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Will technology shape the future of the Food Retail Industry?

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Would you believe that with an AI driven solution, a retailer can reduce the shrink problem by an average of 25%

Continue reading to find out how…
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After the impact of the coronavirus outbreak on brick-and-mortar retail, stores have realized that they need to adapt to the new normal and meet the consumers’ increased expectations. One way of doing this is to use technology to create immersive experiences that will encourage consumers back in-store as the unlock phase begins.

Technology can be used in various ways to ease the stringent guidelines and make the shopping experience convenient and safe for customers. In an ever-changing retail environment, grocers and online food retailers are constantly innovating and utilizing technology to ease the consumer shopping journey. They’re also finding ways to use technology to streamline business operations. From smart shelf labels to the use of artificial intelligence, technology is playing a key role in business operations.

With food retailers, the battle is even more challenging because of the perishability angle to it. Every move needs to be well calculated or it can lead to huge losses. Here, technology aids buying decisions, replenishment, forecasting, and store operations for food retailers. There are some global brands that are embracing technology and are already experiencing the benefits. Walmart, for instance, has expanded its use of autonomous robots to search for out-of-stock or misplaced items and missing labels. Farmstead, which is a sustainable digital grocer, uses artificial intelligence to calculate and predict how much food to order from its local sources in order to prevent waste in the supply chain.

Technology Changing the Food Retail Industry

  • Consumer demand for convenience and speed

Trends within the food retail industry including online ordering, mobile pay, curbside pickup, and home delivery are all driving conversations around how to best provide optimum level of service with expedited time and minimal effort to the customer. The latest innovations grabbing headlines is AmazonGo, the cashier-less grocery store that uses smart tracking software to allow shoppers to pick up the items they desire and simply walk out of the store.

  • Technology is helping supermarkets to improve the in-store experience

To truly enhance the shopper experience, retailers are investing in analytics platforms to track the customer journey throughout all touchpoints. This helps retailers to better plan the store layout and increase sales.

Afresh Technologies is one such company that provides AI-powered platform to assist grocery retailers with several challenges that they face.

To know more about their solutions, please have a look at the below video.

They build flexible workflows that store associates instantly recognize, trust, and adopt, paired with powerful AI engines built for the complexity of keeping the food fresh. It is a combined effort of the store team expertise and the AI-driven insights.

(PC – Afresh Technologies)

Wrapping up

The future is here! Supermarkets without cashiers and check-outs, AI driven buying, and robots to search for out-of-stock or misplaced items. The metamorphosis of bricks and mortar stores into technology powered retail centers has begun. Technology will continuously shape the way people shop. So be open to innovation and watch how it can transform your business!

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