How Algorithms Are Shaping the Future of Retail

Posted by Tim Ellis on 22 March 2017

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Though it may sound like a revolutionary new science reserved for the realm of science fiction movies, machine learning has a solid basis in reality and is one of the world’s latest disruptive tech trends. The concept is set to transform the way that organisations and individuals operate and, as with all disruptive tech, businesses need to adapt to survive and seize the opportunity to get ahead with this innovation.
 

A clearer picture

The retail sector has long been at the forefront of developing new technology to improve the customer experience. The recent introduction of VR and AR experiences instore proves this and machine learning and data management is no exception.

Retailers can now track the habits of shoppers, through monitoring social media platforms, having visibility of purchase history and harnessing real-time data across an estate that stretches across the country, and even the world. Technology is now available that provides retailers with the opportunity to tap into the power of machine learning algorithms, not only to predict what the next big product innovation might be, but also recommend how many they should order, the price point, where it should be positioned in store and how it should be marketed to customers.

Automated data management and reporting goes a long way in the smooth running of a retail estate day-to-day and is particularly valuable for major fit-out projects. Previously, retailers had to physically visit stores to oversee projects, which was not only costly and time consuming, but ineffective as they could only ever gain a snapshot of one store at a time – especially problematic for expansive retail estates.  


Amplified by Analytics

The data now available to retailers provides an opportunity to optimise all store operations based on the wealth of analytics available. By compiling all store information produced by their initial store survey and then analysing what works and what doesn’t, retailers can navigate these tricky economic times with the confidence that their instore estate is as productive as possible. In turn, this leads to higher profits, happier customers and more time available for staff, as it cuts out unnecessary repairs, maintenance visits and keeps all POP installations up to date and undamaged.  


InSite

Momentum Instore has remained at the forefront of such retail technology following the launch of our InSite app that delivers real-time estate management and provides an instant snapshot of progress on live projects. The best part is that all of this data can be accessed via a smartphone in an instant, allowing retailers to remain agile and make quick decisions to maximise profitability across their estate.

Feedback from clients using the InSite app has highlighted its My Estate feature which stores all of the relevant data from installation projects, giving access to everything that’s going on across the UK at any given time. And it’s not just numbers; images can be uploaded to the app from each store, so project managers can see results as they happen. Not having to travel to every store has proved to be particularly valuable for our retail clients, as they can access a wealth of data wherever they are. 

All of the technology innovation that has been adopted by retailers over the past decade has helped to achieve one very simple thing: visibility. The data that retailers now have at their fingertips has always existed, they’ve just never been able to access it before. Apps like InSite place the power into the hands of retailers, allowing their businesses to prosper while improving the shopping experience for their customers.




Boots

An Installation Case Study

Working with the retail institution that is Boots, Momentum Instore delivered a high volume installation campaign which aimed to make the shopping experience a more pleasurable one.

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