Retail TouchPoints - Your Source For The Latest Retail News And Trends - Retail TouchPoints - Retail TouchPoints https://www.retailtouchpoints.com Fri, 23 Feb 2018 22:55:51 -0500 RTP en-gb Glossier Raises $52 Million To ‘Keep Building The Beauty Company Of The Future’ https://www.retailtouchpoints.com/features/financial-news/glossier-raises-52-million-to-keep-building-the-beauty-company-of-the-future https://www.retailtouchpoints.com/features/financial-news/glossier-raises-52-million-to-keep-building-the-beauty-company-of-the-future Glossier Raises $52 Million To ‘Keep Building The Beauty Company Of The Future’

Glossier, a direct-to-consumer beauty brand, has secured $52 million in Series C funding, bringing total venture capital to $86 million. Existing investors IVP and Index Ventures led the round, with participation from existing investors Thrive Capital, Forerunner Ventures and 14W. New investors Imaginary Ventures and Starbucks founder Howard Schultz also joined.

Founder and CEO Emily Weiss sent an email blast this morning to all Glossier subscribers with the headline “Business News (It’s Good),” explaining how the new cash infusion would be used for, “More of the same, really. Just keep building the beauty company of the future: the one you shape.”

Glossier prides itself on building unique personal relationships with every customer through a sense of community. The beauty brand started from Weiss’ personal blog Into The Gloss, which has two million monthly unique visitors and shares beauty tips and interviews with celebrities and fashion influencers. The brand has a huge presence on social media, especially Instagram, where users can view product prices by tapping on an image and interact with the brand.

“We know that our customers are driven by the excitement of finding a new beauty product that they love, through someone they trust,” Weiss said in a statement. “This breadth of human connection and celebration of personal choice is core to who we are, and something we want to further facilitate and develop through new digital products — and, indeed, across all of our customer touch points. We are building a people-first ecosystem, to help and to inspire.”

In 2017, Glossier expanded into Canada and the UK and entered two new product categories. The company also opened offices in London and Montreal after acquiring Dynamo, a Canadian tech agency. Customers can shop the full range of products directly through its web site and at the company's New York showroom. Glossier currently ships to the U.S., Canada and the UK.

The 150-person company doesn’t disclose its revenue numbers, but Glossier tripled year-over-year revenue in 2017.

]]>
feed@retailtouchpoints.com (Glenn Taylor) Financial News Fri, 23 Feb 2018 16:02:35 -0500
Bazaarvoice Acquires AddStructure To Enhance CGC Offerings https://www.retailtouchpoints.com/features/mergers-and-acquisitions/bazaarvoice-acquires-addstructure-to-enhance-cgc-offerings https://www.retailtouchpoints.com/features/mergers-and-acquisitions/bazaarvoice-acquires-addstructure-to-enhance-cgc-offerings

0aabazaarvoiceaddBazaarvoice, a provider of consumer-generated content (CGC), advertising and personalization solutions, has acquired search and discovery e-Commerce applications provider AddStructure for an undisclosed sum. Bazaarvoice intends to strengthen its core CGC offerings of online ratings and reviews and enhance shopper profiles across its network with the acquisition.

The AddStructure platform uses machine learning and natural language processing technology to analyze CGC data, to help extract and summarize product reviews based on key themes and sentiment. The platform will be applied to Bazaarvoice shopper data to deliver new products and future enhancements.

“As consumer behavior continues to evolve, brands and retailers must keep pace with new shopping trends and technologies to deliver engaging and consumer-friendly shopping experiences,” said Gene Austin, CEO of Bazaarvoice in a statement. “AddStructure’s advanced capabilities in natural language processing and machine learning are an incredible addition to our product portfolio and we are excited to partner with the AddStructure team to bring innovative e-Commerce solutions to market and deliver tremendous value to our clients.”

AddStructure’s employees will join the Bazaarvoice product, engineering and client success teams, and will operate out of New York City and Chicago.

]]>
feed@retailtouchpoints.com (Klaudia Tirico) Mergers & Acquisitions Fri, 23 Feb 2018 14:43:20 -0500
Ecrebo Appoints Chief Technology Officer Amid Expansion https://www.retailtouchpoints.com/features/retail-movers-and-shakers/ecrebo-appoints-chief-technology-officer-amid-expansion https://www.retailtouchpoints.com/features/retail-movers-and-shakers/ecrebo-appoints-chief-technology-officer-amid-expansion

0aakelvinclibbon1Ecrebo, a POS marketing platform provider, has appointed Kelvin Clibbon as Chief Technology Officer. In this role, Clibbon will focus on enhancing the OnPoint POS marketing platform.

