To Ricardo SilvaMarketing Director, Reckon.ai
Lisbon, Portugal, November 30, 2022 /PRNewswire/ — I’d like to talk to you about how square meters disrupt the retail sector. When we talk about grocery stores and shops, when we refer to chains like Walmart, Carrefour, Geronimo Martins, etc., we always talk about square meters. There is none.
Sales per square meter is a key performance indicator. Considering the layout of supermarkets, you can see how they are intelligently designed to drive sales. Organize different sections, provoke impulses, move people deeper into the store, and appeal to the senses.
Brick-and-mortar retailers are still as focused on the customer experience as they were in 1985. It is about 10-15% of the store square footage and is not actively generating revenue.
Technology can improve it considerably. A combination of computer vision, sensors and AI algorithms can be used to identify what is being taken off the shelf, check interactions between customers and products, and automate checkout and payment. This retailer was able to effectively eliminate queues, increase customer satisfaction, and capture 15% square footage to sell more products (or lower rent). It’s a UX, marketing, and financial move all rolled into one. Several artificial intelligence providers such as Amazon Just Walk Out, Trigo, and Reckon.ai have proven and continue to develop this technology to improve accuracy, reliability, and user experience.
A store doesn’t have to be big to be practical and convenient. The rise of proximity stores emphasizes the importance of having the right assortment to fit your daily life. Microstores from 2 to 10 square meters (like Reckon.ai) offer an opportunity to deliver a great user experience by focusing on the basics of “I need to buy this product now” .
This concept improves the financial performance of smaller stores with shelves that face passers-by directly and solemnly no real estate dedicated to aisle space. These microstores use technology to provide a fully functional, work-anywhere selling point that upends the traditional understanding of brick-and-mortar stores. And that takes brick-and-mortar retail into an entirely different space.
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