecast Even amid a potential trade war, US stocks are still beating the rest of the world Chip stocks plunge after Trump's reported plan to restrict foreign technology investment Apple will have a special news section for the midterm elections, curated by human editors Amazon could double Whole Foods' customer base with Prime perks: Analyst Goldman Sachs-backed Circle sees boom in crypto demand from institutional investors, despite bear market Treasury Secretary Mnuchin says investment restrictions will apply to 'all countries that are trying to steal our technology' Former Starbucks CEO Howard Schultz calls the stock ‘cheap,’ but some say it’s cheap for a reason AT&T to buy online ad firm AppNexus US new home sales surge in May Buy AMD because of its ‘generational opportunity’ to gain share against Intel: Bank of America 'This isn't even a tech index': Ex-NYSE president Tom Farley throws shade at the Nasdaq Legendary investor Bill Miller reveals the biggest mistake value investors are making now Majority of Americans approve of Trump's handling of the economy for the first time: CNBC survey Microsoft given buy rating because of cloud computing growth Intel is downgraded due to ‘lack of leadership’ after CEO resignation; shares fall Here are 5 reasons why your portfolio isn't performing well China extends its lead as the most prolific make of supercomputers Uber kicks off a fight to keep operating in one of its most important cities Erdogan wins more power, and it might not help Turkey's economy Beyond the South China Sea: Beijing may target these waterways next European markets seen lower on trade, migration concerns India has proposed a new fix for its bad debt problem. It may not be enough One of the world's hottest property markets is readying a contentious change US to give North Korea post-summit timeline with 'asks' soon, official says Trump is reportedly planning major new restrictions against China Asia set for a cautious open as US-China trade tensions simmer Many companies at Cannes Lions had yachts, but Google, Facebook, Spotify and Twitter have beaches Tech could soon turn into the market's headache: Wells Fargo's Chris Harvey Forget millennials: Here's a good reason why Apple should hire your grandmother How Amazon's roaring success selling batteries is making it wonder which market it can disrupt next A company is showing how blockchain is more than just cryptocurrency — it can also cut food waste AT&T and Verizon have drones that could provide cell service and save lives this hurricane season How the Supreme Court may have made Web shopping pricier for just about everyone but Amazon How to choose between an Amazon Echo, a Google Home and an Apple HomePod Electric scooters draw hordes of investors and avid users — but a number of critics as well This floating robotic factory will build satellites and spaceships in orbit Meet the man whose job it is to reassure people that Google search isn’t evil Euro is here to stay: German finance minister China's ZTE expected to take last step to lift ban Cramer Remix: The best way to play the stress test results Red Hat CEO on earnings-led stock drop: 'I would encourage investors to look long term' Apple launches free repair program for MacBook and MacBook Pro keyboards The founder of JetBlue is about to start a new airline Tesla is suing an ex-employee for hacking into its 'MOS' software — here's what that system does Morgan Stanley sees 'a pattern forming' of the space industry developing like self-driving cars Buy Intel shares because its CEO change will not hurt the chipmaker: Credit Suisse Xiaomi reportedly awards founder $1.5 billion in stock ahead of IPO Tesla reports another fire at Fremont factory Tesla shares drop after analyst raises concern over a rise in its services costs Increased threat of a trade war is ramping up fears of a 'full-blown recession' CarMax shares surge to record high, on pace for their best day in 4 years If energy can clear one hard-to-break level, it’s off to the races, chart watcher says Warren Buffett: 'Any time the market takes a sharp dive,' read this book Supreme Court rules warrants required for cellphone location data Trump urges OPEC to 'keep prices down' as oil cartel's meeting wraps up Cramer: Strength in tech and retail has 'masked' weakness in the broader market Buy EA shares because it is ‘building a Netflix for video games’: Needham What’s at stake in Turkey’s elections, and why Erdogan could actually lose Facebook’s ‘lack of accountability’ in its data scandal spurs European sustainability fund to dump shares Goldman Sachs: GE should suspend dividend for the next 18 months OPEC ministers strike deal on oil production levels Stocks making the biggest moves premarket: BB, MDT, URI, JPM, BAC & more Pro tips on taking great video of your vacation — right from your phone All 35 times the market did this, stocks ended the year higher Bitcoin tumbles after Japan watchdog orders exchanges to beef up practices against money laundering Husband cheating? Ashley Madison says member signups spiked in these cities last year James Comey: Public anger about migrant children is ‘why Trump ran’ from the policy Chinese stocks are flirting with bear market territory as trade worries fester BlackBerry posts quarterly loss Friday will likely be the year's biggest stock market volume day with big action in Apple, JP Morgan Rival Koreas agree to reunions of war-separated families US companies like Micron are accusing China of intimidation and outright theft to dominate tech Disney said it's willing to divest more Fox assets for to get a deal cleared by regulators Tesla is preparing to close a dozen solar facilities in 9 states Uber driver was streaming Hulu show 'The Voice' just before self-driving car crash: Police report OPEC heads into showdown over oil output, with Saudi Arabia and Iran on different sides Chinese media says US has 'delusions' as impact of trade war spreads YouTube introduces paid subscriptions and merchandise selling in bid to help creators monetize the platform Airbus says no-deal Brexit would force it to reconsider UK presence European stocks seen slightly higher ahead of OPEC meeting Euro zone hits 'historic moment' as it closes eight years of financial support to Greece Trade tensions are the biggest risk for the euro zone, the IMF says With freedom to drive, Saudi Arabia's women could change the economy Taiwan's Foxconn says biggest challenge is US-China trade war Euro zone agrees on debt relief package for Greece Asian shares set to decline, taking cues from Wall Street's losses; OPEC meeting ahead Chevrolet is bringing back the Blazer as a crossover Cramer Remix: It was the hottest group in the market until Red Hat reported SpaceX’s Falcon Heavy rocket wins Air Force certification and a $130 million contract Cramer goes out on a limb in support of chipmaker Micron Okta CEO explains why his cybersecurity company has a leg up on big-name tech giants like Microsoft Cramer: CEO change aside, Intel's stock is too cheap at these levels The head of Amazon's marketplace has lost most of his authority amid internal shake-up Alphabet reportedly may spin out molten-salt project with Bill Gates' $1 billion energy fund Red Hat slides on low guidance Tax automation company soars after Supreme Court decision Why Amazon is the winner of the Supreme Court sales tax ruling

