06 Feb - Exploring the Latest Innovations in AI and Retail: Our Insights from NRF
The retail industry is constantly evolving and adapting to new technologies, and AiFi was thrilled to be attending the NRF show to learn about the latest innovations. Below, AiFi’s Head of Global Revenue, Joe Jorczak, shares his key takeaways and predictions for the future of retail.
Our team returned from Retail’s Biggest Show with valuable insights and a renewed excitement for the potential of AI transforming the retail space. This year the NRF was really about the biggest tech trends and the transformative power of AI in the retail industry. The importance of personalization and automation reigned supreme during event sessions and demos, with suppliers presenting solutions covering areas that ranged from automated stock systems and product product management, to store optimization and frictionless checkout, highlighting how AI improves the customer experience and streamlines operations.
AiFi’s Key Highlights from NRF
Verizon 5G Express Shop powered by AiFi
During the event, visitors had the opportunity to see AiFi’s technology in action through our booth with Verizon. The 5G Express Shop powered by AiFi offered visitors the chance to go through the entire frictionless checkout experience and had them complete shopping journeys within minutes.
Zabka Nano Demo powered by AiFi
Through our store demo with Zabka, Poland’s largest autonomous store chain powered by AiFi, retailers learned how they can introduce autonomous shopping into their businesses. The store demonstrated our camera-only technology, which negates the need for costly weight-censored shelves, and how it provides retailers with a scalable, revenue-generating solution at a more affordable cost.
Microsoft Cloud for Retail Solution Partner & Analytics
Another major highlight was the announcement of Smart Store Analytics, a cloud service developed by Microsoft in partnership with AiFi, that empowers retailers with valuable shopper and operational analytics. The new product, presented on the NRF stage, gives retailers using our technology access to insights about how customers shop and enables stores to adjust their planograms, inventory, and promotions.
Key Takeaways and Predictions:
1. Computer vision for retail is quickly gaining traction
Retail stores operating of different sizes and formats are increasingly using computer vision technology to enhance the in-store experience, such as updating product information in real-time, remotely managing planograms, and enabling self-checkout.
2. Machine learning and analytics are driving personalization
Retailers are recognizing the power of machine learning and anlaytics to deliver personalized shopping experiences at scale. Machine learning is allowing retail business to analyze large amounts of customer data and gain insights into their shopping behaviour. With this, retailers are focusing efforts on personalization to build customer loyalty, create a better shopping experience, and boost sales.
3. AI is being used to improve shelf-stocking
Retailers are using AI to optimize supply chain logistics and automate inventory management. Manual processes to check product availability are augmented with AI-enabled resources that dramatically improve retailers understanding of what’s on hand and what’s needed to meet customer demand.
4. Retailers are rethinking the shopping experience
Customers crave the in-person experience, but they want it to be fundamentally different from the old, traditional experience. Customers know they can easily find, purchase, and receive products online and they want the same frictionless experience when they visit physical stores. Retailers are looking at solutions that can help them meet expectations for a fast, accurate, wait-free experience that can be delivered 24/7.
5. Omni-channel retail is finally becoming a reality
Customers know they can easily find, purchase, and receive products online and they want the same frictionless experience when they visit physical stores. Retailers are looking to integrate systems and processes in ways that make the transition between their online and in-store experiences seamless and effortless.
6. Retail transformation is extending to new verticals
Leaders from airports, travel centers, sports, workplaces, campuses, and more are looking to capture learnings from traditional retail and deploy new technologies to modernize the user experience in their locations.
NRF was a great opportunity for AiFi to gain valuable insights from industry leaders, making us more excited than ever to continue to innovate and drive the retail industry forward with AI. If you missed the event, or would like to learn more about our technology, please visit our How It Works page or reach out to our team by requesting a demo.
