retail tags

Bull Session

The Future of Retail

January 21, 2017          

Episode Summary

On this episode of The Digital Life, we discuss Amazon Go and the future of retail. As e-commerce continues to rise in popularity, retail stores are taking a huge hit, losing billions of dollars in transactions which have migrated online. What should physical retail look like then, in the 21st century? Ironically, Amazon, the e-commerce giant, might have the answer.

Amazon Go, the company's new retail offering being beta tested in Seattle, is a IoT-enabled grocery store which forgoes the checkout line. Customers can walk in, grab what they like from the shelves, and just walk out again — no waiting in line required. How does Amazon Go work? When customers walk in, they tap their mobile phones on a turnstile, which logs them into the store's system. It connects them to their Amazon account via an app. Amazon Go uses machine learning, sensors, and AI to track the food items that a customer selects and adds them to the app's virtual cart. If the customer picks up an item and puts it down again, the item is likewise removed from their cart.

Amazon Go is just one of a host of ideas for retail store formats that re-define that experience: product curation, showrooms (a la the Apple Store), immersive environments, etc. Join us as we discuss the evolution of the retail store.

 
Resources:
Amazon just opened a grocery store without a checkout line