Joel Goldstein Forbes Councils Member Forbes Business Development CouncilCOUNCIL POST | Paid Program Leadership

POST WRITTEN BY

Joel Goldstein, President of Mr. Checkout Distributors, host of the Retail Summit Podcast and author of Start from Success.

The conversation for the last decade has revolved around whether online shopping will completely replace in-store shopping by the year 2020. But I don't believe the internet has reduced the importance of physical stores. According to 2015 Time Trade research (via Retail TouchPoints), 85% of U.S. consumers prefer to shop in a physical store, and according to the U.S. Census Bureau, online shopping still only accounts for 10.5% of total retail sales.

Retailers are quickly learning key reasons consumers choose different types of shopping for certain products and are actively designing strategies that align with our new way of purchasing. These new strategies are reshaping our retail stores and empowering the consumer to make fast and well-informed purchasing decisions while also providing in-store discovery opportunities and a new focus on the impulse side of retail.

After analyzing the new approaches to retail shopping, I’ve selected the three fastest-implemented strategies in today’s retail landscape that I believe are going to change the way consumers shop in brick-and-mortar retail.

1. Mr. Roboto is going to stock the shelves.

As companies like Walmart squeeze their margins, likely to compete with online retailers, they are finding ways to replace what is one of their most expensive components: humans.

One of the first jobs stores like Walmart are replacing with robots is the job of taking inventory. These vending-machine-sized robots with sophisticated sensors are likely going to be wandering the aisles of your local retail stores more and more. Some are able to -- or will soon be able to -- answer customer questions, display how many units of an item are in stock and walk you to your selection if you wish them to.

These friendly and knowledgeable robots are going to be taking care of us from now on, and we had better start getting used to it. Businesses from hotels to grocery stores are automating their day-to-day labor with these workhorse machines that don’t require paid time off.

2. Beacons are slowly becoming mainstream.

Beacon technology is already used by stores like Target and could allow retailers to host promotions, gather customer behavior information and focus their merchandising. According to a 2014 Business Insider estimate (via RetailDive), about one-third of the top 100 retailers were expected to deploy at least some beacons in 2015. The same report also estimated that 85% of these retailers would have them in their stores by the end of 2016. Statista projects that the worldwide retail beacon technology market will rise from $280.6 million in 2016 to about $26.106 billion in 2026.

I believe beacons will most often be associated with the availability of extra discounts and coupons. Retailers can market this technology to shoppers by offering discounts to those who share their information with the store. According to Juniper Research, the number of coupons delivered annually to consumers via beacons will increase from 11 million to nearly 1.6 billion by 2020.

The latest fad for modernization of brick-and-mortar stores has been personalization. Online shopping has taught us that when we communicate to the customer, we should do so with a specific message that will resonate with their lives. According to 2015 Accenture research, nearly 60% of U.S. consumers want real-time promotions and offers. It is more important than ever for retailers and brands to meet today's connected customers on their terms by delivering on their ever-changing needs and preferences.

3. Shelves are getting smarter.

Out-of-stock items can represent a significant loss of revenue for retailers. Technology has been brought in to solve this problem in the form of smart shelves. These shelves are typically equipped with an RFID reader that can scan tagged items on the shelf and notify the ordering and merchandising systems or a store employee when an item is running low.

The system tracks items and notes their movements around the store. This can provide retailers with valuable information on customer actions and preferences. Some systems, like Kroger's, can also track when product stocks are running low and help customers find specific items.

Smart shelves are starting to give retail stores ways to improve both customer service and their bottom line. People will always need to run to the store to get that “item,” and with this new technology, they may soon be assured that it’ll be there and ready for them.

