Retail giant heads list of 10 ‘most innovative’ companies in retail

From an online jeweler that lets customers design their own pieces to a livestream shopping app for buying and selling collectibles, Fast Company’s list of “The Top 10 Most Innovative Retail Companies of 2024” reflects changing nature of retail innovation.

Only one legacy retailer made the list: Walmart. 

Here is a look at Fast Company's Most Innovative Companies in retail for 2024. (Click here for  the full Fast Company story.)

1. Walmart: For meeting customers where they are, even if it’s at home. (The retailer was cited for building a frictionless e-commerce experience for its Walmart+ paid loyalty program, including its Return from Home option that sends employees to members’ homes to pick up items. Also, Fast Company noted that Walmart now has ultrafast delivery drones in 37 hubs across seven states.)
2.  Archive: For making clothing resale as easy as scan and click.  (Launched in 2021, the resale system company works with more than 40 global brands, including The North Face.)
3. Erewhon: For turning a grocery store into a designer brand. (With 10 locations, the  L.A. area health food grocery store chain is a favorite of celebrities and locals alike. Its smoothies, launched in partnership with high-profile celeb influencers, are a huge money maker.)
4. GlossGenius: For giving spa and salon owners the best tools of the trade.  (The company’s platform handles bookings and payments for more than 60,000 salons and spas, generating revenue from both subscriptions and commission on payments.)
5. Babylist: For being a one-stop shop for new parents.  (In 2023, the online baby registry giant opened its first physical store and also expanded its offerings with the launch of Babylist Health, which helps visitors find health and wellness products and services whose purchased can be covered using their health insurance.)
6. Optero: For bringing the returns process right to customers’ doors.  (In 2024, the returns company launched an at-home pickup service which is now available in 40 cities. Optero uses the data it collects on returns to help its retail partners identify which customers are loyal to a store and what their return habits are.)
7. Whatnot: For cornering the market on collectibles and live shopping.  (A livestream shopping app, Whatnot connects buyers and sellers of all sort sof collectibles, from sports cards to comics to sneakers.)
8. Queen of Raw: For finding life in deadstock fabrics. (The company’s marketplace connects sellers of unused fabric with buyers that include factories, retailers and brands.)
9. RetailNext: For giving retailers access to first-party data and preventing theft in real time. (Used by more than 450 retailers, RetailNext, among other things, tracks sales and shoppers via in-store cameras and sensors.)
10. Angara: For turning every customer into a jewelry designer.  (The online jeweler lets customers use an AI-powered tool to design and create unique jewelry pieces within their budget.)

Explore the full 2024 list of Fast Company's Most Innovative Companies, 606 organizations that are reshaping industries and culture.