Intelligent shopping. Technology trends in retail

Transcription

1 Intelligent shopping Technology trends in retail

2 Introduction 03 Technologies enabling next gen retail 04 Case study - Walmart 05 Retail 2025: What to look forward to 06 Retail 2025: What to look forward to (contd.) 07 Key players 08 Key players and investments 09 Why BootUP? 10 02

3 Introduction Industries across the world are getting disrupted at an increasing pace due to technology that promises to make consumers lives easier while keeping businesses firmly in the red. Though reports on breakthroughs in artificial intelligence lean towards sensational stories like self-driving cars and AI-equipped players beating their human counterparts in notoriously complex games like Go, one industry that makes less news but has a significant impact on the lives of ordinary individuals due to its increasing use of artificial intelligence is retail. These are just a few ways in which technology has changed the retail experience as we know it: Smart speakers Virtual shopping assistant Grab-and-go retail Amazon s Echo and Google s Home are not just speakers but can help you shop from the comfort of your home. All you need to do is place a voice order mentioning the items you d like to buy, and the speaker places the order with the Amazon s ecommerce site or Google s retail partners, respectively. Virtual assistants like Apple s Siri and Google s Home help shoppers create shopping lists through voice commands, and then check out individual items or entire lists through the connected ecommerce stores. You can even create default shopping lists which can be automatically checked out Physical shopping acquired a new dimension with Amazon Go, Amazon s next generation supermarket, where you can pick up your purchases and walk out without having to stand in a checkout line, and receive an online bill for your purchases, for which you can confirm payment through the registered based on reminders. credit card. 03

4 Technologies enabling next gen retail Artificial Intelligence Deep learning-powered shopping Better predictive and prescriptive models Activity detection for differentiated shopping experiences Personalized promotional deals and loyalty programs Up-to-date product range based on shopping trends Big Data Deep learning-powered shopping Better predictive and prescriptive models Activity detection for differentiated shopping experiences Personalized promotional deals and loyalty programs Up-to-date product range based on shopping trends Chatbots Provide personalized assistance Provide product recommendations Share brand or product updates Provide in-store assistance and navigation Offer promotions based on location Cloud Deep learning-powered shopping Better predictive and prescriptive models Activity detection for differentiated shopping experiences Personalized promotional deals and loyalty programs Up-to-date product range based on shopping trends Internet of Things Deep learning-powered shopping Better predictive and prescriptive models Activity detection for differentiated shopping experiences Personalized promotional deals and loyalty programs Up-to-date product range based on shopping trends Blockchain Deep learning-powered shopping Better predictive and prescriptive models Activity detection for differentiated shopping experiences Personalized promotional deals and loyalty programs Up-to-date product range based on shopping trends 04

5 Case study Walmart - Pushing the limits with technology OVERVIEW Walmart is the undisputed king of offline retailing, with its 11,000 brick and mortar stores. Though titans in the ecommerce space such as Amazon and Alibaba are challenging Walmart s supremacy in the online space, Walmart is aggressively coming out on its own, using bleeding edge technology that includes artificial intelligence (AI), internet of things(iot), big data, robotics, virtual reality (VR) and augmented reality (AR). INITIATIVES Walmart s push for supremacy in online retailing covers various areas, including: Enhancing operational efficiency in stores Using facial recognition and behavioral analysis technologies, Walmart analyzes customer behavior while browsing or while waiting at checkout queues to determine if they are getting frustrated or need help, so it can quickly dispatch assistants to help them out and ensure that customers always have a pleasant shopping experience. Providing a rich blended experience For customers preferring online shopping and picking up their purchases at a convenient Walmart outlet, Walmart offers them the option of completing their purchase online and scanning their purchase receipt at a Pick-up Tower, which is placed at the entrance to the offline store. Within 45 seconds of scanning the purchase receipt, the customers purchases are delivered to them on a conveyor belt. Also, if customers are making pharmacy-related purchases or using Money Services, they can prefill the paperwork needed and finish the purchase transaction in the app, and when they enter the offline store, they can simply pick up their purchases and leave, without having to wait in the checkout queue. Initiatives like these have won the approval and delight of Walmart shoppers. IoT to transform the shopping experience By placing IoT tags/sensors in products, Walmart can monitor the usage routines of customers by product, expiry dates, and defects, and send reminders based on this data to customers so they can replenish products before stocks run out, or know about a product s impending expiry in advance. The vast amount of data gained by Walmart because of monitoring every individual product in this manner, as well as the interactions of the product with other smart devices, such as refrigerators, using Bluetooth and RFID, will give Walmart a strong edge over competitors in understanding and predicting customer preferences and offer them the maximum convenience. 05

6 Retail 2025: What to look forward to The retail industry of 2025 will be a heady blend of high technology and immersive experiences. A retail store will become a destination to experience rather than to just shop in. Micro-level personalization will be possible on a macro scale due to the convergence of big data, IoT, artificial intelligence, AR, VR and robotics. Store associates will evolve into shopper advocates, responsible for the overall experience of the customer. Best of all, technology will enable the new retail experience without interrupting it. Retail trends for 2025 Shared ownership Using 3D printers, customers will design their own products. The opportunity to become co-owners of merchandise will increase. In-store automated manufacturing can enable instant products. Routine purchases becoming fully automated Transactions, including replenishment, of low mind share products such as grocery purchases, will become fully automated and set to each customer s buying patterns. Retail personnel interaction will happen only for high-end complex products like electronics, which will be sold in highly interactive and experiential environments. 06

