'Cheers' was recently unveiled in Singapore's Nanyang Polytechnic (NYP) as a cashless concept store that encourages consumers to 'Shop it Yourself' with a mobile app.
The Cheers location is stocked with a variety of food, drinks and other items that are common to convenience stores, but it sets itself apart by having no assistants or cashiers in-store. Instead, the shop is completely managed by NYP students and monitored by 10 closed-circuit cameras.
To enter the store, consumers use a QR code on the Shop It Yourself app to open the locked portal. After shopping for their desired items, customers may choose to pay in a variety of ways that are completely cashless or even contactless.
What's Driving This Trend
- Unstaffed Convenience Stores
- Opportunity for businesses to implement unstaffed convenience store concepts using mobile app technology.
- Cashless Transactions
- Disruptive innovation opportunity to create cashless payment systems for retail stores.
- Student-managed Stores
- Potential for educational institutions to develop student-managed retail stores as hands-on learning opportunities.
Who This Affects Most
- Retail
- Retailers can explore the implementation of unstaffed convenience store concepts to streamline operations and enhance customer convenience.
- Technology
- Tech companies can develop innovative mobile app solutions for cashless transactions in retail settings.
- Education
- Educational institutions can incorporate student-managed retail stores as practical learning experiences for students in business and retail management programs.
