From trailblazing technology for self-checkout systems to new developments for end-to-end Surplus Food Management solutions, this year’s Retail Technology Show exposed us to some incredible innovations that have left us feeling inspired, optimistic, and excited for the near future.
This year, Reapp had the pleasure of exhibiting at this event and were delighted to have the opportunity to network with like-minded industry leaders about our incredible suite of cutting-edge software.
As well as having some great conversations about how we could help attendees make the most of their data, we also gave them the opportunity to spin the Reapp ‘Wheel of Fortune’ and test their luck to see if they could bag themselves one of the amazing Reapp goodies that we had on offer.
When we weren’t talking to attendees about Reapp or being captivated by one of the many talks hosted by the incredible line-up of speakers, we spent our time scoping out the other exhibitors, just to get a sense of who they are and what they’re all about…
After checking out some of our neighbouring exhibitors, we got some inside scoop on who we should be keeping an eye on. In this blog post, we discuss some of the key trends shaping the tech industry and we reveal some of our favourite innovators who stood out to us on the day. We feel that these businesses are really onto something and we can’t wait to see how they grow in the next coming months.You heard it here first – watch this space!
Market trends to watch out for in 2024:
How technology is reviving our everyday lives:
In the coming months, expect to see the increasing advancement of the use of technology in stores. Innovations like smart shelves, electronic labels and RFID technology will start to seamlessly integrate into our everyday shopping experiences and will completely transform the way businesses operate. Smart shelves, embedded with sensors, offer real-time insights into product inventory, enabling quick-time restocking and reducing instances of out-of-stock items. Electronic labels contribute to accurate pricing, guaranteeing customers access to current information like new sale prices. Moreover, RFID technology enhances inventory management by enabling retailers to track products across the supply chain, streamline operations, and optimise stock levels. As these technologies continue to evolve, they’re reshaping the retail landscape, offering enhanced efficiency, accuracy, and convenience for both businesses and consumers.
Additionally, there’s been a lot of talk recently about how tech can play a pivotal role in helping shop staff to fight crime and protect themselves. Many shop workers are now required to wear body cameras to combat shoplifting and violence against staff. Supporting this, Lidl has recently invested 2 million to ensure these cameras are rolled out across their 960 stores in the UK.
The continuous rise of AI, the star of the show:
As expected, the phenomenon of AI will continue to blossom in 2024. Many businesses are now seeing the potential and want to invest. It’s clear that it’s great tool to utilise when it comes to helping us to save valuable time and money.
In late 2023, The Grocer reported that more brands are using artificial intelligence to react more quickly to consumer trends and formulate products. It’s clear that the use of AI will reach new heights and that its set to become more accessible and integrated.
Supporting this, lifestyle retailer Matalan recently announced their recent collaboration with Kin+Carta, introducing a ground-breaking Generative AI (GenAI) tool. The tool, developed using Google’s Vertex AI, enhances online shopping experiences by generating detailed descriptions based on product metadata and imagery. Expected to quadruple productivity, the GenAI tool enriches product information, improving search engine optimisation, conversion rates, and overall efficiency.
Some of the benefits companies can expect by utilising AI includes boosted profitability, elevated customer satisfaction and reduced overstocks. Additionally, AI can assist businesses in better managing their inventory, which can lead to improved profits. The most popular applications of AI include customer service (with many companies utilising the use of chat bots) cybersecurity and fraud management.
Here at Reapp, we reap the benefits of AI by utilising it for our Reapp Insights platform, empowering our customers to answer key questions with precision – solving those frequently asked questions, maximising performance, and boosting sales without a hitch.
Further supporting the fact businesses are now embracing the use of AI, convenience retailer Co-op have recently invested a whopping £200 million in extra security measures. This includes the investment of 200 secure till kiosks, locked cabinets for bottles of spirits and AI technology to monitor self-checkouts.
It’s worth noting that although the focus appears to be on AI as whole it will be important that brands consider the amount of transparency they are providing to consumers, especially with the need to protect privacy in terms of data and intellectual property.
Flourishing Sustainable Technology:
As we become more sustainably conscious as a society, innovations into greener tech are becoming more prevalent. These innovations provide solutions that aim to decrease our environmental impact by utilising renewable energy, reducing waste, and encouraging efficient resource utilisation.