7 Shopping transformed from an activity into an experience Augmented reality experiences such as touchscreen mirrors that let you virtually try various clothes sizes and options will become common. Concept retail stores, such as House of Vans in London, which has its own underground concrete ramp, mini ramp and street course for avid skaters, will become more popular. A set of personalized experiences that tie in to a central theme, such as Ikea s sleepover shop experience provided to winners of their Facebook contest, which included massages, salons, and choices of mattresses, sheets and pillows for a complete tailor-made experience, can enhance brand perception. Robots and humans work together Retail tasks will be clearly demarcated, wherein humans will be accountable for increasing customer delight with highly personalized interactions, whereas robots will mostly be engaged in purely operational work such as stocking shelves, fetching products, checking inventory, checkout assistance, etc. Robots, though, will also be used in delighting customers by interacting with them through attached interfaces such as tablets, to get to know customer preferences better and guide them towards the right shelves, apart from making them feel welcome through pleasant, if minimal, conversation. 07

8 Key players COMPANY COUNTRY WHAT IT DOES SOLUTIONS SmartCow SmartCow builds hardware architecture that deploys deep learning technology and GPU-accelerated network devices for leading practitioners of Deep Learning, Cybersecurity and IoT, all trending technologies in the retail industry. End-to-end solutions covering feasibility, features, set-up, integration and support. Hardware: Processor, cameras, enclosure, rig, etc. Software: Neural models, code integration, driver support, user interface, etc. Maxerience Maxerience is involved in embedded system and visual intelligence to provide business analytics in the consumer space. Their IPs transform standard vision and detection algorithms to give an accuracy improvement of 3X in dynamic environments. Business analytics solutions in the consumer space using Visual Intelligence and Adaptive Learning. Technologies used include: Machine Learning Embedded Systems Deep Neural Networks Computer Vision Intelligent IoT Parallel Computing FaceMedia FaceMedia implements face and body detection-based technologies to deliver solutions for retail, digital signage, and advertising. It helps customers analyze consumer insights and identify key metrics about visitors of shopping malls. Content Player & Faceboard Analytics & Content Manager Heat maps & flows Automated Customer Satisfaction Score (ACSS) DressLife DressLife enables online shoppers to filter clothing according to their probability of keeping and liking the product (based on an artificial neural network). Size and style prediction Intelligent filtering Data analytics Clothing simulation DigitalBridge DigitalBridge is a magical room visualization tool that allows your customers to see what your home decoration products look like in their room. Their computer vision technology analyzes and generates a 3D space to work from. Survey, a new augmented reality (AR)-based measurement tool, enables customers to renovate their kitchen, bathrooms and bedrooms with ease by quickly, accurately and easily creating a floor plan of the room they want to decorate by simply walking about the room using the app. MapD By pairing a lightning fast, SQL-compliant GPU database with a cutting edge visual analytics engine, MapD allows multi-billion record datasets to be queried and visualized in milliseconds. Business Intelligence Geospatial IoT Log Analytics Social Analytics 08

9 Key players COMPANY COUNTRY WHAT IT DOES SOLUTIONS GoFindAI GoFindAI uses Nvidia s CUDA and GPUs to train deep learning models on over 20 million images from 600+ US-based ecommerce stores. Once trained, the app s intelligence analyzes patterns, structures, styles and other details for recommendations. AI-based image search engine for shopping and media. Features include Pay Per Sale, easy integration, user behavior insights, stock outs monitoring, monetization and social media. Anna, a virtual fashion assistant chatbot that helps you discover your latest fashion statement, search by image or text and get instant responses on your fashion-related queries. Focal Systems Focal Systems deploys patented Computer Vision technology via an easy-to-use tablet mounted on shopping cart handlebars. The tablet helps in real time out of stock detection for retailers, digital advertising for advertisers and deal finding for shoppers. Out of stock detection Indoor location finder Shelf analytics Auto-checkout Computer vision consulting Key investments Venture investing by category Average funding by category Source: Venture Scanner data as of September

10 Why BootUP? Serial Entrepreneurs A majority of the founders working at BootUP are serial entrepreneurs who have built multiple companies and achieved no less than a few exits. The BootUP experience is personal and high-touch, providing the opportunity to interact with seasoned entrepreneurs who have built numerous high-impact startups. Traction-Focus Unlike many Silicon Valley accelerators, BootUP is not a standard 3-month mass production pitch training program followed by a Demo Day to investors. Instead, BootUP has a boutique approach focused on helping more mature startups gain and sustain traction over 6-24 months to generate tangible results. Corporate Innovation BootUP drives innovation for leading corporations by scouting for emerging technologies and by running vertical acceleration programs. This provides opportunities for BootUP startups to do pilots, drive sales, access corporate venture capital funds and potentially become acquired. Global Reach A majority of the founders working at BootUP are serial entrepreneurs who have built multiple companies and achieved no less than a few exits. The BootUP experience is personal and high-touch, providing the opportunity to interact with seasoned entrepreneurs who have built numerous high-impact startups. Network A majority of the founders working at BootUP are serial entrepreneurs who have built multiple companies and achieved no less than a few exits. The BootUP experience is personal and high-touch, providing the opportunity to interact with seasoned entrepreneurs who have built numerous high-impact startups. High-Power Events A majority of the founders working at BootUP are serial entrepreneurs who have built multiple companies and achieved no less than a few exits. The BootUP experience is personal and high-touch, providing the opportunity to interact with seasoned entrepreneurs who have built numerous high-impact startups. Clients 10

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