Retail tech innovations design a wholly convenient shopping experience
Implications - Beyond cashless payments and iBeacon systems, in-store tech innovations are emerging that challenge convention regarding all aspects of the shopping experience, in some cases even questioning the need for a point-of-sale interaction at all. In addition to highlighting the consumer focus on reclaiming time whenever possible, this progression speaks to the collective acceptance of the growing role of the Internet of Things in redefining experiences in spaces outside of the home and office spaces.
Workshop Question - When it comes to making a purchase, how can your brand use technology to reduce the steps and simplify the entire process?
Trend Themes
1. Automated Checkout - Technologies that automate the checkout experience, including self-checkout apps, automated fitting rooms, and autonomous and staffless convenience stores, create opportunities for retail businesses to increase efficiency while reducing operating costs.
2. Mobile Checkout - Retailers are looking to cut costs and compete with other discount retailers by introducing mobile checkout options, like Sainsbury's 'SmartShop' and Co-op's 'Frictionless Shopping Experience,' that allow customers to conveniently scan items on their mobile devices, reducing long lines and freeing up valuable retail space.
3. Innovative Storefronts - Stores like the Amazon Go Store, Walmart's 'Check Out with Me,' and Irispay’s self-service store, along with their incorporation of advanced technologies like computer vision and sensor fusion, point to a future in which the retail experience is streamlined and largely automated.
Industry Implications
1. Retail - Retailers will benefit from adopting innovative technologies that automate the checkout experience, introduce mobile checkout options, and revolutionize storefronts, improving efficiency and reducing operating costs.
2. Technology - The development of automated checkout systems and mobile checkout apps points to the continued importance of technology in the retail industry.
3. Consumer Electronics - The incorporation of advanced technologies like computer vision and sensor fusion in automated checkout systems and smart storefronts represents a significant opportunity for consumer electronics businesses working in this area.
10 Featured, 89 Examples:
265,240 Total Clicks
Date Range:
Sep 15 — Mar 18
Trending:
Warm
Consumer Insight Topics:
