By Andrew Lake, Head of Innovation
Every year at London’s Retail Design Expo some of the retail world’s leading tech companies showcase their latest and greatest innovations, giving the 20,000+ visitors a taste of what the future holds.
In my latest blog post I’ve rounded up my favourite innovations – and the one’s I feel will have the biggest impact on the retail space in year’s to come – to emerge from the two-day event.
Winner of the Innovation Award
Tokinomo’s approach to traditional POS is simple yet highly effective. By incorporating technology behind the product, they have enabled sensory interactions with shoppers through bespoke motion, sound and light. It’s simple: as the shopper approaches the product on the shelf (fitted with the Tokinomo kit) a motion sensor detects them…prompting it to literally come alive with movement, light and sound! See the video below.
A number of multi-national brands have already deployed the Tokinomo in their POS to great effect. Heineken saw a 130% sales increase experience by using Tokinomo for 10 days, while Danone say a 125% increase compared to the previous two weeks.
“It’s not just about the amount of traffic in your stores, but it’s what you do with the traffic that matters most.” A compelling argument proposed by Mystor-E, a software company that enables retailers to increase sales by shifting the online advertising model to brick and mortar stores. By using algorithms and apps on digital screens in the physical store space, the brand works to grab data and use it to convert customers.
June20 lets customers explore, compare and configure products in-aisle by using videos, reviews, expanded content and product offerings beyond what’s available in-store. Customers are then able to transfer information to their mobile device to make an immediate purchase in-aisle or take home for further consideration.
With an aim to introduce a more personalised fitting experience to the footwear industry, Volumental combines 3D scanning technology with AI to give consumers highly personalised footwear recommendations. As well as the personalisation angle this has tremendous health benefits too by enabling customers to actually understand their health, and empower them to select something that fits them.
After realising that brands and retailers are losing billions of dollars in lost sales due to the inability to monitor shelf space, Inspector Cloud detects what goods are on shelves and generates actionable reports within 10-15 seconds. The advanced image recognition system provides accurate and relevant information about products on the shelves and helps brands and retail to improve on-shelf availability, while cutting down on shortages and product wastage.