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business e-commerce Editor's pick Events product Retail Startups technology

Innovation Mansion brings “human factor” to NRF

The Current Global’s Innovation Mansion came to New York last weekend exploring how retail’s future needs to focus on technology and humans working as one.

Attended by c-suite executives from Fortune 500 companies and the world’s leading brands, the experiential activation aligned with NRF’s Big Show event happening this week.

Under the theme of “The Human Factor”, it examined the techniques used by top innovators, showcased rising technologies and explored how tech can deliver personalization, experience and convenience while being increasingly led by emotion.

One of the highlights was a live Innovators podcast recording with retail trailblazer, Ron Johnson, who is best known as the man behind the Apple store and the Genius Bar concept, and then CEO of JC Penney. Today, he is the founder and CEO of Enjoy, an e-commerce company that aims to reinvent the last mile.

Speaking to Current Global’s co-founder and CEO, Liz Bacelar, Johnson discussed the importance of deepening relationships with consumers at every step of the shopping journey. He explained how he believes the future of commerce is mobile retail, and how he is focusing on helping premium brands deliver joy and convenience to the consumer’s home.

Co-founder & CEO of Camp, Ben Kaufman and Co-founder & CEO of Current Global, Liz Bacelar

Meanwhile Ben Kaufman, co-founder and CEO of family store Camp, and former CMO of Buzzfeed, talked on the podcast about how his retail concept is using the winning recipe of merchandise, theatre and experience. Described as the “Speakeasy for kids”, the store brings a fresh perspective to traditional brick-and-mortar, with a rotating schedule of activities and themes, allowing customers to always find something new.

“We find a way to integrate productive retail space into even the big immersive experiential set pieces,” he explained to Bacelar, demonstrating how every square foot of the store is used to its best potential. 

Wrapping up the day was a panel focused on direct-to-consumer brands. It featured sunscreen brand Supergoop!, DTC incubator dtx company and retail concept SHOWFIELDS. The discussion explored how to build a brand for modern consumers, who see no boundaries between physical and digital.

Guests also had the opportunity to explore the latest technologies set to transform your business in 2020 with “The Hot 12” tech exhibit from Current Global, which included everything from smart mirrors to cutting-edge vending machines.

Look out for our Innovators podcast episodes with Enjoy’s Johnson and Camp’s Kaufman, publishing soon. Meanwhile, subscribe here to keep up with the latest episodes.

A special thank you to our content partner Bellwether Culture and partners United Talent Agency and Membrain.

Want to know more about how our technology partners can help you reach your innovation goals? The Current Global is a transformation consultancy driving growth within fashion, luxury and retail. Our mission is to solve challenges and facilitate change. We are thinkers and builders delivering innovative solutions and experiences. Get in touch to learn more.

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business digital snippets e-commerce Events mobile product Retail social media sustainability technology Uncategorized

ICYMI: Retail innovation is failing, Rihanna and LVMH’s deal, ASOS on the future of e-commerce

A round-up of everything you might have missed in relevant fashion, retail and tech industry news over the past week.