Today it's heartbreaking to have to wait for a download or find out that our Amazon deliveries are going to arrive a day late, so it's no surprise that retailers are trying to implement as many modernizations to the in-store shopping experience as they can before consumers prefer to pay a little more for the convenience of drone delivery. Now is a dynamic time for retailers to set up and remain relevant, whether that means implementing new store concepts, bringing in robots or using RFID shelves. Smart merchants will think before they leap and develop a solid plan. With this solid foundation in place, retailers can take on new business models and get ahead of the curve as retail continues to change. (READ MORE)

KYLE WIGGERS@KYLE_L_WIGGERS JANUARY 9, 2020 7:48 AM

Virtual avatars might well be the future of customer support. According to Juniper Research, conversational assistants will drive cost savings of over $8 billion annually by 2022 (up from $20 million in 2017). In fact, chatbots are anticipated to power 85% of all customer service interactions by year-end 2020 — already, 42% of consumers use them on the regular.

It was with this in mind that Greg Cross and Mark Sagar, a former special projects supervisor at director Peter Jackson’s Weta Digital, founded Soul Machines in 2016. The goal was to develop a suite enabling clients to build interactive customer experiences. The Auckland, New Zealand-based startup found success relatively quickly, nabbing customers like Google, Sony, IBM’s Watson division, Bank ABC, the Royal Bank of Scotland, PricewaterhouseCoopers, ANZ, Autodesk, and Procter & Gamble. Now it has raised a fresh round of venture capital to lay the runway for continued growth.

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Soul Machines today announced that it has raised $40 million in a series B round of funding led by Temasek, with participation from Lakestar and existing investors Horizons Ventures, University of Auckland Inventors Fund, Salesforce Ventures, and others. The infusion brings Soul Machines’ total raised to nearly $50 million, following a $7.5 million series A in November 2016, and Cross says it’ll fuel geographic expansion with a focus on R&D.

“We have enjoyed getting to know and work with the teams at Temasek, Lakestar, and Salesforce Ventures and believe they are the perfect partners to help as we continue to expand and grow our business, technology, and client base globally,” added Cross. “We are very grateful for the continued support from Horizons Ventures, who are highly valued partners that understand how great technology businesses are built.”

Soul Machines’ platform creates lifelike and perceptive digital avatars that animate autonomously, with personality and character that evolve over time and that respond to both content and context. How? It starts with the Digital DNA Studio, a cloud-based automation studio that lets brands prototype digital humanoids across multiple devices. Soul Machines’ Soul Engine serves as the brains of the operation, simulating basic cognitive processes that control attention, learning, sensing, and behaviors.

With biometrics and AI, Soul Machines’ assistants can remember faces and determine the best response based on previous interactions. They also tap existing platforms and services, such as IBM’s Watson, to recognize multiple languages and accents.

It might sound a bit hyperbolic, but Soul Machines says it has the numbers to prove its technology is superior to the rest. More than 81% of customers say they’d chat with Soul Machine avatars like ANZ’s Jamie, Air New Zealand’s Sophie, and Mercedes Benz’s Sarah again, and over 89% say they achieved their goals through engagement with these avatars.

Soul Machines has competition in FaceMe, Japan-based Alt Inc., and Samsung subsidiary STAR Labs’ Neon, which taps a proprietary engine — the Core R3 — to create digital characters designed to be used in movies, augmented reality experiences, and web and mobile apps. Neon’s avatars are meant to stand in for concierges and receptionists in hotels, stores, restaurants, and more. And like Soul Machines’, they’re intended to assist in marginally complicated things that require a “human touch.”

Of course, it’s worth noting that AI-generated high-fidelity avatars aren’t exactly the most novel thing on the planet. In November 2018, during China’s annual World Internet Conference, state news agency Xinhua debuted a digital version of anchor Qiu Hao — Xin Xiaohao — capable of reading headlines around the clock. Startup Vue.ai leverages AI to generate on-model fashion imagery by sussing out clothing characteristics and learning to produce realistic poses, skin colors, and other features. Separately, AI and machine learning have been used to produce videos of political candidates like Boris Johnson appearing to give speeches they never gave.

But Soul Machines appears to have captured investors’ imaginations in a way few others have. “We’re proud to announce Salesforce Ventures’ investment in Soul Machines because it has an obsessive focus on improving customer experience by using artificial intelligence technology in new ways,” said Salesforce Ventures’ Rob Keith. “We look forward to continuing to work with Soul Machines as it scales and realises its global aspirations.”

