Highlights from the largest retail meeting in Europe

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Attended by over 1,100 managers and experts, this year’s Retail Summit that took place in Prague from February 3rd till the 5th was by far the most attended and acclaimed.

The Summit’s success can be tied to the understanding that a new ecosystem is emerging, which serves as an opportunity for the retail industry to redefine possibilities that not only benefit retailers but also benefit customers directly.  

Excellent keynotes delivered by industry leaders such as Unilever, BCG and Tesco talked about how the new retail ecosystem is no longer a thing of the future, while exhibits of the latest offerings in retail technology by Adastra Digital supported the hypothesis.   

These offerings focused on two key concepts (below) and stood out at the Summit as innovative and adoptable.  

  1. Digitally transforming salesfloor and inventory management as well as instore marketing practices.    
  2. Providing customers with an immersive and more engaging experience 

Pavel Predota, CTO Adamapp, showcased an advanced monitoring system. Using cameras and cutting-edge software, the system monitors the number of people in the store, identifies high and low traffic areas, and optimizes queue management protocols by analyzing the space around cash registers. 

By leveraging this technology, retailers can optimize the process of salesfloor merchandising and product placement based on insights, such as where customers spend most of the time in the store and which products attract the most attention. 

In association with the monitoring system, Adastra Digital demonstrated a real-time sales analysis software that uses image recognition, sensors, and data analytics to display a robust overview of daily sales in a customizable and interactive dashboard. The software can also identify if an item is placed in the wrong section and provide real-time on-hand inventory count as well. 

Salesfloor optimization, efficient allocation of resources, and data insights are a few of the numerous advantages such technologies bring to the table. However, when it came to enriching customer experience and engagement, Adastra surpassed all expectations with their creative products and offerings.  

“New generations of consumers require new ways of shopping, anytime and anywhere,” Wijnand Jongen (Ecommerce Europe)  

What Adastra calls a “Magic Mirror,” estimates a customer’s age and gender and then communicates personalized offers and recommendations based on preset guidelines. This not only allows brands to engage in targeted advertising but also save thousands in variable costs. Furthermore, a customer can hold any product in front of the mirror to get product details, videos, and much more. Details up to a single word can be specialized based on the customer information’s using cameras and AI while providing customers with an innovative way to engage with products and brands.  

Another notable highlight from this year’s Retail Summit is how Augmented Reality adds a unique value to retail environments. Taking the example of mobile apps developed by Adastra: Customers can simply point their phone’s camera on products and see product videos, specs, and other information. For the case of large retailers and malls, customers can be directed towards a product with the aid of floating chevrons on the screen, which adds simplicity and convenience to the shopping experience.  

The future seems promising, and tech companies are committed to solve new challenges and help organizations increase efficiency and effectiveness.  

Here’s to hoping we see these innovative  technologies in stores soon!  

Special thanks to Blue Events for their excellent article.

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