TOP STORIES
  • Why retail innovation is failing [BoF]
  • Rihanna and LVMH make a deal and, possibly, history [NYT]
  • Asos CEO on the next e-commerce frontier [BoF]
  • Bloomingdale’s updates the in-store beauty experience with technology, cross-selling experiences and events [Glossy]
  • 3 key takeaways from NRF’s Big Show 2019 [TheCurrent Daily]
TECHNOLOGY
  • Robot delivery dogs deployed by self-driving cars are coming [TechCrunch]
  • Procter & Gamble debut a handheld device that could replace makeup [The Next Web]
  • Google buys $40 million worth of smartwatch tech from Fossil Group [Ars Technica]
SUSTAINABILITY & PURPOSE
  • CFDA launches sustainability resource hub [Fashion United]
  • J.Crew and Cotton Incorporated partner to turn used denim into housing insulation [Sourcing Journal]
  • Americans throw out 10 pieces of clothing a year for not knowing how to care for them [Fashion United]
  • Marks & Spencer to tap into vegan fashion trend [Fashion Network]
  • Sustainable fashion hubs rise in Hong Kong and Taipei [BoF]
  • Tommy Hilfiger to introduce sustainable denim jeans [WWD]
RETAIL & E-COMMERCE
  • American Eagle launches dressing room technology [Retail Dive]
  • Missguided enhances payment options [Fashion United]
  • Net-a-Porter launches ‘try before you buy’ [Drapers]
MARKETING & SOCIAL MEDIA
  • Burberry has the last laugh in Instagram egg battle [Vogue]
  • Walgreens testing in-store coolers with IoT ad displays [Retail Dive]
  • Victoria Beckham amps up direct-to-consumer strategy with focus on editorial content [WWD]
  • Virgil Abloh unveils first men’s campaign for Louis Vuitton [WWD]
PRODUCT
  • Savage x Fenty responds to criticism that they’re selling different styles to straight- and plus-size customers [Teen Vogue]
  • Valentino and Birkenstock collaboration hits Men’s Fashion Week in Paris [Sourcing Journal]
  • Off-White and Mr Porter to launch collaborative capsule collection [Fashion United]
  • SoulCycle is stepping up its retail game with new in-house line of performance activewear [Fashionista]
  • Amazon unveils own-brand makeup line [Fashion Network]
  • The Fenty effect comes to skincare [BoF]
BUSINESS
  • LVMH takes minority stake in Gabriela Hearst [Fashion United]
  • British Fashion Council plumps for The People’s Vote on Brexit [WWD]
CULTURE
  • Catering to Gen Z is a balancing act of activism and selfies [Sourcing Journal]
  • America Vogue apologises for misidentifying Muslim American journalist [BoF]

How are you thinking about innovation? We’re all about finding you the perfect partners to do so. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more. 

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Editor's pick Retail

3 key takeaways from NRF’s Big Show 2019

NRF’s Big Show landed in New York this week and featured innovations across the spectrum increasingly focusing on seamless and personalized experiences.

In this sense, technologies such as artificial intelligence and the use of data are becoming essential tools to serve the customer tomorrow. Conversations on stage echoed the tech on display on the startup floor, looking at how brands are striving to meet those needs.

Data needs to strike a balance

On an exhibition floor stacked with companies that are leveraging data to better serve the customer, conversations naturally turned to how brands can use it successfully but most importantly, responsibly. Following the Facebook and Cambridge Analytica scandal and the new GDPR regulations in Europe, it is incumbent on brands that want to deploy data to be transparent and clear with how they will use it.

From executives at Ralph Lauren, through to smaller names like LA-based accessories label Hammit, tracking behavior can bring enormous benefits, speakers said. From helping choose product assortment to how to better serve customers online, brands shouldn’t be shy about talking to their methods. If the consumer sees they are getting a service that is relevant and saves them time, they will appreciate it, they noted.

For Aaron Sanandres, co-founder and CEO of menswear label UNTUCK.it, the challenge is how to use that data to serve the customer in-store without sounding too intrusive or, in his own words, “creepy”. While online a “Welcome back, Aaron” greeting might seem like a pleasant surprise, in person, the customer might have an entirely adverse reaction, he said. Getting the balance right is tricky: “Doing that in a way that’s inviting and not off-putting is the challenge.”

Physical retail still rules

Retailers and brands are deploying physical retail in increasingly creative and flexible ways, showing naysayers that the channel is far from dead. Arguably one of its biggest cheerleaders is Story founder, and now Macy’s brand experience officer, Rachel Shechtman, who took to the stage with Macy’s CEO Jeff Gennette, to explain how she is thinking like a media company to deliver content – and merchandise – that is relevant to the consumer up-to-the-minute through retail.

For smaller brands, the brick and mortar experience is now an invaluable tool to allow them to become more granular in their approach. While a brand’s retail experience always has to have an overarching layer of consistency, it is by building small moments that are relevant to a specific demographic, at a specific location, that creates a stronger sense of community and loyalty.

For John Frierson, president at LA-based retailer Fred Segal, brands born digitally do this well because they have already worked out all of the kinks of providing a frictionless experience online. They can therefore take a fresh approach when venturing into physical. “When they come down to the real world they are not looking at traditional retail metrics, but rather at storytelling. It then becomes a much more interesting experience,” he said.

