We are here to start off our inaugural #enterthevolt biweekly Retail & Hospitality newsletter.
We will bring you the latest news in all things tech related in retail.
Along with the start-ups we think you should keep an eye on for the future.
AI 🤖Security 📹 AR 🤝VR 👓Payment Assistance 💰RFID
Start up we have our eyes on – Autonomo
Kicking off volume one we have @autonomo, a company who builds autonomous store software for retailers. They have kicked off their first cashierless organic store in Hamburg, Germany. Customers can walk into a store, pick up their shopping and leave completely contactless, allowing their refined computer vision technology to do all of the work.Â
This technology and format promises no queue times and stores open 24 hours with no staff. Leading to higher profitability, more loyalty, frequency and operation efficiencies.  Â
In recent weeks the company has seen ÂŁ2m funding from investors bringing total investment to ca. ÂŁ3.8 million. Giving Autonomo a platform to launch their plans to revolutionise shopping in the U.K. and western Europe.
Autonomo has already shown success in Germany and its “Computer vision-powered inventory and behavioural recognition capabilities” hope to reduce theft and shrinkage. With theft probably being the main objection to cashierless and contactless stores, if Autonomo can find a way to reduce or better still eradicate theft it would be a huge step for the industry.
Walmart’s Clothes Get An Unspun Makeover
Shoppers are being shown to take into consideration more and more the values of the companies where they shop. With sustainability being a huge factor the retail industry is needing to show they are aligned with to please their shoppers.
@Walmart has just piloted 3D weaving machines that will be producing the labels for their garments.
They have partnered with @Unspun who are a fashion tech company who specialise in 3D printing from garments. In their own words they:
“Start with thousands of individual yarns, and directly weave them into seamless 3D textiles. Think 3D knitting… but 10X faster and 5X cheaper. By skipping entire steps in the conventional cut-and-sew process, Vega™ opens the door to an entirely new world of on-shore and on-demand production for woven apparel.”
“We’re collaborating with unspun on a pilot project to explore how their Vega 3D weaving technology could be used in our supply chain, first applying the technology to create men’s chinos. It’s unspun’s ambition to have 3D weaving machines at microsites across the U.S., with a goal of 350 machines in use by 2030.” – @Andrea Albright, Executive Vice President, Sourcing
Walmart is looking to test the 3D weaving machines into their house brand clothing with the aim to keep production in the country, straight from their factory in Oakland, California.
If successful this could be a huge bid in pushing towards a more sustainable business model and more companies could follow suit.
Physical Stores Still Have Their Place
Recent research by retail innovation company @Outform shed light on fashion and sportswear shoppers habits.
With shoppers today expecting a seamless experience through both online and in-store mediums, retail technology will have to bear this in mind. A lot of shoppers may only use the physical store to try on or actually visualise the item before purchasing online.
@Outform’s research shows 72% of shoppers prefer to use both mediums. This study took into account 1,000 participants’ answers to their survey across the UK, France and Germany.
Here’s a break down of the findings:
For 55% the ability to touch and feel products was important
35% prefer to actually go instore to try on items
With 69% saying they find inspiration for their shopping in-store.
However the biggest take away from the survey is the use of shoppers’ mobile phones when in store. 75% value mobile phones as the most important technology whilst shopping in-store.
“The survey highlights the enduring appeal of physical retail and the role it plays in inspiring shoppers through tactile experiences, but it also shows that today’s fashion and sportswear shoppers are unmistakably mobile first.” @Hannah Abbasi, Head of Insight & Strategy for Outform
However, the survey does show shoppers are open to new technology including AR with 72% saying it is beneficial in helping to visualise the item or style. 60% are likely to use QR codes as they show useful information in an efficient manner. Whilst 73% are likely to use an interactive screen in store.
This information goes to prove technology is continuing to be used by shoppers and they do prefer when they are available. Their go to is still their mobile phones however a shift could be seen if interactivity is introduced correctly.
Check the article here: https://www.retailtechnologyreview.com/articles/2024/03/19/new-research-%E2%80%93-mobile-is-key-for-in-store-fashion-shoppers/
Lily AI Investment Now Totals $62 Million
Another AI focussed company was in the spotlight with LilyAI securing a new $20m investment in their B1 funding round.
@LilyAI being a company that in their own words “enhances shopping experiences by injecting consumer-centric language throughout the retail ecosystem, maximising technology investments”
The company aims to bridge the gap between customer and retail language. Using their AI computer vision, natural language processing, machine and deep learning they are able to make a more human experience for customers.
In this round of investment @LilyAI looks to “accelerate investment in the Company’s customer-centred retail AI platform”
The round of funding led by @Conductive Ventures brought in new investors @Cendana Capital, and @Transform Capital to add to the already existing investors @Canaan, @Sorenson Capital, and @NEA totalling $20m.
In the gap between their previous round of investments Lily AI have seen customers quadruple and so will use this latest round of funding to continue its leadership throughout international markets, work on platform integrations and finally focus on advancing their engineers ability to level up.
With this their investments now total $62m.
“There is tremendous momentum in the market and we are seeing increased demand from retailers looking to leverage proven AI to enhance customer experiences and improve business efficiency,” – @Purva Gupta, Co-founder and Chief Executive Officer
Focusing on improvement and efficiency will only lead Lily AI to see further growth and could be the start of further AI systems to pave the way of the retail industry.