Shelfbucks

About Shelfbucks

Shelfbucks, founded in 2012 by Erik McMillan, operated as an in-store merchandising optimization platform targeting the retail sector, specifically consumer packaged goods (CPG) companies and retailers like grocery and drug stores. The company was established to address the significant revenue loss in retail due to ineffective or poorly timed in-store product display promotions. Prior to Shelfbucks, McMillan founded BestFit Mobile, a company that developed mobile applications for international retailers, providing him with relevant experience in the retail technology space.

The core of Shelfbucks' business was its MEASURE platform, a system designed to enhance the effectiveness of in-store marketing. This was achieved by embedding sensors into product displays before they were shipped to stores. These IoT devices tracked the entire lifecycle of a promotional display, from its arrival at a retail location to its setup on the sales floor and eventual recycling. The platform provided real-time data and analytics, enabling clients to monitor display execution, measure the direct impact on sales for specific products and campaigns, and take immediate action to optimize performance. For shoppers, the platform offered engagement through their smartphones, allowing them to access promotional offers, product reviews, and other content at the point of purchase.

The company's business model focused on providing actionable insights to CPGs and retailers to increase sales and reduce excess inventory. Shelfbucks reported that its technology could improve sales by 20 to 30 percent and decrease excess inventory by an average of 20 percent. Revenue was generated by offering this platform to brands and retailers aiming to improve the return on their in-store marketing investments. The company secured significant intellectual property, acquiring a portfolio of 24 patents in 2016 from Goliath Solutions, which covered technologies for measuring display execution, compliance, and performance. Throughout its operation, Shelfbucks raised a total of $27.2 million in funding over several rounds, including a $6.5 million Series A in November 2015 and a $9 million Series B in January 2018. PitchBook data indicates the company ceased operations on October 14, 2021.