Customers and employees sit at equal measure

There is a lot of conversation on how to be customer-centric, but the employee satisfaction piece is more important than ever – both to attract the best talent in an increasingly competitive market, but also to create an internal environment that lives and breathes the company’s mission, speakers commented.

In a conversation about building leadership, Levi’s CEO Chip Bergh believes the company taking a stand is not only important for the consumer it serves, but also because it is what his employees expect of him. CEOs, he said, have the responsibility to themselves and to others to give back.

Brandless founder Tina Sharkey agreed, saying its DNA to be purposeful not only helps repeat customers – wherein those who understand their social mission shop 80% more frequently than those who don’t – but employee retention too. “Employees want to work at a place where they feel they have movement and meaning in their work,” she explained.

Patagonia CEO Rose Marcario noted that while the company’s mission statement is a hugely attractive sell to consumers, it has equal importance to its employees. “You have to inspire the people that work for you into a greater and bigger purpose than themselves, and for us it’s saving the planet.”

How are you thinking about retail innovation? We’re all about finding you the perfect partners for your innovation strategy. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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Editor's pick product technology Uncategorized

Nike taps into fit customization with app-enabled sneakers

Nike has launched a power lacing sneaker that allows users to customize the shoe’s fit through a dedicated app, called Nike Adapt.

The Adapt BB, which is targeting basketball players, uses the brand’s newly developed fit technology, FitAdapt, to adjust the shoe onto the person’s foot and give them the most comfortable and personalized experience. It is inspired, once more, by the self-lacing sneakers in the Back to the Future II movie from the 1980s; a dream that Nike has been chasing ever since.

It works by using pressure sensors to register the foot and activates a tiny motor and gear, which then tightens or, in other words, laces the upper side of the shoe. After it is securely attached to the player’s foot, the fit of the shoe can be adjusted either manually, by pressing a specific area on the sneaker, or by using a designated smartphone app.

For basketball players the sneaker is especially useful as they can adjust the fit of the shoe based on different moments in a game. For example, when the player is taking a time out or has finished the match and their feet are swollen after strenuous activity, the shoe can be loosened for comfort.

“We picked basketball as the first sport for Nike Adapt intentionally because of the demands that athletes put on their shoes,” says Eric Avar, Nike’s VP creative director of innovation. “During a normal basketball game the athlete’s foot changes and the ability to quickly change your fit by loosening your shoe to increase blood flow and then tighten again for performance is a key element that we believe will improve the athlete’s experience.”

Similar to the HyperAdapt 1.0 self-lacing shoe, the first one the brand launched to market in 2016, this model was put through a series of tests including temperature and end of life tests, as well as focus groups featuring professional basketballers.

This is an important phase in the product development of a Nike product, says the brand, as founder Bill Bowerman, an athlete himself, believed fit was the foundation of any athletic performance. “The Nike Adapt BB helps the athlete find their custom fit and provides uncompromising lockdown, feel and traction throughout a game, but we knew it would only be validated once the game’s best players tried it out,” says Avar.

Nike’s future ambition is to bring the FitAdapt technology to other sports and lifestyle products in its portfolio, meeting fit demands that differ depending on context and environment.  

How are you thinking about innovation? We’re all about finding you the perfect partners for your innovation strategy. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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business Editor's pick sustainability Uncategorized

Patagonia is in the business to save the planet, says CEO Rose Marcario?

 

As climate change becomes real, Patagonia is striving to do more good, rather than just less harm, said its CEO, Rose Marcario, at NRF’s Big Show in New York yesterday.

“Patagonia is in the business to save our home planet,” reads the outerwear brand’s updated mission statement.

In the 90s the company’s strategy around sustainability was considered groundbreaking because supply chain wasn’t so much in the consumer’s mind, she adds. But with consumers being more informed than ever and climate change becoming increasingly tangible –  as the recent fires in California have shown – brands should strive to be much more proactive. 

The California-based company has been working on its activism for the past 35 years, but recently it has upped its efforts in speaking up for environmental issues, and supporting its consumers to do the same.

“The reality is we have been proportionally responding to what’s happening,” explains Marcario, rather than making a conscious effort to be louder. For example, it recently donated $10m from tax cuts it received from the Trump administration to environmental causes. It also openly backed two political candidates in Nevada and Montana who had sustainability at the core of their campaigns, and launched the Patagonia Action Works platform, enabling its community to give back locally. 

