Matt Blencowe on LinkedIn: 📢 Want a quick catch-up on the big tech stories this week? Keep reading… (2024)

Sponsored | In the face of a projected 42 per cent surge in retail technology spending, many retailers are scrambling to tap into its potential.However, simply chasing “silver bullet” solutions can be risky and inefficient. Instead, wise retailers prioritise strategic investments with carefully chosen partners, according to Rokt, a specialist in leading AI-powered e-commerce technology. Rokt goes beyond just software, offering a white-glove service, and letting retailers focus on growing their business.Discover more on Inside Retail.

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Retail Tech predictions for 2024The ones that stood out for me were;> Retailers blending in-store and on-line experiences best will have the greatest success and 2024 will see more technology emerge allowing for that approach. More traditionally physical retailers will add solutions that make the store more digital and the primarily on-line retailers will add tools to emulate the in-store experience.> There will be a continuing shift away from foodservice and toward retail grocery. This will come in the form of added fully prepared and easy-to-prepare meals, as well as hospitality-like services. We will also see more restaurants moving into retail both by offering products for sale at their own location and supplying grocery retailers with entrees, sides and more.https://lnkd.in/g2xCMGcu

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The retail sector has continuously evolved throughout history, seeking to enhance customer experience and operational efficiency. In recent years, the rise of the digital age has marked a significant shift, leading to a revolution known as digital transformation. Talk with Chainyard to learn more about the projects we have delivered to our clients globally.https://ow.ly/uiyu50PtBHT#Chainyard #Innovation #DigitalTransformation

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The retail sector has continuously evolved throughout history, seeking to enhance customer experience and operational efficiency. In recent years, the rise of the digital age has marked a significant shift, leading to a revolution known as digital transformation. Talk with Chainyard to learn more about the projects we have delivered to our clients globally.https://ow.ly/jlM450PtBHV#Chainyard #Innovation #DigitalTransformation

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Where Global Retailers should invest :( Take away from world retail congress)1.Prioritising customer convenienceCustomer convenience is front and centre of the technological advances profiled in this report. For example, Żabka is aiming to bring greater convenience using AiFi technology in its Nano checkout-free stores, Carrefour has focused on smart carts and Lazada’s LazMall allows customers to purchase various brands in one place. The word ‘frictionless’ gets thrown around a lot, but global brands are taking significant steps to make customers’ lives easier – and other retailers should learn from these.2.Supply chain transformationFrom Coles digitising its supply chain to Walmart using automation and drones to drive ROI and Ikea doubling up stores as ecommerce fulfilment centres, major retailers are not standing still when it comes to operational efficiency. The Walmart example shows how automated warehouses are generating pay-offs in staffing, with the company anticipating either maintaining or increasing its number of staff due to the new roles automation is creating from increased throughput per person. This then overcomes a challenge often cited by critics. 3.Upgrading store experiencesEnhancing stores to go beyond the transactional is becoming a top focus for many global retailers. Panda, Ikea, Carrefour, JLP, Reliance Retail and Żabka are all making significant financial outlays to better their in-store offerings. The likes of AI, aesthetics and sensory experiences are being developed to go above and beyond, offering an ‘experience’ rather than the standard purchase-and-leave format. 4.Utilising AIOf all the technological advances, harnessing the power of AI is becoming the go-to choice for the world’s leading retailers. Alibaba, Carrefour, Lazada and Zalando have all harnessed progressive tech in order to develop offerings such as ecommerce AI chatbots, enriching brand product sheets and creating virtual fashion assistants. 5.Sustainability innovationConsumer purchasing decisions are progressively being influenced by companies and brands that showcase strong ESG credentials. Moreover, retailers are investing in sustainability because it’s the right thing to do – and they want to bring customers on the journey with them. Tendam, Ikea and Alibaba’s profiles all show how eco-friendly initiatives and innovations mustbe explored for retailers to make tangible progress.

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How Technology Is Raising the Bar on Retail Responsibility and Experience Technology is transforming the retail industry, but it's important to remember that the heart of retail remains customer satisfaction.Retailers must balance innovation with responsibility, and use technology to enhance the customer experience while also protecting their privacy and data.By adopting technology responsibly, retailers can thrive in the ever-evolving market and contribute to a more sustainable and customer-centric future for the industry.