Technology

b8ta lets you try your gadgets before you buy them, in an effort to revive retail

Amid the carnage in brick-and-mortar retail and a juggernaut called Amazon that’s humbling its competition online, one technology start-up has come up with a motto: “Retail isn’t dead, it needs a revival.”

Enter software-powered retailer b8ta, which sells tech products that don’t have an offline retail footprint of their own. b8ta gives a leg up to small technology makers who might not be able to break into big stores, and lets customers test gadgets like smart locks, high-tech skateboards, and connected stove monitors in physical locations.

In the process, b8ta hopes to generate excitement about shopping in traditional retail stores again, and giving unknown brands more exposure.

b8ta was founded in 2015 by Nest alums Vighu Norby, William Mintun and Phillip Raub, and has outlets in San Francisco, Santa Monica, Seattle, and Austin, among others. Since launching in December 2015, the company has opened 11 overall locations.

According to Norby, b8ta’s CEO and founder, the company is trying to alleviate a modern conundrum: Ordering a product and having to pony up the money immediately, without knowing if it does what it claims.

“It’s a really bad experience as a consumer to put down money first,” Norby told CNBC recently. “Sometimes the product takes 18 months to get to market, or never ships,” he said.

While working for Nest, Norby experienced first hand what it was like to work with large retailers. The CEO said that “retail is hurting right now” with many of the best products being launched and sold only online.

In many cases, getting shelf space at all has become difficult and costly. Often, consumers don’t see similar products from smaller (and often cheaper) brands, because the more dominant labels take over much of the displays.

And with many new technology products launching online, customers often purchase a product months before it comes to market — but have no way of knowing if they’ll even like it.

According to Phillip Raub, b8ta’s co-Founder and CMO, the company wants to shift the dynamic. “You can’t change the business model overnight, [but] when you change the model though, it changes behavior.”

Lowe’s b8ta “SmartSpot” lets consumers get a taste of b8ta stores within Lowe’s. Meanwhile, large retailers can dip their toes in the water by partnering with the start-up.

The store lets any company apply and rent space in their retail locations, but they must be ready to ship with functioning products, and not just prototypes.

It’s an important distinction, given that b8ta said 18 percent of the roughly 400 brands they’ve featured have gone under in the past two years — part of the challenge of introducing new consumer technology into an ever-changing market.

The displays are all software driven, and companies can control the content and price themselves. B8ta lets the retailers keep 100 percent of their sales, something that is unique in the retail space. The store sees around 1 million hands-on demos across their locations a month.

Consumers are able to test a gadget before committing to buying it, and make returns in person.

Companies like electric skateboard maker Boosted see the benefits right away, as consumers test products in store and make purchasing decisions on the spot. Recently, Boosted skateboards saw 50 percent of all consumers who tried their product buy it immediately.

The ‘try before you buy’ motif is virtually unheard of with other tech giants that charge hundreds or even thousands for their gadgets (a la Facebook‘s $1500 Oculus or Apple’s pricey new iPhone X). Accordingly, the ability to see it in person can make a big difference in both sales and customer satisfaction.

Source: Tech CNBC
b8ta lets you try your gadgets before you buy them, in an effort to revive retail

Comments are closed.