One could argue that being sustainable is a risky move. Marcario however believes the brand’s success has been a natural evolution, as it started as a catalog company in the 70s and therefore has always had a close relationship with the consumer. “For us it hasn’t been a big risk. We’ve been funding activism for three decades,” she adds, saying that so far the company has given over $100m dollars to grassroots environmental programs, partly because it knows how little funding goes towards environmental NGOs.

The future of the planet is not entirely bleak, however. Although some brands are still nervous to step out of their comfort zones, Marcario believes a lot of them recognize the importance of working together in order to address more transparent supply chains as well as wider activism. For example, Patagonia and 400 other companies recently participated in the Time to Vote campaign, which gave employees time off to vote on the midterm elections in the US. As for climate change, when President Trump pulled the country out of the Paris Climate Agreement, a lot of US companies vouched to remain in.

“Anybody who is running a business recognizes it is important to keep going, and the cautionary tale is: don’t just stop on the first level,” Marcario says. “Keep asking questions and go deeper.”

How are you thinking about sustainability? We’re all about finding you the perfect partners for your sustainability strategy. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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Editor's pick Retail Uncategorized

The future of retail is collaboration, says Story’s Rachel Shechtman

If the future of retail could be summed up in one word, it is collaboration, says Story founder and Macy’s brand experience officer Rachel Schechtman. Speaking at a panel chaired by Macy’s CEO Jeff Gennette at NRF’s Big Show in New York today, Shechtman outlined how she is translating her successful retail concept to the American company 18 months into the new role, with a key focus on curation and scalability.

Working with such a large legacy retailer comes with a different set of challenges, but for Shechtman, it is important to retain the parameters that she applies to her successful NY-based concept, where its theme and product assortment changes every six weeks. Collaboration for her isn’t ever about simply merchandise, but rather strategic partnerships that become part of the storytelling Story has become known for.

When choosing a partner, she asks three questions: will this partner add authority and authenticity to the category in which they exist? Do they create a product that is relevant to a subset of men, women or children? And lastly, do they like them? The latter might sound simple, but when doing things that are pushing the envelope, it is important to have affinity with who you’re working with, she says.

There is no one-size-fits-all mentality to her approach, however, and the most important litmus test is: are customers receiving an experience the they cannot get on their couch? Focusing on strong staff training and visual merchandising allows the retailer to create a story around the product which will undoubtably lure the customer into the physical space, she says.

Shechtman has been attending the Macy’s university, she says, since beginning her new role, understanding how the brand’s culture and DNA affects the retail experience. Her in-house team is focused on three main strategies in order to translate the success that Story has achieved, but at a much wider scale. Firstly, they are looking at how to show up differently for their customers, presented within a Macy’s environment, both by testing and creating new processes. Secondly, engaging with 300+ colleagues within the organization and allowing them to become co-creators of this new experience in order to make it sustainable and scalable in the long run. Lastly is the important piece of partnerships, and how to maintain that value proposition when working with a company that has millions of social followers and store windows all over the country.

With internet democratisation and customer needs changing, collaboration and learning from what other businesses can offer is the way forward, concludes Shechtman. It’s about always thinking strategically about who you work with, and what the end result means for the customer experience.

How are you thinking about retail innovation? We’re all about finding you the perfect partners to do so. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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Editor's pick Events sustainability Uncategorized

Eileen Fisher on sustainability being key to long-term customer loyalty

Customers care about fit and style, but sustainability is an important added bonus that leads to loyalty, said Amy Hall, VP of social consciousness at Eileen Fisher at NRF’s Big Show in New York yesterday.

“If it’s not beautiful and it doesn’t fit them well, we’re not going to make the sale,” adds Hall, who has been with the womenswear label for 25 years. For its clientele, finding out products are made with eco materials in ethical factories is the icing on the cake and helps them attach a much more long lasting value to the brand.

Hall was speaking on a panel about sustainability’s new surge in popularity alongside Eileen Mockus, president and CEO of sustainable home textiles brand Coyuchi and Jason Wachob, founder and CEO of wellness platform mindbodygreen. Mockus agrees that customers are still initially drawn to a great product, and if there is a good story attached to it, it creates a longer term relationship.