Clibbon assumes responsibility for expanding the company’s technology team. He will work closely with other members of the executive team to ensure product development aligns with the needs of Ecrebo’s customers and stakeholders, according to a statement.

The hire comes less than a year after Ecrebo secured a £12 million investment, appointed David Buckingham as CEO and officially entered the U.S. market, highlighted by the naming of Mike Grimes as President of Ecrebo USA. In January 2018, Ecrebo launched OnPoint.

Prior to joining Ecrebo, Clibbon was CTO for Lumeon Ltd., a digital health care app provider used by European health care providers. Previously, he led a team of more than 250 engineers as CTO for Powa Technologies, an e-Commerce and mobile payments provider. He also was CTO of Neverfail Group, which was ultimately acquired by Artisan Infrastructure, and has held the role of VP Engineering for Nlyte Software, Centennial Software, Apertio, Intuwave and Content Technologies.

]]>
feed@retailtouchpoints.com (Glenn Taylor) Retail Movers & Shakers Fri, 23 Feb 2018 13:49:26 -0500
Target Unveils New Baby Apparel Subscription Box Service https://www.retailtouchpoints.com/features/news-briefs/target-unveils-new-baby-apparel-subscription-box-service https://www.retailtouchpoints.com/features/news-briefs/target-unveils-new-baby-apparel-subscription-box-service Target Unveils New Baby Apparel Subscription Box Service

Target has introduced a new baby clothing subscription service called the Cat & Jack Baby Outfit Box. The quarterly service is now available on Target’s web site. Customers can also purchase a box as a single order and return any items. 

The service features Target’s Cat & Jack children’s apparel private label, which launched in 2016. Each $40 box comes with six or seven pieces — including bodysuits, leggings, rompers and more — that haven’t yet been released in stores, along with a surprise gift. Each box is available at the start of each season, and includes sizes from newborn to 24 months. 

Target’s subscription service comes at a time when retailers are challenged to stand out against competitors and collect important customer data to deliver unique experiences. Subscription boxes help with both challenges, allowing retailers to gather information on customer’s shopping habits, likes, dislikes and more. 

Subscription services are really resonating with U.S. consumers. In fact, research from Hitwise shows that approximately 5.7 million U.S. consumers are subscription box shoppers, and monthly visits to subscription box companies’ web sites surpassed 40 million visits in January and March 2017. 

]]>
feed@retailtouchpoints.com (Klaudia Tirico) News Briefs Fri, 23 Feb 2018 11:14:08 -0500
How Inventory Turnover Can Affect Your Retail Business https://www.retailtouchpoints.com/features/executive-viewpoints/how-inventory-turnover-can-affect-your-retail-business https://www.retailtouchpoints.com/features/executive-viewpoints/how-inventory-turnover-can-affect-your-retail-business

 

0aaErhan Musaoglu LogiwaInventory turnover is a critical ratio that retailers can use to ensure they are managing their store's inventory and supply chain well. It is one of the crucial KPIs used to measure the overall performance of your business. Put simply, it is how many times during a certain calendar period you sell and replace your entire inventory.

Most small retailers are not thrilled when they find out they have excess inventory. Storage costs, insurance, damage, obsolescence, taxes and loan interest can add up to almost 30% of the cost of our inventory annually! These costs will only continue to rise as your excess inventory numbers climb. This is why inventory management is one of the best investments you can make for your business. When you trim away your excess inventory through inventory management, you leave your business running better than ever. So why is inventory turnover crucial to this process?

What Is Inventory Turnover?

Inventory turnover is the number of times that a retailer sells and replaces its inventory. It is a measure of the rate at which merchandise flows into and out of your store. For example; if a retailer has an annual inventory turnover of eight, it means that they have completely sold out its entire inventory eight times over the whole year. In 2015, Amazon had an annual turnover of eight and Walmart had 7.8, whereas Costco has an inventory turnover of 11.2.

How Do We Calculate Inventory Turnover?

Inventory turnover can be calculated for the entire business as well as by department or item category. Assessing inventory turnover by item category would also be helpful to compare the performance of different items. This is important because not all turnover rates are the same; some items might turn more slowly than others. Consider, for example, that you have an online store where you sell T-shirts. Basic plain T-shirts could have a higher inventory turn than designed T-shirts. After all, people wear basic T-shirts more often, and they need them more than patterned ones.