Sustainable technology will remain in the spotlight as brands and businesses strive to fulfil their net-zero goals. Expect to see a rise in businesses that will increasingly begin to utilise technology to reduce their environmental footprint.
Supporting this trend, BearingPoint recently conducted a study which flagged major opportunities for UK retail to become sustainable. They discovered that 85% of major retailers had outlined sustainability as a business driver, with 72% having a roadmap to go beyond minimum compliance.
Datafication on the rise:
Datafication is the practice of turning information into data-driven technology. A great example of this in the retail industry is the use of loyalty card schemes which enable retailers to gain valuable information from their consumers. They can then use this data to learn more about their shopping habits and build a profile of who their consumers are and what they buy. With this data, they are then able to use it in a way that benefits them. This could be through the use of personalised marketing campaigns, making changes in their supply chain management and it will also give them an edge with the ability to predict future industry trends. More recently. Tesco and Sainsbury’s were reported to collect approximately £300m per year from selling their customers’ data through their loyalty card schemes.
3D printing:
The rise of 3D printing is set to play a crucial role in furthering the shift towards digital manufacturing. The increase of 3D printing will also play a part in helping the industry to foster sustainability through the creation of a circular economy and expediting design innovation and optimisation. A key trend in innovation and technology is 3D printing which is used to formulate prototypes.
Our top innovations spotted at the Retail Tech Show:
Following our recent attendance at this year’s Retail Technology Show, we were left wowed by some of the incredible innovations that we had the pleasure to see on the day. In the following section, we share some of the businesses we believe will make waves in the industry. Stay tuned…
Vusion Group:
Vusion Group are global leaders with expertise in the smart digital label field providing retail solutions to over 350 retailers around the world. Their mission is to invent technologies that create a positive impact on society by enabling sustainable and human-centred commerce. If they don’t have you fangirling right now, why not?
With their suite of impressive digital technology, they have the capabilities to help businesses improve their pricing agility, accuracy, and integrity, enable omnichannel synchronisation of prices, product information, and marketing content, and increase the productivity of shelf replenishment and in-store picking for online orders.
Their incredible Captana product wowed us on the day of the tech show. Thanks to their all-powerful mini wireless cameras, they provide retailers with insight into every shelf and product in-store – all without monitoring passing shoppers. Captana gives stores the power to minimise out-of-stock products, reduce food waste and can help to optimise their workforce. As a result, sales grow, and overall customer satisfaction improves.
With a host of clients including Walmart, Monoprix and Jula we know that the future looks very bright for this innovative business.
Check out their website: Technologies for Positive Commerce | VusionGroup
HYPERVSN:
London based, 3D display specialists, HYPERVSN were an easy add to our ‘ones to watch’ list. Renowned for creating highly-disruptive illusions of holograms, their mission is to create unique and engaging experiences that keep customers coming back. From digital avatar creation to interactive holographic displays, these guys are your go-to if you want to wow your consumers. By working with these innovators, brands can expect a 40% increase in viewing and engagement time. How good is that?
Curious? Take a look for yourself: HYPERVSN is a 3D Integrated Holographic System for advertising, digital signage, events.
Dayta Ai:
Dayta AI are pioneers in the SaaS retail analytics field. By harnessing the power of existing camera infrastructure, the company extracts valuable behavioral data from shoppers, transforming it into actionable insights. We were huge fans of their product offering, titled Cyclops – a cutting-edge solution that empowers brick-and-mortar retailers to finely tune their sales strategies, streamline foot traffic management, and enhance operational efficiency. Using Cyclops, retailers can gain insight to the engagement of shoppers, their approximate age and gender and how much time they’re spent in store. Through the seamless integration of Computer Vision and Business Intelligence, Dayta AI is revolutionising the way retailers navigate the dynamic landscape of the retail industry.
For more, visit their website: Dayta AI: The New Era of Shopper Analytics | Cyclops | Retail Analytics Software
The future of retail is indeed bright, thanks to the ingenuity and innovation demonstrated by companies like Vusion Group, Hypervsn, and Dayta AI. The Retail Technology Show provided us with the rare opportunity to explore and uncover the transformative technologies shaping the retail landscape of tomorrow. As time progresses, we’ll be sure to keep a close eye on these big three- we’re exited to see what’s next in store.