Harnessing Technology in Supermarkets: A Future-Focused Product Management PerspectiveAs product managers, we navigate the confluence of customer needs and technological possibilities, a task that’s critical in retail. Specifically, supermarkets are on the cusp of a tech-led revolution aiming to transform both experiences and operations.Customer convenience is an expectation in today's digital age. Persistent issues such as long queues and tedious checkout processes require tech-driven solutions. Enter cashier-less stores and AI-powered inventory management, redefining the supermarket landscape.Consider the Amazon Go model, an archetype for cashier-less supermarkets. By integrating advanced computer vision, sensor fusion, and deep learning algorithms, they enable 'grab-and-go' shopping. The 'Just Walk Out' technology detects when products are taken or returned to shelves, keeping track in a virtual cart. Upon exit, customers are automatically billed, eliminating queues.Closer to home, UK supermarkets are exploring similar technologies. Sainsbury’s launched its first till-free store in London, allowing customers to pay via smartphones and skip traditional checkout lanes. Tesco Labs, too, is piloting innovative ideas to enhance customer experience.Advancements in AI and data analytics enable operational efficiencies, crucial for the supermarket sector. Real-time tracking of sales data and predictive analytics facilitates dynamic inventory adjustments, preventing stock-outs or overstocking, reducing costs, and increasing customer satisfaction.The growth in marketing technology is noteworthy. Supermarkets use data analytics and machine learning for personalised marketing, refining reach and engagement. Tesco's Clubcard Plus uses consumer data to provide personalised deals, enhancing customer loyalty.However, the digital transformation journey presents challenges around privacy and security. Implementing stringent data protection measures is paramount to maintain customer trust. Plus, it’s crucial to ensure tech compatibility across stores, and training staff to support new technologies.In conclusion, technology promises to revolutionise supermarkets, but a clear, strategic product management approach is key. We should balance technological innovation and enhanced customer experience while keeping an eye on the bottom line. The intersection of technology and supermarkets is ripe for continuous innovation and disruption. Let's embrace the challenge!#cashierlesssupermarkets#checkoutfree#frictionlessshopping#futureofretail#amazongo#technologyinretail#innovationinretail#SainsburysSmartShop

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The retail sector has continuously evolved throughout history, seeking to enhance customer experience and operational efficiency. In recent years, the rise of the digital age has marked a significant shift, leading to a revolution known as digital transformation. Talk with Chainyard to learn more about the projects we have delivered to our clients globally.https://ow.ly/Gk4w50PtBHU#Chainyard #Innovation #DigitalTransformation

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Portuguese grocery retail market leader MC Sonae has joined forces with EDEKA DIGITAL GmbH, Polish convenience market leader Żabka Polska and the largest supermarket operator in Israel, Shufersal in the search for technology that improves their Store Operations, Retail Media and Data & Customer Insights via its initiative Disrupt Retail. Disrupt Retail explicitly mentions the success of Edeka shopowners in combating shelf gaps with the camera-based Captana solution from VusionGroup (formerly: SES-imagotag) as case study. The smart shopping trolley devicesfrom Shopic at Shufersal,Żabka’s scanless stores with AiFi Inc. technologyand the use of generative AI for MC’s customer service with Automaise are also presented in detail as ... read more in our Retail Optimiser ...in German: https://lnkd.in/enPeJGKqin English: https://lnkd.in/e7scsQYJ#retailtechnology #retailinnovation #retailtech #storeoperations

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🔖🛒 Once upon a time, in the ever-evolving realm of retail, a groundbreaking invention emerged - the Barcode! 🏰🌟The tale begins in the early 1970s when the brilliant minds of Joseph Woodland and Bernard Silver envisioned a system that could efficiently capture and store product information. Their invention, known as the barcode, marked the birth of a revolutionary era in retail management. 🚀💡Initially, barcodes found their home in the vast expanses of warehouses, bringing order to the chaos. Each product was adorned with a unique set of black-and-white lines, encoding valuable information within. Warehouse workers rejoiced as they swiftly scanned the barcodes, accurately tracking inventory levels and ensuring smooth operations. 🏭📦As the barcode's potential became evident, it soon found its way onto the shelves of retail stores. The once cumbersome task of manual pricing became a thing of the past. Customers rejoiced as they witnessed the barcode's seamless integration with point-of-sale systems. With a simple scan, prices appeared magically, accelerating the checkout process and reducing human errors. ⚡💰Over time, the barcode evolved from a rarity to a common sight in everyday life. From grocery stores to clothing boutiques, barcodes became ubiquitous companions, simplifying transactions and enhancing inventory management across industries. The retail landscape had been forever transformed. 🌍🛒But the barcode's journey did not stop there. With the advent of e-commerce, it found a new frontier to conquer. As online shopping flourished, barcodes became integral to digital transactions. Customers could effortlessly scan barcodes from the comfort of their homes, adding items to their virtual carts with a mere flick of the wrist. The barcode's adaptability bridged the gap between the physical and virtual realms of retail. 💻📱Looking ahead, the future implications of barcodes are boundless. The continued growth of e-commerce will see barcodes assuming an even more prominent role, facilitating seamless interactions between consumers and their digital shopping experiences. Furthermore, advancements in technology such as augmented reality and smart devices hold the potential to further revolutionize how we interact with barcodes, enhancing the overall retail journey. 🌌🚀#BarcodeRevolution #RetailInnovation #DigitalCommerce #FutureofRetail

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