In order to calculate inventory turnover, we need to know two dollar amounts for the calculated specific period: Cost of Goods Sold (COGS) and Average Inventory.

You can calculate your COGS for a specific period through the below formula:

COGS = Beginning Inventory + Total Purchase - Ending Inventory

These numbers should include the purchase prices for your inventory, and also any additional costs such as shipping, storing, or handling. Make sure to subtract the cost of any scrapped or lost inventory.

You can also calculate COGS by looking at your Profit & Loss Report.

You can calculate your Average Inventory for a specific period through the formula below, or by looking at your Balance Sheet:

Average Inventory = Beginning Inventory + Ending Inventory / 2

Finally, we can calculate Inventory Turnover based on the below formula:

Inventory Turnover = COGS / Average Inventory

If we divide the number of days within the calculated calendar period by the Inventory Turnover Ratio, we will find the average number of days that we held our inventory.

Days Inventory Held = Days in Accounting Period / Inventory Turnover Ratio

An Example For Calculating Inventory Turnover

We will calculate above ratios based on the example numbers. Let’s say that we calculate for our Q3 period:

  • Beginning Inventory: Inventory Amount as of 06/01/2017: $50,000
  • Closing Inventory: Inventory Amount as of 09/30/2017: $60,000
  • Total Purchase Amount within Q3 2017: $120,000
  • Total #Days in Q3: 90 days

Cost of Goods Sold

$50,000 + $120,000 - $60,000

= $110,000

Average Inventory

$50,000 + $60,000 / 2

= $55,000

Inventory Turnover Ratio

$90,000 / $65,000

= 2

Average Days Held in Inventory

90 / 2

= 45

With this example, the retailer held onto their inventory an average of 45 days in a 90-day period. They are turning over about once in 1.5 months. They cycled their entire inventory twice in the overall Q3 period.

How Do You Benchmark Your Inventory Turnover?

Is the above calculated Inventory Turnover a good ratio? That depends on your merchandise, business and sales model. As a retailer, it is important to ask yourself whether your merchandise is turning faster or slower than it was this time last year. One of the best practices for retailers is to compare numbers and results with similar retailers. In other words, if you sell T-shirts, compare your turnover rate with another T-shirt store. The best way to assess your inventory turnover ratio is to compare it to that of other stores in your particular retail niche. If you’d like a guide, you can click here to find your industry segment's benchmark numbers.

Why Inventory Turnover Is So Important

High inventory turnover is key to keeping shelves stocked with fresh products and keeping the cash flowing. After all, cash is king in retail! The most successful retailers purchase inventory, sell it fast, and then repurchase more products for their customers at a high rate.

In general, higher inventory turnover is a good indicator that you're moving merchandise, which should mean that business is good. However, if the turnover becomes too high, sales may be lost. This is because high turnover results in purchasing in small portions and short lead times. If your vendors drop the ball, you may be unprepared and could run out of stock.

Low turnover ties up your capital and eats up your gross profit. In order to get the most out of your inventory, you should settle on a turnover rate that balances customers’ needs with your need to maintain a solid return on investment.

If your Inventory Turnover is lower than the average for the industry, this could indicate that you are not selling inventory efficiently. It could mean that your inventory is backlogged, or you are accumulating inventory faster than you can sell it. A good way to solve for this in the retail industry, for example, is sticking with seasonal or trendy items in order to sell faster.

However, higher-than-average Inventory Turnover doesn’t always mean that you are doing great. It could be a sign of an ineffective sourcing strategy, in which a retailer purchases inventory too often in small quantities. Doing so can drive up the purchase price because of things like unnecessary shipment costs. It can also imply a risk of shortage in your supply chain, leading to inadequate inventory.


 

Erhan Musaoglu is the CEO and co-founder of Logiwa Corp., a supply chain management systems company. He has over 20 years of experience in the warehouse management industry, and has used his experience in industrial engineering and consulting to create multiple companies, including Unitec and IFS. In order to share his knowledge with larger crowds, he has lectured at various universities on e-Commerce supply chains and warehousing. His expertise and leadership in navigating the enterprise and B2B industry has led Logiwa to grow exponentially. He can be followed on Twitter at @ErhanMusaoglu or on LinkedIn.

