Retailers build systems to support convenience-oriented checkout
Trend - In recent years cashier-less convenience stores have grown in popularity, and while not all retailers are able to adapt to such developments, some retailers are leveraging components of a similar technology to offer consumers in-aisle checkout. Such payment options enable retailers to provide a more tailored shopping experience for convenience-minded consumers.
Insight - For more routine shopping experiences, many consumers are turning to ecommerce in order to streamline the purchasing of needed goods--like groceries and household items. This shift requires that retailers imitate the seamless transactions available to consumers online--in their in-store experiences. Consumers are more likely to deviate from the growing norm of online shopping if it means that their in-person experiences offer the same level of convenience.
Insight - For more routine shopping experiences, many consumers are turning to ecommerce in order to streamline the purchasing of needed goods--like groceries and household items. This shift requires that retailers imitate the seamless transactions available to consumers online--in their in-store experiences. Consumers are more likely to deviate from the growing norm of online shopping if it means that their in-person experiences offer the same level of convenience.
Workshop Question - Consider how your brand could leverage technology being used in adjacent spaces to better cater to your consumers.
Trend Themes
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In-aisle Payment — Retailers are leveraging components of similar technology to offer consumers in-aisle checkout, enabling a more tailored shopping experience for convenience-minded consumers.
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AI-powered Shopping Carts — AI-powered shopping carts offer shoppers a streamlined shopping experience, including product recommendations and no checkout line, as Caper Smart Carts use deep learning and computer vision to take note of items as they are added.
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Low-cost Cashierless Stores — Lunchbox's small-format cashierless store concept that enables shoppers to scan themselves in, shop and walk out, may carry a lean cost, can be implemented in a matter of weeks, and reduces the need for customers to wait in lines.
Industry Implications
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Retail Industry — Retailers need to imitate the seamless transactions available to consumers online and in-store experiences need to offer the same level of convenience consumers are finding with ecommerce
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Technology Industry — Technology and AI advancements are enabling the development of next-gen shopping carts, cashier-less stores, and in-aisle payment solutions
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Financial Industry — Partnerships with financial institutions like Sberbank and Visa are helping retailers implement checkout-free stores and contactless payment options in more seamless ways
