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
1. 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.
2. 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.
3. 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
1. 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
2. Technology Industry - Technology and AI advancements are enabling the development of next-gen shopping carts, cashier-less stores, and in-aisle payment solutions
3. 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
