Showcasing innovations of 470 companies from 29 countries, EuroCIS 2018 retail technology expo did not disappoint. Held in Düsseldorf, Germany, it was the perfect stage to announce PredictX’s partnership with Epson.
The PredictX-Epson partnership
The PredictX-Epson partnership combines hardware and software to achieve a nuanced, responsive and insightful solution for retail decision-makers.
Using Epson’s quick receipt data-processing Omnilink Merchant Services– we believe we will enable our clients to respond to emerging trends by spotting well-performing stores and categories. Successful campaigns and actions will be measured, notified and thus repeated. Unsuccessful actions can be recognised and improved upon.
“We are very excited to partner with Epson to bring predictive analytics to retailers. Our partnership will enable retailers to gain visibility over sales and operations previously inaccessible due to disconnected systems in the business. Access to intelligence from live receipt data will allow retailers to pre-empt operational inefficiencies and prioritise actions to maximise spend per customer,” said PredictX CEO Keesup Choe.
“I had goosebumps when I saw data come from receipt printer straight to upper-level decision-makers within seconds after the transaction was completed,” said Veryon Technologies CEO Sascha Proksch Gall upon review of the product.
PredictX and Epson’s product is suited for retailers who have large retail chains with little to no real-time visibility into their store operations.
New technologies at EuroCis
PredictX’s and Epson’s product was not the only noteworthy product on show. Augmented Reality (AR), mobile solutions, self-scanning and Artificial Intelligence (AI) made technological innovation the main star of the show.
“The retail technology landscape is always transforming in order to stay ahead of changing consumer behaviour, increasing costs and competitive pressures. Under one roof, EuroCIS presented vendors and technology providers- spoiling the retailer with extensive choices to lead their markets,” said PredictX Senior Product Manager Shobana Balasundaram.
This year’s EuroCIS was all about AR. Smart fitting rooms are a new innovation allowing customers to use AR to see if an item fits before physically trying it on. If it does not fit, a new size can be ordered and delivered to the fitting room.
Technology can be used to enhance the customer experience in other ways. Bot-driven systems allow customers to pick up items and have them delivered in-store. Mobile commerce is becoming a major trend and Point Of Sale (POS) systems need to evolve to support these new channels of commerce.
Technology is not just influencing the customer experience, it is infiltrating every aspect of the industry. This includes retail supply chain, merchandising, supply chain management as well as automated stock management.
POS software was the main product at the expo. As the most dominant vendor segment, there was a large range of software and hardware ranging from self-checkout, e-commerce all the way through to mobile commerce.
A new technology bringing all aspects of merchandising and supply chain in the retail industry together were the Radio Frequency Identity Tags (RFID) allowing retailers to track and manage a single product from the day it is manufactured to the time it is sold. Commonly seen as the plastic tags attached to each item and removed upon point of sale- these devices are not only for security. Using software we can track how long a single item sits in the warehouse, how long it takes to be delivered to the store and how long it sits on the shelf. Decision makers will have full real-time access to how each stock item performs.
“EuroCIS 2018 has illustrated very clearly that information technology has undeniably become a decisive success factor for retail. It enables innovative business models and opens up new opportunities for targeting shoppers,” says Michael Gerling, General Manager of EHI Retail Institute.
Shobana Balasundaram is also aware of growth of the role of technology in the retail business. “Data science and AI has moved from being a privilege for the Tier 1 retail giants to being ever pervasive. They now form an integral part of POS, Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and the like – a significant shift towards software consolidation for retailers, I’d say!”