The panel also touched on the importance of helping customers create an emotional connection with environmental issues. Customers don’t respond emotionally to a big, abstract issue like climate change, for example, but rather operate from a ‘me first’ mentality, says Wachob. Showing how their consumption habits may impact other human beings down the supply chain, for example, can be much more effective, adds Hall.

Sustainability is having a moment because it not only creates very positive brand associations for the consumer, but from an innovation standpoint, it is leading the charge in the fashion industry. But there are plenty of pitfalls to this booming industry, the panel argues. Hall highlights the certification system, for example, wherein there is a lot of confusion and fraud, which she believes is leading to up to half of certifications being fake or inaccurate.

In an environment where a select group of players are making strides but a much larger group is simply making noise, it is important to know how to focus. Hall suggests that brands should start with one thing, such as changing how a product is shipped, and tick it off their list before working their way up. As consumers become increasingly informed on the issue, so will their demands on how every step of the journey can play an important part in ensuring a more sustainable future.

How are you thinking about sustainability? We’re all about finding you the perfect partners to do so. TheCurrent Global is a consultancy transforming how fashion, beauty and consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

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data technology

Your future in-store loyalty program will be fed by facial recognition

Lolli & Pops is using facial recognition
Lolli & Pops is using facial recognition

Imagine this: You walk into your favorite store and the sales associate welcomes you by name. She or he lets you go about your business, but on-demand shares with you which of their latest products you would most likely be interested in.

Such recommendations, powered by artificial intelligence, are a very familiar experience online these days, but they’re also increasingly being worked towards in the brick and mortar retail world.

A multitude of different technologies lie at the heart of achieving this, but namely it’s a connection between CRM and machine learning, all with that layer of identification placed on top to deliver results for the specific customer in question.

Your mobile device usually plays a key role in making the ID part possible, but facial recognition is another such way.

Lolli & Pops, a candy store based in the US with roughly 50 doors, is one such retailer experimenting with this. A proof of concept called Mobica, which is powered by Intel, was on show at NRF’s Big Show in New York this week. Using computer vision, it’s a facial recognition loyalty scheme designed to drive VIP consumer engagement.

The opt-in experience (shoppers literally have to enrol their face to be a part of it), means anyone entering the store is recognized in real-time by an app the sales associates are using on their tablet devices. From there, they are able to tell the individual’s taste profile, know for instance if they’re allergic to peanuts, and be able to personally recommend great products to them via AI-enhanced analytics accordingly.

“It’s designed for their loyalty shopper, so about wanting to make them feel really special,” Stacey Shulman, Intel’s chief innovation officer for its Retail Solutions Division, told me. “Privacy isn’t an issue because they have such a strong relationship with their customers and are trusted by them already. It all starts with service and a connection to the customer.”

You can easily imagine the same VIP concept being applied at the likes of Sephora for beauty, or even in an apparel merchant.

Other facial recognition technology on show at NRF enabled special, personalized deals to surface on screens in real-time, demonstrated a restaurant that allows customers to pay by face, and also touted broader data collection opportunities around demographics and store-traffic patterns.

It was the customer service piece that felt particularly pertinent however. As Shulman explained: “Technology today needs to not be at the forefront. It needs to be the helper at the back. When done right, it enables people to get back to the customer and back to what’s important. That’s what we see here; it’s not about the facial recognition or the AI, it’s about the experience the customer then has. The differentiator between a brick and mortar store and Amazon today is customer service. We can’t compete on price and selection anymore, so we have to go back to service. If we don’t we will have a problem.”

The Lolli & Pops facial recognition initiative will roll out to stores in the coming weeks, according to Shulman.

 

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data e-commerce technology

Four quick highlights from NRF 2018

NRF 2018
NRF 2018

NRF’s Big Show hit New York once again this week with an expo floor covering every form of technology modern retailers need today*, and big topics of conversation pointing to the future of the industry.

From a topline perspective, focus was on everything from personalization through artificial intelligence, to the need for speed, enabling a frictionless experience as well as the increasing demand for invisibility in technology.

