Dropit Shopping

About Dropit Shopping

Dropit Shopping provides an AI-powered platform for retailers, designed to optimize omnichannel operations by unifying disparate data systems. The company was founded in 2014 by serial entrepreneur Karin Cabili, who conceived the idea after a shopping trip in New York highlighted the inconvenience of carrying multiple bags. Initially launched in London in 2016, Dropit began with a "Handsfree Shopping" service, allowing customers in shopping districts and malls to have their purchases from various stores consolidated and delivered to their homes or hotels. This service allowed users to pay a flat fee to drop off unlimited bags at partner stores.

The company has since evolved its focus to a B2B SaaS model, targeting the underlying operational inefficiencies in retail. Dropit's core offering is now a technology platform that integrates with a retailer's existing systems—such as ERP, OMS, POS, and CRM—without requiring significant capital expenditure. By leveraging machine learning, the platform analyzes historical and real-time data to automate and optimize decisions across inventory allocation, fulfillment, restocking, and returns. This allows brands to have a single, unified view of their inventory across both online and physical stores, turning brick-and-mortar locations into last-mile distribution points. This approach helps retailers reduce excess inventory, minimize waste, and improve fulfillment efficiency by sourcing orders from the location closest to the customer.

Dropit's business model primarily involves a SaaS licensing fee and a low initial setup fee. The company serves retailers and shopping malls across the fashion and consumer electronics sectors in the US, Canada, UK, and Europe. It is also the creator of PRIMARCHÉ, a multi-mall, multi-brand marketplace that consolidates delivery from numerous stores within a mall. Dropit has raised a total of $50 million in funding, with its latest Series C round in November 2022 securing $25 million, led by Vault Investments. The company is supported by a board that includes prominent figures like Terry Lundgren, the former CEO of Macy's.