Retail 2020 | 5 Technologies that will change the way you shop August 30, 2018 – Posted in: Videos

Transcript

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Retail shopping will change more in the next 10 years than it has in the last 1000 years. Everything will change,
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stores will behave more like websites and websites more like stores.
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The fundamentals of what a store is its purpose and function is already changing
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These are the five biggest technologies that will affect your shopping experience
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Increasingly retailers are using beacons to enhance in-store experiences while simultaneously
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bridging your physical and online experiences
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Beacons are small wireless devices that transmit a continuous radio signal. the signal ID is detected by smart phones
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They send the ID to a cloud server the server can then push targeted content to the device
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Bluetooth Low Energy ble is a technology behind beacons and it provides a device location on a very micro level
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Down to a single stall aisle for instance. This means that if you have opted in
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retailers will be able to gather data
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not only on your movements, but also be able to push content to your device. Say you’re walking past your favorite department store
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and they’re having a sale
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with a beacon nearby your phone could alert you to the sale
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From a retailer’s perspective the data collection aspect of beacons is arguably more important in sales
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They will be able to use the information to better segment customers and advertise accordingly
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Stores like Macy’s and Barneys have already deployed beacons
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Retailers are no longer content to identify us via swipe of a loyalty card at the point of sale
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They want to identify us as soon as we enter the store. The iPhone X has helped to normalize facial recognition and using this technology
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Retailers aim to provide a customized experience. The technology, which uses over
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16,000 reference points on your face, was originally designed to support security and events and international airports by using facial recognition
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Systems retail staff will know what type of products you buy
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and what your average spend is, so they can give more love to higher spenders
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They’ll be able to use software that reads emotion to identify when you are frustrated and notify staff to respond
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of course
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The staff that do respond may not be your typical human employees meet your new robot shopping assistant
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Hello, I am Oshbot, what are you looking for today? Robot assistant technology already exists and can greet you in multiple languages
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They have built-in 3d scanners with image recognition software to identify
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items and navigate the store to guide you to the product
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If you have an out-of-the-box question that is beyond the robot and it can start a video conference with a human
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The robots are not limited to customer interaction and will also move into the supply chain which robot said check stock
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Find pricing errors and items have been this place
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These robots are intelligent enough to navigate existing stores and move around customers
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The data these robots gather is compiled and analyzed to provide improvement recommendations
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Traditional mirrors are out and smart displays are in. Using artificial intelligence,
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virtual reality and gesture recognition technology the mirrors can superimpose clothing over your on-screen image.
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In effect, the mirror becomes a virtual changing room where you can create complete outfits without ever getting undressed
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This technology allows you to see all items even items that are not in stock and try and dozens of different combinations
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To see what the same item would look like in a different color
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Just swipe your hand. You can even share your virtual picture on social media
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So your friends can give you advice before you buy that new jacket.
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OakLabs has a similar product for fitting rooms
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When you walk into a fitting room the mirror comes alive with all the items you have using RFID
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You can request other sizes cuts and colors with the display and an alert is sent to sales staff to deliver the product to you
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using Big Data the sales staff can also bring in additional products that other customers typically buy with those items
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Essentially this brings the ease of online shopping into the tangible world of retail. Retail stores can use this technology
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not just to measure average time in the fitting room, but also which items have the highest conversion rate
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After robot support and interactive displays comes the payment process
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Self-service checkouts have existed for over a decade, paying with your phone or watches newer
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but we will see the rise and fall of this technology
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The future of payments is you walking out of the store with your items automatically being scanned and the total being charged to your account
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Amazon already has shops that identify you as you enter and automatically charge you as you leave. No need to scan any items
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Payment in the future will have no queues no checkouts and no hassles
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Hi everybody, Alex here, come into you from Singapore Airport as I wait to catch my midnight flight home
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I really hope you enjoyed the video. Learning about technology, and how its shaped in the future is something. I really enjoy doing
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If you want to support my channel you can get engaged by leaving a comment give me a thumbs up subscribe
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And sharing just engaging with the channel. Thanks for watching