Personalization

Artificial intelligence remains one of the hot terms in the industry today – machine learning, computer vision, natural language processing and chatbots were found left, right and center across NRF. Underlying that in terms of the reason it matters, however, was a focus on personalization for customers. Neiman Marcus’ president and CEO, Karen Katz, talked to the challenge of shifting from being a retailer that nails this in store through the human-to-human experience, and now trying to replicate that in the online world. “Online is where the next level is presenting itself for [service-oriented] personalization,” she said.

Speed

Spencer Fung, CEO of Li & Fung, talked to the idea of the industry shifting from being optimized by cost, to finding competitive advantage in speed. As an industry, the time it takes to get from ideas to stores has only extended by virtue of parts of the supply chain located further and further away. “This cost optimization model in a world where consumers are moving 10x faster is no longer valid. You can no longer make decisions today on what will sell in 40-50 weeks time,” he said. The supply chain of the future, underpinned by new technology, is predicated by speed.

Invisibility

While technology is so central to the NRF scene, the discussion for retailers is increasingly around how to make this invisible for consumers. “The most relevant future innovation platforms are ones that consumers don’t see,” said Levi’s brand president James JC Curleigh. He talked to the idea of complete simplicity on the front end, all the while there’s increasing sophistication behind-the-scenes. Intel’s chief innovation officer, Stacey Shulman, agreed with this point, telling us: “Technology should never be at the forefront from a consumer perspective, it just needs to be the helper at the back. It’s what enables sales associates to get back to the customer and back to what’s important.”

Frictionless

In the context of NRF, the word “omnichannel” is an oft-overused one. This year, however, it was the idea of making retail frictionless that was bandied about more predominantly. Neiman Marcus’ Katz talked to this as being one of the organization’s greatest challenges. Calling it frictionless retail is about having greater scope for every touchpoint, she suggested. Nordstrom’s SVP of customer experience, Shea Jensen, meanwhile, told us her focus is on providing convenience; doing things in the context of continuously solving customer problems.

*Want to know which technologies we deemed most relevant from the show floor? Our team of startup scouts combed through the innovations demonstrated, examining and analyzing those of chief importance to retailers and brands today. Get in touch to find out more.

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business data e-commerce Editor's pick technology

Intel to invest $100m in retail tech anchored by IoT, data-led platform

Intel demonstrated next-generation Internet of Things technology at the 2017 NRF Retail's Big Show
Intel demonstrated next-generation Internet of Things technology at the 2017 NRF Retail’s Big Show

Intel is planning to invest over $100 million in the retail industry over the next five years, it announced at the NRF Retail’s Big Show in New York this week. At the heart of that is the Intel Responsive Retail Platform (RRP), an Internet of Things solution that it says will “take retail to the next era of highly efficient and personalised shopping”.

Through RFID, video, radio and other sensors, it will enable easy, holistic integration, help to deliver a 360-degree viewpoint of retail from the store floor through the supply chain, and deliver real-time, actionable insights, the press release explains.

Intel is looking to transform the industry through this platform – driving operational efficiencies and creating new and exciting customer experiences, both online and offline.

Brian Krzanich, CEO of Intel, said: “The retail platform collects multiple data streams to connect digital and physical environments. With the goals of lowering costs and increasing sales, the platform helps optimally place inventory, deploy employees and other resources, and track inventory – through the supply chain to the store door. It provides in-the-moment information about what customers are buying, what they want and how to manage inventory so it arrives just in time for customers to take it home.”

He added: “Our technologies can see what items are not in their correct location and the up-to-the-minute store inventory, including what’s in the back room. They can even tell what items go in to changing rooms, but never make it to the cash register.”

Data is the critical factor, he explained. “At Intel, we believe that increasingly retailers will be separated by those who have data and use it to grow and optimise the shopping experience, and those who don’t and make their decisions based on ‘experience’ and subjective observations.”

Virtual reality and artificial intelligence features will also become a part of the platform in the near future, Krzanich added. He nodded to Alibaba already empowering customers to use VR to shop from their homes, calling it a potential “game changer” for retail. “The immersive technology is opening doors for retailers to creatively reach new customers and markets,” he explained.

Meanwhile technology like robots and artificial intelligence will free up employees, enabling them to better focus on the customer and improve the store’s performance, he added. “We’re developing technologies that will help transform the shopping experience in the near future. By bringing together virtual reality and the power of data, we’ll help create the store of the future – one that is smart, responsive, connected and secure.”