In this riveting session at NRF 24, industry leaders converged to unravel the transformative power of artificial intelligence (AI) in reshaping the retail checkout experience. Isabella Ruskin, Public Relations Director at WISEASY, orchestrated the session with finesse, introducing the esteemed panelists: Jon Hsu, CEO of CodePay; Toby Awalt, Vice President of Marketing at Mashgin; and Thea Myhrvold, CEO & Founder of GetBee. Each of the speakers brought a unique perspective, igniting a dialogue that promised to unveil the future of retail checkout.

Jon Hsu, CEO of CodePay, initiated the discussion by providing insights into the transformative potential of AI in revolutionizing the retail shopping and checkout experience. CodePay operates as a payments-as-a-service company with a focus on building a payment gateway and an IoT control system tailored to support the world of the Internet of Things (IoT). Jon highlighted four key areas where AI can drive substantial improvements: consistency in the omni-channel shopping and checkout experience, accuracy and timeliness leading to activation, security of consumer data, and bridging the gap in pricing between online and in-store purchases. Drawing from his perspective as a consumer, Jon articulated the expectations consumers have regarding pricing, inventory management, personalized recommendations, and data security. He stressed the importance of protecting consumer data and ensuring transparent communication regarding product information and pricing. Jon's pragmatic approach and consumer-centric perspective highlighted the need for businesses to embrace AI technologies to remain competitive and meet evolving consumer expectations.

Toby Awalt, from Mashgin, delved into the practical applications of AI, emphasizing efficiency as the linchpin of AI integration at the point of sale. "We're the world's fastest AI-powered self-checkout system," Toby proclaimed. Drawing on real-life examples from sports stadiums to convenience stores, he showcased how AI-enabled systems can skyrocket sales and streamline operations, offering a glimpse into a future where waiting in line becomes a relic of the past. Furthermore, Toby discussed the role of AI not only at the point of sale but also before checkout, referencing a discussion at CES with David McIntosh of Instacart. He highlighted the integration of checkout into the regular shopping process, enabling personalization and upselling opportunities. This integration allows for seamless loyalty point accumulation and assists shoppers in adhering to budgets, whether set by the customer or the retailer, thereby aligning with marketing objectives.

Thea Myhrvold, the innovative force behind GetBee, spotlighted the fusion of AI with live video commerce, heralding a new era of personalized shopping experiences. "Around 70% of customers today research online before they go in-store to purchase," Thea revealed, underscoring the need to bridge the digital and physical realms seamlessly. Through AI-driven personalization and data insights, she championed a customer-centric approach that promises to redefine retail engagement.

As the discussion unfolded, Isabella Ruskin, Public Relations Director of WISEASY steered the conversation towards the operational challenges of deploying AI in retail. Jon Hsu candidly addressed the hurdles of resource allocation, emphasizing the scarcity of computing power amidst surging demand. "Getting enough resources, computing power to power these next-generation applications is going to be a challenge," Jon cautioned, shedding light on the formidable obstacles ahead.

Amidst the complexities, the panelists unanimously championed the human touch as indispensable in an AI-driven landscape. "It's never about machine replacing human," Jon affirmed, echoing a sentiment echoed by his peers. The convergence of AI and human expertise, they argued, holds the key to unlocking unprecedented possibilities in retail.

In a whirlwind of insights and anecdotes, the panelists navigated through the labyrinth of AI's impact on the checkout experience, offering a tantalizing glimpse into a future where seamless, personalized shopping journeys await. As the session drew to a close, Isabella underscored the collective journey towards retail reinvention.