]]>
feed@retailtouchpoints.com (Erhan Musaoglu, Logiwa) Executive ViewPoints Fri, 23 Feb 2018 07:42:13 -0500
MadaLuxe Group Co-Founder Named CEO https://www.retailtouchpoints.com/features/retail-movers-and-shakers/madaluxe-group-co-founder-named-ceo https://www.retailtouchpoints.com/features/retail-movers-and-shakers/madaluxe-group-co-founder-named-ceo

0aaadamfreedeMadaLuxe Group, a distributor of luxury fashion products, has named Co-Founder and President Adam Freede as CEO. Sandy Sholl, Co-Founder and CEO emeritus of MadaLuxe Groupe, has been named Executive Chairman and will continue to oversee retail, e-Commerce and marketing.

As President, Freede was responsible for driving market demand by forging business deals with global brands and retailers, resulting in the company’s exclusive foothold in the luxury market. Under his leadership, MadaLuxe identified a market opportunity in off-price luxury distribution within the North American wholesale market. Freede later brought off-price luxury directly to consumers through MadaLuxe Timepieces and the MadaLuxe Vault concept, both in-store and online.

In addition to co-founding and formerly serving as CEO of MadaLuxe Group for eight years, Sholl founded several other successful retail and consumer ventures, including Carlen Enterprises, Focus H.K. and Instinct Fashion, and has served as CEO of Haute Hippie.

MadaLuxe Group has signed a lease on a 9,000-square-foot office in New York City, where it will open a showroom this spring. Additionally, MadaLuxe Group has identified a second location in Southern California for its new luxury off-price boutique concept, MadaLuxe Vault. The first MadaLuxe Vault opened in December 2017 in Los Angeles.

]]>
feed@retailtouchpoints.com (Glenn Taylor) Retail Movers & Shakers Thu, 22 Feb 2018 17:30:43 -0500
Woot! Launches Free Shipping For Prime Members https://www.retailtouchpoints.com/features/news-briefs/woot-launches-free-shipping-for-prime-members https://www.retailtouchpoints.com/features/news-briefs/woot-launches-free-shipping-for-prime-members Woot! Launches Free Shipping For Prime Members

Woot!, a daily deal e-Commerce site owned and operated by Amazon, is offering free shipping to Prime members. Members can log into https://www.woot.com/prime with their Amazon Prime account and receive free standard shipping on Woot! orders.

Prime members also receive free express shipping on all Shirt.Woot orders.

The added perk for Prime members is a fit for Woot!, given that Amazon funnels traffic to the site. Roughly one-third of Woot!’s traffic comes from Amazon.com, according to data from SimilarWeb, which also says the site had 16.8 million visits in January 2018.

This is not the first time Amazon has brought one of its subsidiaries into the Prime membership program. In September 2016, Amazon added free audiobooks and podcasts from Audible to its list of Prime perks, and a variety of upgrades and special features for gamers with the launch of Twitch Prime.

]]>
feed@retailtouchpoints.com (Glenn Taylor) News Briefs Thu, 22 Feb 2018 16:30:41 -0500
E-Commerce Chargeback Costs Reach $40 Billion Per Year https://www.retailtouchpoints.com/features/trend-watch/e-commerce-chargeback-costs-reach-40-billion-per-year https://www.retailtouchpoints.com/features/trend-watch/e-commerce-chargeback-costs-reach-40-billion-per-year E-Commerce Chargeback Costs Reach $40 Billion Per Year

Chargebacks, chargeback fraud and expenses related to managing them cost e-Commerce merchants $40 billion per year, according to Chargebacks 911. Retailers are fighting back, but their success rates vary widely by vertical. The State of Chargebacks: 2018 Report, sponsored by Kount and Chargebacks911, showed that 82% of organizations doing business within the card-not-present (CNP) payment space dispute chargebacks.

Overall, when companies dispute chargebacks their win rates are discouraging. Almost half (45%) reported that they were able to reverse chargebacks less than 45% of the time, and only 32% were successful more than 45% of the time (24% of respondents did not know their win rate).

Verticals where organizations are most likely to have win rates higher than 60% include:

  • B2B (26%);
  • Health/beauty (26%); and
  • Home/kitchen/pets/toys (24%).

The merchants most likely to cite win rates below 15% operate in the food/beverage (25%), automotive and power sports (23%), and apparel/accessories/jewelry (22%) categories.

Large gaps remain between the level of chargebacks merchants would like to achieve and their actual rates:

68% of survey respondents aim to keep their chargeback rate at or below 0.5%, but only 47% are able to do so;
40% aim for rates at or below 0.1%, but only 18% achieve this goal.

High Chargeback Rates Threaten Card Processing Privileges

Nearly one-quarter (23%) of survey respondents reported chargeback rates of 1% or higher. Such levels can increase a merchant’s risk of being put into an excessive chargeback program, and ultimately threaten its ability to process credit cards (10% of respondents are currently in excessive chargeback programs).

