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5 Retail Innovation That Is Changing The World in 2021

Retail Innovation is really an important component for Small and Medium Business especially in the time of the pandemic. There is 5 Retail Innovation which going to change the world in 2021.

1. Drones for Inventory Management in Retail Innovation

Drones for Inventory | futureyan | Sankalp Arora

I am Sankalp Arora,

Chief Robotics Engineer and Co-Founder at Gather AI

For physical processes of businesses like Inventory and out of stocks, it is sneaky to digitize that data so that we bring the power of analytics to it and that is what we do at gather AI. We digitize physical inventive at sitting on the shelves and we do that using a fleet of autonomous drones. Our drones are completely official and you can buy them from Best Buy if you want, and our software makes them autonomous without GPS while they take inventory of person.

The drone currently is using computer vision to fly itself, so it uses cameras for localization as well as to detect and take photos of the inventory as it is traveling through the warehouse. I mean each of these photos is detecting cases, detecting barcodes and reading them, and also taking temperature measurements to figure out whether the inventory stale or if it’s a temperature-controlled environment it has gone bad. On average this takes around four points four seconds per pallet location, they are three to eight times faster than doing manual inventory and reduce inventory monitoring time from two months for a cycle count to a week, using one of these drones or in some cases has gone from eight hours to do inventory monitoring using eight people to just using five of these goes to do it in 15. These drones play a significant role for retailers to do better work which possible because of this Retail Innovation.

2. Indoor Farming With Roberts and AI

Mike Zelkind | Indoor Farming  | futureyan

My name is Mike Zelkind

I’m the CEO and co-founder of 80 acres farms.

80 acres farms in an indoor farming company we put farms right next to distribution centers of our customers and we grow food right there we deliver that food, it’s fresh it’s absolutely pesticide-free we deliver to our customers within a day I make put that produce right into their supply chain. Using technology we enable agriculture to produce in climates that otherwise are not susceptible to this kind of growth, so we can grow product in Ohio we can grow it in Norway. We can grow it anywhere in the world the technology is modular, it’s scalable, it does use AI and a lot of other tools to understand how plants grow and to create a perfect environment for that plant to grow. Then we can stress that plan to get the right nutritional value out of it by growing right next to a distribution center next to where the customers are we’re able to start really reducing, plastics reducing, the amount of water-reducing, the waste and the runoffs of pesticides into river streams. It’s just a very sustainable form of farming and it produces incredible high-quality produce. For Retail Farms, it’s really a great innovation of all time.

3. Motivation Games for your Staff

Alison's Zook | Motivation Games | futureyan | Retail Innovation

I am Alison’s Zook

I’m head of Customer Success at Arcade

Everybody has had that experience as a customer where they walk in and an employee is just literally ready to be off their shift. Arcade the whole idea here is that we want to push employees to be more engaged, we’re focused on providing a unified solution or communication and performance management for retailers with this possible because of this retail innovation.

What do we love to do? Is connect stores nationwide bring them together into one unified platform that lets employees engage in their daily incentive in a way that’s engaging and fun that allows them to then win rewards, as they’re achieving goals. So that we are now very clearly articulating the reward behind why we want them to come out from behind the counter engage with that customer and make that sale.

When employees get to work they would just be able to open their arcade app and they would be able to see everything that they missed since their last shift, scroll through the newsfeed see communications firm head office, communications from their store manager, and who’s won the recent contest, contests that they have to compete in and they’d be able to open up their metrics section and see their daily goals for that day. Then as they are achieving those goals they would get real-time feedback whether that’s from the POS system or whatever we’re using to track and then as employees make that progress on a daily basis they’re able to then win those rewards once those goals have been achieved. This retail Innovation helps the employer to be more motivated toward there work and do their job with a smile.

4. AI for the Grocery Store Shelf in Retail Innovation

Praveen Gopalakrishna |  Snap2Inside | futureyan | Retail Innovation

I’m Praveen Gopalakrishna

The Co-founder and CEO of Snap2Inside

We are an AI image recognition company helping retailers and brands win at the shelf. What we have seen by talking to retailers and brands is that store and shelf is the one place that they don’t have data on, they have a good supply chain but once it gets into the store they don’t know what’s happening on the shelf. The big question that we help answer is how do you win at the shelf and We do that by using our AI image recognition technology which converts shelf photos into actionable alerts and insights. Product placement and availability of product to right place always a heavy task for the retailer’s store which problem can be solved by this Retail Innovation.

Our technology can identify every single product facing on that shelf and then we compare it against a plan. Those three products taken out from the shelf are out of stock, you can also alert retailers and brands about which products are out of place, have the wrong number of products on the shelf. We can do this very accurately and very fast we can use pictures that we get from any source, so today we can take pictures from smartphones that employees or the brand reps or crowdsourcing people have, and Tomorrow it’s going to be the world of robotics we can gather pictures from drones and robots that can feed into our platform where we can generate the same insights for brands and retailers. This Retail Innovation helps a lot to the store Retailers to manage every product at the right place.

5. Customer Feedback via Text

 Simon Foster | futureyan | Retail Innovation

My name is Simon Foster

I’m CEO and founder of Chatter Research

How do you measure customer experience because Feedback is important for every company, the answer in retail has been when someone makes a purchase we hand them a paper receipt and we ask them to complete an online survey? Why does it have to be a boring survey? Why can’t it be a lively conversation with the voice of the brand the way of consumer prefers using text message that’s what we do today in stores across the US. We’re purchasers and non-purchasers will engage with the brand via text message to give feedback about the experience they just have. This is because this innovation is really great for Retail.

They learn from this AI-driven conversation about areas of the experience, they never even thought to ask about, you’ll see signage that says hey we’d love to know how we’re doing people will pull out their phones and they’ll just hold them in front of that sign and it’ll pop up a text message saying, we ask you a few questions and you start a quick conversation that you as the consumer are going to leave describing your experience the consumer can say anything they want about the experience and will understand what they’re saying and let the retailer know here’s what matters to your consumers whether we ever thought to ask them the question or not and that’s what’s helping retailers improve the experience.

This is 5 Retail Innovation which going to change the world in 2021, new Retail Innovation develop by time and hope we going to see some more Retail Innovation in upcoming year.

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