Retail Asia 2018 RA September.October 2018 (Online) | Page 35

RETAIL TECHNOLOGY
US$25.65 billion by next year with
an estimated value of US$39 billion
by 2021. It is a game changer for the
industry that is becoming increasingly
competitive with e-commerce.
The technology connects the offline
and online aspects of retail; it allows
for speed and convenience that helps
connect consumers at the physical space
with the wealth and accessibility of
information available online.
It replaces the QR Code to become
the latest technology to disrupt the
retail industry. As visuals are easily
recognisable by the human eye,
customers are likely to be more willing to
adopt the technology to interact with a
retail brand. On the contrary, QR codes
themselves do not have much brand
equity.
Through the findings of scanned
data gathered from the interactions using
video and image recognition technology,
retailers can get insights into consumers’
particulars, shopping habits, preferences
and more. The analysis of such data
points will enable retailers to plan and
cater for more strategic and effective
marketing campaigns when it comes to
organising promotions, discounts and
limited time offers to help them gain
quantifiable leads, which ultimately lead
to more sales and increased profits.
Can you share examples of retailers
who are successful with O2O
solutions?
Tan: Koopman Co, a men’s made-to-
measure fashion outlet, recently opened
its store in the heart of Orchard Road
at Orchard Gateway in Singapore. As
part of its opening, a video and image
recognition technology-based mobile
app was made available for customers
to scan the product samples, linings,
cuff templates and collar templates, to
piece up an order in the store and check
the price. Customers were also able to
scan the Koopman Lookbook to get
to the company’s e-commerce store for
more information. Promotions were
also carried out — all customers had
to do was to scan the promo videos or
images to enjoy special promotions. The
campaign resulted in 486 interactions.
In August this year, AIQ signed a
memorandum of understanding with
Singapore’s Nanyang Polytechnic (NYP).
As part of the collaboration, AIQ will
build a video and image recognition
technology-enabled mobile application
for D’Studio, NYP’s retail store run by
its Business students. The
video and image recognition
technology-based mobile
app will enable D’Studio’s
shoppers to scan on-display
store items and collaterals with
their mobile devices, granting
them online access to product
information, promotions and
calls to action. Gamification
features will be included in
future updates to the app so
that shoppers stand a chance
Customers at the Koopman Shirt Bar can scan the
to win prizes via lucky draws
preferred collar and cuff types in-store to get more
and exclusive promotions.
information on the displayed styles.
The technology will
provide D’Studio with
can turn what was once a disadvantage
actionable insights into its shoppers’
against e-commerce into a unique and
shopping habits and preferences so that
curated experience.
it can plan for the right merchandise
The future of experiential technology
mix, discounts and offers to attract
is one that is filled with unlimited
more shoppers, ultimately helping the
potential, as we bear witness to the
store generate quantifiable sales leads
gradual integration of technologies into
and conversions in a mobile-first digital
our daily lives. Enabling video and image
world. In all, there were 623 interactions
recognition will translate any offline
and a total of 303 installations in the
content to online and mobile, creating
past 30 days.
endless possibilities for broadcasters,
publishers, advertisers, retailers and other
How do you see retailers embracing
industries to bring brand messages to
experiential retail in the future?
life, engaging audiences more effectively
Tan: Experiential retail is the answer
and making consumer behaviour
to the challenges posed by the rise of
measurable.
e-commerce and the decline in foot
Other than O2O brand engagement,
traffic at shopping malls. Capitalising a
video and image recognition can also
physical and impressionable presence has
be used for business purposes such
become a central focus of many retailers.
as inventory management, customer
Retailers have to get creative and
relationship management, insurance and
target segments in which e-commerce
healthcare eliminating processes to tackle
cannot go — from pop-up stores,
workflow challenges and help traditional
in-store events such as exhibitions and
businesses adopt innovation amidt a
concerts, F&B options, to high-tech
tight labour market.
displays that incorporate virtual or
As innovators, inventors and
augmented reality. It’s about bringing the
entrepreneurs, we will need to be
offline to online.
steadfast in the uptake and adoption of
By focusing on the human-based
this fantastic new technology which has
and social aspects of shopping, retailers
the potential to bridge offline and online
retail markets for the benefit of both
“Computer vision technology is
transforming the way consumers
communicate and it is crucial for
retailers to embrace technology to
their advantage to stay relevant
and competitive.”
— Marcus Tan, CEO, AIQ
Retail Asia September/October 2018
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