“Chargebacks within the CNP channel are a growing concern among online merchants,” said Brad Wiskirchen, CEO of Kount in a statement. “This inaugural report was important for the industry to understand the state of the market today, the current challenges that merchants face, and the fraud technology and tactics that they are deploying to combat chargebacks.”

Additional survey results include:

  • Nearly half (48%) of responding organizations point to CNP fraud as the primary source of their chargebacks, and 28% identify the main source as “friendly” fraud, defined as cardholders disputing a charge by filing a claim with the issuing bank rather than contacting the merchant;
  • 45% of organizations use a third-party provider to prevent fraud, but only 21% use a third-party provider to assist them with chargeback presentment (the process merchants use to dispute chargebacks);
  • 39% of respondents use presentment for more than 60% of their chargebacks, and 42% use presentment for less than 30% of disputed chargebacks; and
  • The majority of organizations (88%) employ multiple tools or services for fraud and chargeback prevention.

Participants in the survey included more than 1,000 global respondents representing online, multi-channel and mobile commerce merchants. More than 70% operate in the U.S., and more than half of respondents sell shippable goods online, either exclusively or in addition to digital goods.

Chargebacks, chargeback fraud and expenses related to managing them cost e-Commerce merchants $40 billion per year, according to Chargebacks 911. Retailers are fighting back, but their success rates vary widely by vertical. The State of Chargebacks: 2018 Report, sponsored by Kount and Chargebacks911, showed that 82% of organizations doing business within the card-not-present (CNP) payment space dispute chargebacks.

Overall, when companies dispute chargebacks their win rates are discouraging. Almost half (45%) reported that they were able to reverse chargebacks less than 45% of the time, and only 32% were successful more than 45% of the time (24% of respondents did not know their win rate).

Verticals where organizations are most likely to have win rates higher than 60% include:

·       B2B (26%);

·       Health/beauty (26%); and

·       Home/kitchen/pets/toys (24%).

The merchants most likely to cite win rates below 15% operate in the food/beverage (25%), automotive and power sports (23%), and apparel/accessories/jewelry (22%) categories.

Large gaps remain between the level of chargebacks merchants would like to achieve and their actual rates:

68% of survey respondents aim to keep their chargeback rate at or below 0.5%, but only 47% are able to do so;

40% aim for rates at or below 0.1%, but only 18% achieve this goal.

 

High Chargeback Rates Threaten Card Processing Privileges

Nearly one-quarter (23%) of survey respondents reported chargeback rates of 1% or higher. Such levels can increase a merchant’s risk of being put into an excessive chargeback program, and ultimately threaten its ability to process credit cards (10% of respondents are currently in excessive chargeback programs).

“Chargebacks within the CNP channel are a growing concern among online merchants,” said Brad Wiskirchen, CEO of Kount in a statement. “This inaugural report was important for the industry to understand the state of the market today, the current challenges that merchants face, and the fraud technology and tactics that they are deploying to combat chargebacks.”

Additional survey results include:

·       Nearly half (48%) of responding organizations point to CNP fraud as the primary source of their chargebacks, and 28% identify the main source as “friendly” fraud, defined as cardholders disputing a charge by filing a claim with the issuing bank rather than contacting the merchant;

·       45% of organizations use a third-party provider to prevent fraud, but only 21% use a third-party provider to assist them with chargeback presentment (the process merchants use to dispute chargebacks);

·       39% of respondents represent more than 60% of their chargebacks; 42% represent less than 30% of disputed chargebacks; and

·       The majority of organizations (88%) employ multiple tools or services for fraud and chargeback prevention.

Participants in the survey included more than 1,000 global respondents representing online, multi-channel and mobile commerce merchants. More than 70% operate in the U.S., and more than half of respondents sell shippable goods online, either exclusively or in addition to digital goods.

 

]]>
feed@retailtouchpoints.com (Marie Griffin) Trend Watch Thu, 22 Feb 2018 15:16:04 -0500
Citing ‘Unsustainable’ Debt, Tops Friendly Market Files For Bankruptcy https://www.retailtouchpoints.com/features/news-briefs/citing-unsustainable-debt-tops-friendly-market-files-for-bankruptcy https://www.retailtouchpoints.com/features/news-briefs/citing-unsustainable-debt-tops-friendly-market-files-for-bankruptcy Citing ‘Unsustainable’ Debt, Tops Friendly Market Files For Bankruptcy

Tops Friendly Market, a New York-based chain of grocery stores, has filed for Chapter 11 bankruptcy protection. As of Dec. 30, 2017, the supermarket had $1.18 billion in liabilities, with $977 million in assets, along with an “unsustainable” debt load, according to a court filing.

