retail technology
Five Emerging Trends In Retail Technology
Consumers want shopping experiences that feel personal to them, whether they are shopping online or in-store. Retailers are in a race to use technology to match consumer expectations and win more business. With new advancements in technology, retail will continue its state of constant disruption. Most consumers dread having to call a customer service phone number. Instead, 55% of Americans -- and 65% of millennials -- want chatbots involved in the customer service process, especially when it makes the customer service process more efficient.
Retail technology
AI is becoming one of the most popular investments in every business sector. And while it is already being used in certain parts of the retail sector, what else can we do to ensure that AI doesn't just improve the retail sector, but revolutionises it? While there is assistance in various factors such as robots improving in-store customer service, digital assistance in terms of AI means that we've got to ensure that the in-store workers are ready to cope with the workload associated with AI too. Robots work to improve processes in this respect but you've also got to remember that if you are looking to improve productivity that you need the foundation associated with the sheer workload of AI. This is where GPU optimised servers can help as they are specifically designed for AI workloads.
Retail technology
Notonthehighstreet has launched a new iOS app feature which uses machine learning and image recognition to allow customers to shop directly from its Christmas catalogue. Rather than scanning in barcodes, QR codes or having to search for product numbers, users can hold their phone over an image in the catalogue, which then instantly finds the product and makes it available for purchase through the app. "We wanted to better connect our customers offline and online experience," says Richard Zubrik, Chief Technology Officer at Notonthehighstreet. "Discoverability is a key development area for us, so this feature is just one way we're making it easier for our customers to shop with us. We know that people love browsing our catalogue, and many do so while also searching our site through their mobile, this new feature removes the need to hunt down product codes and brings people the perfect thoughtful gift instantly."
Retail technology
UK business investment in new technologies such as quantum computing, blockchain and artificial intelligence is set to jump in the next five years, according to research by the CBI and Accenture. The proportion of firms seeking to invest in quantum computing will increase from 11% today to 32% in five years. The number of those starting to put money into blockchain and other distributed ledger technologies will double from 16% today to 35%. Whilst a third of respondents are also due to begin spending on AI. "These technologies will be used not only to improve customer experience and reduce costs, but open up new frontiers of innovation, from drug discoveries to drone deliveries. As we move from research to reality, investment in quantum computing is set to leap threefold, and could make possible experiments that are currently too costly and impractical," says Felicity Burch, CBI Director of Digital and Innovation.
Retail technology
RTIH rounds up the retail technology startups who have been making waves with major investments. Syte, an Israeli artificial intelligence tech startup that powers visual search for the likes of M&S and boohoo, has raised $21.5 million in a Series B round led by Viola Ventures. Smart grocery cart startup Caper has closed a $10 million Series A led by Lux Capital. The round also saw participation from First Round Capital, Y Combinator, Hardware Club, FundersClub, Sidekick Fund and Red Apple Group. Akeneo, a US-based SaaS venture that provides product information management solutions for omnichannel retailers and brands, has raised $46 million in a funding round led by Summit Partners.
Retail technology
Syte, an Israeli artificial intelligence tech startup that powers visual search for the likes of M&S and boohoo, has raised $21.5 million in a Series B round led by Viola Ventures. This brings its total funding to $30 million. "We have a vision to transform product discovery, and thus the e-commerce experience, for both retailers and consumers. That vision is what has led us since we founded Syte, and it is what continues to lead us as we enter this stage of hyper-growth," says Syte's Co-Founder and CEO, Ofer Fryman. "For us, the validation of our technology and product development has come from our clients, who have selected us to help them stay competitive in the fast-evolving retail industry. With this round we look forward to expanding our product offering in order to support our clients in more aspects of their digital innovation."
Amazon opens 2nd Go store in Seattle to test its self service shop
Amazon has opened a second location for its radical Amazon Go concept store. The store, the second in Amazon's hometown of Seattle, will be a mile away from the original location near the Seattle Central Library at 920 Fifth Ave., and opened at 7 a.m. The new store is slightly smaller than the original, at 1,450 square feet, and won't sell alcohol or staples like milk and bread. Amazon confirmed the new store in a statement, saying'We are excited to bring Amazon Go to 920 5th Avenue in Seattle. The store will open in Fall 2018.' Pictured, the original store It also forgoes an in store kitchen, and will have its fresh food supplied by an Amazon kitchen facility in Seattle. Gianna Puerini, the Amazon vice president who oversees Go, told the Seattle Times she expects a higher portion of office workers among the clientele compared to the first store.
We must ensure new food retail technologies are pathways – not barriers – to better health
Imagine a world where smart pantries sense when you are running out of your favourite food and order more of it, without you lifting a finger. Where intelligent robots roam your supermarket, ever at your service. Where dynamic food pricing changes minute-to-minute depending on the weather outside, or what the store down the road is offering. Amazon workers'refuse' to build tech for US immigration It may sound like a seismic shift in our food retail world, but these technological frontiers are real and the food sector is gearing up in a big way. What is less certain is what impact such changes will have on our health.
Microsoft is building a competitor to Amazon's cashless Go Store
Microsoft is working on technology that would eliminate the need for cashiers and checkout lines in supermarkets. The company is looking to challenge Amazon, which has already opened a checkout-free store in Seattle, called Amazon Go, according to people familiar with the matter. It is believed Microsoft is developing systems to track what shoppers add to their carts or basket as they move around the supermarket. The Redmond-based software giant has shown sample technology to retailers from around the world and is reportedly in talks with Walmart about a potential collaboration. Microsoft is working on technology that would eliminate cashiers and checkout lines from stores. The tech firm is looking to challenge Amazon's automated grocery shop, according to six people familiar with the matter (stock image) Microsoft's technology aims to help retailers keep pace with Amazon Go, a highly automated store that opened to the public in Seattle in January.
Microsoft Takes Aim At Amazon With Push For Checkout-Free Retail
Microsoft Corp is working on technology that would eliminate cashiers and checkout lines from stores, in a nascent challenge to Amazon.com Inc's automated grocery shop, six people familiar with the matter told Reuters. The Redmond, Washington-based software giant is developing systems that track what shoppers add to their carts, the people say. Microsoft has shown sample technology to retailers from around the world and has had talks with Walmart Inc about a potential collaboration, three of the people said. Microsoft's technology aims to help retailers keep pace with Amazon Go, a highly automated store that opened to the public in Seattle in January. Amazon customers scan their smartphones at a turnstile to enter.