Five Things We Loved About NRF 2024
From the Retail Door to the Showroom Floor
“This year we really see more retailers interested in bringing analytics from the door to the floor. There is much more momentum for more complex in-store analytics use case, an area where Xovis has deep experience,” Anne Wyder, NRF veteran and Xovis’ VP of Channel Sales, said of this year’s event.
Footfall counting is just the tip of the analytics iceberg. Fortunately, more physical retailers are exploring what lies beneath the surface. That’s good news for staff-strapped managers, customers and investors, all of whom stand to benefit from smarter retail.
More market proof behind some of the more complex in-store use cases, those relying on view direction, dwell time and heat map metrics, has made more retailers of varying sizes more comfortable with ROI projections. An in-store analytics solution aligns with brick-and-mortar retailers’ focus on improving the customer experience without inflating operational costs, a balance discussed at length during NRF 2024.
Better Testing Done Faster
“I liked the focus on data-driven iterative testing at this year’s NRF. The transition to fact-based decision-marking is not always easy, but my impression is that many businesses are looking for more KPIs to assist with optimization strategies for in-store layouts, merchandizing and advertisements,” Xovis’ chief product officer Florian Eggenschwiler said.
Category and sub-category optimization are crucial for capitalizing on cross and up-selling opportunities. Retailers relying on gut feeling and POS data risk missing out on insights that could shorten testing periods.
The fastest and most reliable way to understand what is and isn’t working at different parts of a store is to gather objective data about shopper behavior. Understanding how visitors interact with products, shopping areas and in-store marketing helps retailers accelerate optimization strategies.
Less Friction, Less Shrink
“"Friction and shrink are always hot topics in retail, this year at NRF was no different. What was different was the degree of attention given to in-store automation and analytics. For me this really highlights an important evolution in the retail industry, which is happening at the same time companies are on the hunt for smart technology that can help curb organized retail crime." Pascal von Burg, Product Manager Retail at Xovis, said of NRF 2024.
The retail industry continues to lose billions of dollars due to queue abandonment associated with excessive in-store friction and an even bigger amount to theft. Faced with contracting labor pools, more retailers are investing heavily in technology that can reduce wait times and enhance the overall shopping journey. But the push for in-store automation must also address exposure to theft.
Xovis AI-powered sensors respond to these dual needs, by delivering the accurate, real-time data companies need to power automated processes. With precise, objective data about visitor behavior, retailers can improve staff allocation, avoiding excessive wait times, and automate gating areas around self-checkout zones. These are just two examples of sensor-based solutions that can significantly reduce the cost profile of in-store operations and at the same time help in the fight to reduce shrink.
AI Power Up
“AI is on everyone’s radar, including omnichannel retailers. There was a lot of buzz around AI, much more than in years past, and many companies are interested in understanding how these new developments address the everyday challenges they face in their store and supply chain. Talks about Xovis sensors at this year’s event had a much stronger focus on our AI extensions,” Matthew Gialdo, VP North American sales, commented.
Generative AI is a game-changer for the retail industry, a computing revolution that could rapidly transform customer-facing processes. Companies are still exploring which of these solutions have the right fit and staying power to lower costs and improve the customer experience. And that is happening at the same time as broader debates about the role of such technology.
Xovis has a long history of harnessing the power of AI and machine learning to deliver cutting-edge analytics solutions. AI extensions on our 3D sensors provide retailers with rich, real-time insights into visitors' behavior, all within the bounds of privacy rules. The company's sensors may not be able to write a sonnet, but they can deliver reliable KPIs retailers can use to cut costs and increase sales.
Good News Travels Fast
Xovis announced its agreement to acquire the People Sensing business from Germany HELLA Aglaia just days before both companies set up their NRF booths. Xovis was incredibly happy with how news of the acquisition was received by the market.
The two companies will continue to operate independently until closing is completed in three to six months, but NRF meetings with new and existing partners indicate an openness to capitalize on synergies Xovis will capture as a result of the deal.
Committed to staying a market leader in multiple industries, including retail, transportation, airports and building management, Xovis looks forward to exploring the many benefits the People Sensing acquisition will bring to the company and the businesses it serves.
Tags: | retail | NRF 2024 | in-store analytics | KPI | event | tradeshow
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