The customer experience (CX) has always been a quintessential part of the retail sector, but the rapid onset of digital transformation has created a consumer base with new CX demands, the most notable being a seamless CX across all digital platforms, as well as a more unique, personalized CX. This growing necessity to improve their CX offering is leading many retail enterprises to leverage innovative technology in order to reach their desired CX goals.
Among the devices and applications retail organizations are adopting and implementing to enhance their CX, the most prominent is undoubtedly artificial intelligence (AI) and the internet of things (IoT). Both technologies offer a vast array of benefits that can create a smoother, more enjoyable CX for consumers, regardless of the product being sold.
For example, IoT is expected to revamp the retail industry, transforming traditional brick-and-mortar shops into advanced digital stores. IoT is able to connect technologies, including digital signage, on-shelf displays, beacons, and price tickers, providing opportunities for a brand to gain access to a high amount of data on customer activity during in-store shopping.
Furthermore, AI can also offer retail businesses an unprecedented, insightful view into their customers and what drives their decisions. AI software can analyze data points, such as past purchase behaviors, demographic characteristics, and price-point or style preferences, to accurately predict the goods and services most likely to appeal to specific customers. This allows retailers to identify and target new product trends that align most closely with the tastes of defined customer populations.
Overall, both of these technologies are swiftly becoming commonplace in the retail industry. The global IoT in retail market size was valued at $28.14 billion to start of 2022 and is projected to reach $177.90 billion by 2031, growing at a CAGR of 20.3 percent from 2022 to 2031. As for AI, global artificial intelligence in the retail market is expected to grow at a compound annual growth rate of 23.9 percent from 2022 to 2030 to reach $40.74 billion by 2030.
Nonetheless, both of these market values may experience more growth than expected as retail enterprises increasingly seek and adopt AI/IoT-powered solutions to enhance their CX.
Recently, Veea Inc., a provider of integrated smart edge connectivity, communications, and computing for edge and cloud, announced it would be demonstrating the next-gen retail technology developed by TROLLEE, an iFREE company, at the Euroshop Trade Fair in Dusseldorf from February 26-March 2.
TROLLEE P2 is the brand new AI-powered smart shopping cart designed to bring consumers frictionless shopping experiences. Over the last few years, Veea and the TROLLEE team have been collaborating on this breakthrough solution by bringing physical retailers engaging customer experiences and personalized service to build and maintain profitable relationships with their customers.
"This is a revolutionary technology that truly enhances revenue opportunities for the hypermarket retailers. TROLLEE can be fitted to existing shopping cart stock, giving retailers significant cost savings and an immediate rollout that will quickly cover their initial investment," said Soh Wei Hong, CTO of iFREE GROUP. "TROLLEE is driving Martech, Edge AI, Data Intelligence, Smart iOTs, AR Spatial Computing, and Omnichannel to push smart retail technology to the next level."
The TROLLEE solution demonstrator, which will be part of the TROLLEE stand at Euroshop, showcases the potential of the Veea Edge Platform, analytics, and artificial intelligence in transforming the retail customer experience.
The P2 solution makes the shopping experience even more convenient and beneficial to shoppers and generates valuable data for retailers and the brands they represent on their shelves with next-level sensor fusion and artificial intelligence.
TROLLEE P2 can automatically detect items placed in the cart and recognize them within seconds.
TROLLEE P2 has a modular architecture, combining the benefits of standardization with flexibility for retailers. Built with the concept of modularity, combining standardization and flexibility. This latest major release is more precise, interactive, and more stable than earlier versions. The in-store navigation experience of TROLLEE P2 has been leveled up to deliver a journey that entertains consumers and delivers deals on the spot while ensuring shoppers are traceable with highly-accurate locations in real-time.
"Retailers win when they consistently deliver exciting experiences to customers while driving sales of products in their physical stores, supporting brands in disruptive new ways," said Allen Salmasi, Founder and CEO of Veea, Inc. "Together with other retail ecosystem members, we are rolling out extraordinary shopping at the intelligent edge with entertaining, engaging digital services that make the shopper's journey better, while generating valuable data and insights to retailers and brands."
Included with the TROLLEE demonstrator is Veea's AdEdge solution.
Veea AdEdge is an advertising platform that runs at the network edge on the Veea Edge Platform. It supports "just-in-time" advertising experiences for your customers in retail and out-of-home environments.
- Location-based and prospect-based ad serving
- Local, low latency ad content caching and playout
- Instant, context-based coupon serving
- Local, instant ad conversion attribution
- API for Point-of-sale (POS) integration
TROLLEE trials underway in Southeast Asia, China, and Japan are garnering positive feedback from major retailers. One of the region's largest supermarket chains has been collaborating closely in the development of TROLLEE.
"TROLLEE's new product is light years ahead of less personalized and intelligent in-store interactive shopping options, not only making consumers happier, but leveraging data to bring insights to store operators, the brands they carry, distributors and others along the digital supply chain," continued Salmasi.
The Veea team will be at the Euroshop Trade Fair from February 27 – March 2, available for briefings and interviews. Please contact Tom Williams to set up a meeting to learn more and to schedule time with one of Veea's experts.
Arti Loftus is an experienced Information Technology specialist with a demonstrated history of working in the research, writing, and editing industry with many published articles under her belt.Edited by
Erik Linask
