Building the Future of Retail:
AI, Omnichannel Integration, and Seamless Shopping Experiences
Johanna Hinkle, Senior Manager, Product Management
Toshiba Global Commerce Solutions
Retailers are constantly innovating to combat shrink while prioritizing the consumer experience. The core of this mission includes innovative technologies like A.I., computer vision, and product recognition, each playing a vital role in protecting inventory and enhancing the shopping experience.
A.I.-powered analytics has restructured the approach to loss prevention. Retailers can detect unusual patterns in transactional data which may signal theft or fraud, enabling prompt action and resolution. This proactive stance is complemented by investing in computer vision surveillance. With this technology, stores and customer behavior at checkout can be monitored in real-time, automatically flagging any unusual behavior or unintentional errors for immediate action.
A crucial aspect of this technology is empowering shoppers to correct errors themselves. When customers identify and resolve mistakes during self-checkout, retailers not only foster a sense of trust and control but also improve shrink recovery. By combining advanced security measures with customer-centric solutions, retailers create smoother, more satisfying shopping experiences and contribute to more effective loss prevention. Additionally, A.I.-driven personalization is a core customer engagement strategy. By analyzing customer data, unique recommendations and offers can be provided, enriching the shopping journey and increasing customer loyalty.
Retailers are implementing product recognition technology to accelerate checkout processes and reduce errors at self-service kiosks. This technology is becoming instrumental in maintaining accurate inventory and supply chain records. By minimizing errors, retailers have a more precise understanding of stock levels, preventing potential losses. Integrating these advanced technologies into well-assembled platforms enhances security and optimizes the overall shopping experience. data and intricate analytics, further enhancements in personalization are anticipated, cementing the era of hyper-personalized retail experiences.
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This study was conducted in Fall 2023 as the fourth annual installment of a grocery ecommerce study that Ipsos has conducted since 2020. This study was designed to differentiate between three different fulfillment methods of obtaining grocery orders: In-Store Pick-up, Curbside Pickup and Delivery.
The approach was 2-pronged:
For a full copy of the results or to participate in Ipsos’ next ecommerce study (coming Fall 2024), contact Silvana Daehn at silvana.daehn@ipsos.com.
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At Ipsos Channel Performance, we partner with our clients to understand their shoppers and how they shop. We measure the execution of brand promises. We drive compliance and sales conversion. We improve performance across all sales and service channels – physical, contact center, and digital – and help deliver profitable growth. Learn more.
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Contact: Silvana Daehn
Email: silvana.daehn@ipsos.com.
The spring months painted a complex picture for the retail industry. While consumer spending remained positive overall, the period between March and May was marked by fluctuating trends.
According to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, March saw strong year-over-year growth, fueled by a healthy job market and rising wages. This optimism extended to durable goods, driven by a return to home improvement projects. However, in April we saw a dip likely due to a calendar anomaly, where Easter shifted to March and April had fewer weekend days.
May brought a mixed bag. Overall spending grew, but certain categories like durable goods resumed their decline, possibly due to a combination of factors: seasonal sales cycles, such as post-President's Day discounts, may have satiated demand for certain items, while inflation fears, and high interest rates might have caused consumers to tighten their belts.
One consistent bright spot throughout this period was the continued dominance of non-store retailers like Amazon, with a nearly 2.5% month-over-month growth attributed to the successful Big Spring Sale. This sale, held from March 10-25, drove a 10.6% increase in sales compared to the same period in 2023. Amazon's strategic themed sales events, catering to diverse demographics, proved highly effective. In May, Amazon hosted its Pet Day sale, Summer Beauty Haul sale, and Book Sale, highlighting the growing importance of e-commerce and targeted marketing strategies in retail.
Looking ahead, there's both optimism and caution. Retailers must navigate these shifting tides by remaining nimble and abreast of seasonal and market dynamics.