The supermarket chain is pursuing the financial restructuring in order to eliminate a “substantial portion of debt from the company’s balance sheet,” according to a company statement. As with many retail bankruptcies, Tops blamed challenging market conditions, such as falling food prices and excess competition, along with an inability to invest further capital into the business for its financial position. But Tops did what most companies have not done: specifically pointing at Amazon as the culprit.

The Amazon name drop is peculiar. While the e-Commerce giant surely made a splash with its Whole Foods acquisition, other competitors, namely Walmart, have made a bigger impact on brick-and-mortar grocery in recent years. In particular, regional grocers such as Tops have felt squeezed between deep discounters such as Aldi and Lidl at the low end and specialty chains such as Wegmans Food Markets and Trader Joe’s at the high end.

In the filing, Chief Restructuring Officer Michael Buenzow said the 2007 purchase of Tops by Morgan Stanley’s private equity arm and subsequent transactions saddled the company with its present debt. A group of Tops managers led a buyout of the grocer in 2013, purchasing ownership in the Tops holding company from Morgan Stanley.

The restructuring will have no impact on day-to-day operations. All 169 of its stores in New York, Pennsylvania and Vermont will remain open throughout the process.

Tops said it has lined up a combined $265 million of debtor-in-possession (DIP) financing to help operate during the reorganization process, and is in constructive talks with some bondholders.

The Chapter 11 filing coincides with the possibility of another grocery bankruptcy. BI-LO, the operator of the BI-LO and Winn-Dixie supermarket chains, is preparing for a potential third bankruptcy filing as soon as March, according to Bloomberg. The retailer is planning to shutter nearly 200 stores as part of the move — either before or after the filing. Like Tops Markets, Bi-Lo is saddled with debt from a private equity acquisition. In this case, Bi-Lo has more than $1 billion in debt following its 2005 buyout by Lone Star Funds.

]]>
feed@retailtouchpoints.com (Glenn Taylor) News Briefs Thu, 22 Feb 2018 13:59:51 -0500
Report: Amazon Go Will Add Up To 6 More Locations This Year https://www.retailtouchpoints.com/features/news-briefs/report-amazon-go-will-add-up-to-6-more-locations-this-year https://www.retailtouchpoints.com/features/news-briefs/report-amazon-go-will-add-up-to-6-more-locations-this-year Report: Amazon Go Will Add Up To 6 More Locations This Year

Although it took more than a year for Amazon to open its cashierless, checkout-free brick-and-mortar store to the public, the company is already confident enough to expand the “Amazon Go” project to as many as six more locations this year, according to Recode.

Some of the new stores are likely to open in Seattle, home of the first Go location and Amazon’s headquarters, as well as Los Angeles, the report said. It’s not clear if Amazon will open Go stores in any other cities this year.

In Los Angeles, Amazon has reportedly held “serious” talks with billionaire developer Rick Caruso about bringing a Go store to The Grove, his 600,000-square-foot outdoor shopping locale. Los Angeles already is playing a big role in Amazon’s ongoing expansion: the e-Commerce giant is launching its “Shipping With Amazon (SWA)” delivery service in the city before expanding it elsewhere.

The Seattle Amazon Go store mostly sells fresh food items, including the company’s exclusive meal kits. Once a shopper steps inside, the store’s “Just Walk Out” technology — a combination of sensors, computer vision and deep learning — detects what items have been taken off and returned to shelves, keeping track inside a virtual cart. Once finished, shoppers leave the store and are automatically charged on their Amazon accounts.The store uses a variety of scanning technologies and algorithms to monitor patrons and verify purchases.

Though there are no cashiers, the Amazon Go store employs workers who prepare fresh food and meals in an exposed kitchen, as well as a greeter at the entrance and an ID checker at the beer and wine section.

Despite the report, there is still no sign that Amazon intends to introduce this technology into its Whole Foods stores in the near future.

Store No. 8, Walmart’s startup incubator, also is testing a technology-heavy store experience dubbed “Project Kepler” that uses computer vision and cashier-free checkouts similar to the “Just Walk Out” technology.

]]>
feed@retailtouchpoints.com (Glenn Taylor) News Briefs Thu, 22 Feb 2018 12:26:58 -0500