Soul Machines currently has over 120 employees (up from 82 in October 2018) with offices in San Francisco, Los Angeles, New York City, London, Tokyo, Melbourne, and Auckland. (READ MORE)

Reuters - January 10, 2020 12:26 PM

China’s Geely Automobile Holding is in talks with Aston Martin management and investors about taking a stake in the British luxury carmaker, according to a source familiar with the discussions and the Financial Times on Friday.

Geely is conducting due diligence as it considers taking a stake in the 107-year-old U.K. firm, the FT said, citing four people familiar with the discussions.

The talks come almost a month after Aston Martin confirmed it was in early-stage talks with potential investors as it launched a review of funding.

Earlier this week, Aston Martin warned its 2019 profits would fall almost by half due to weak European markets.

Geely sees potential synergies on technologies and vehicle platforms between Aston Martin and its own Lotus brand, the source familiar with the discussions told Reuters.

A spokesman for Aston declined to comment on whether the company is in talks with Geely, and reiterated a statement from Tuesday.

"We also remain in discussions with potential strategic investors, which may or may not involve an equity investment into the company," he said.

A spokesman for Geely Europe declined to comment.

Daimler, which owns a 5 percent stake in Aston Martin and supplies it with Mercedes-AMG engines, supports efforts by the British carmaker to secure a long-term future, the source said.

Daimler declined to comment.

Geely's chairman, Li Shufu, owns a 9.69 percent stake in Mercedes-Benz parent Daimler. Geely and Daimler run the Smart city car brand as a joint venture out of China. (READ MORE)

BY TAL AXELROD - 01/08/20 03:09 PM EST

Tesla is officially the most valuable U.S. auto company in the country’s history after its stock prices surpassed the previous record held by Ford.

Tesla’s market value reached $85 billion at Tuesday’s close, passing the $80.8 billion record set by Ford in 1999. The Elon Musk-led automaker’s stock continued to rise Wednesday, trading up more than 4 percent.

Tesla’s stock also passed the market values of General Motors, which was valued at about $50 billion at Tuesday’s close, and Fiat Chrysler, which had a $22 billion showing by the end of Tuesday.

Tesla had previously been the U.S.’s most valuable automaker by market value, but it did not beat Ford’s 1999 record until this week.

The auto company has enjoyed a surge in its stock value since Friday after its announcement that it delivered 367,500 vehicles in 2019, a record number for the company and a 50 percent jump from 2018, according to Business Insider.

"We believe this new solid quarter of deliveries could further put to rest investor concerns around softening demand for Tesla's product," Emmanuel Rosner, an analyst at Deutsche Bank, wrote in a note on Tuesday that was obtained by Business Insider.

While Tesla has overtaken every other U.S. automaker, it is still trailing several foreign companies — Toyota finished Tuesday with a $232 billion stock value and Volkswagen had a value of about $98 billion. (READ MORE)

TAGS ELON MUSK

By The Associated Press 11:12 AM on Jan 8, 2020

NEW YORK — Macy’s is closing nearly 30 stores in coming weeks, though the company reported some improvement in comparable-stores sales during the crucial holiday shopping season.

Macy’s sales at stores opened at least a year fell 0.6% during the November and December period, which was not as bad as most industry analysts had anticipated. Shares rose more than 2% in early trading Wednesday.

Like other department stores, Macy’s is struggling to adapt to a shift online by customers, and also intense competition from off-price discounters like T.J. Maxx.

Macy’s has pursued a number of strategies as a way to get shoppers back. That includes expanding an off-price concept at its Macy’s stores called Backstage. It also recently teamed up with resale site ThredUp. The company’s Bloomingdale’s division has recently launched a clothing rental service. (READ MORE)

Date Posted: January 7, 2020

e-4ORCE expands electric vehicle performance capability

 

 

LAS VEGAS (Jan. 7, 2020) – Nissan is elevating the performance capability of electric vehicles with its new twin-motor all-wheel-control technology called e-4ORCE. The technology provides instant torque to all four wheels to deliver balanced, predictable power and handling on par with many premium sports cars.

The “e” represents Nissan’s technologies enabled by a 100% electric motor drive system. “4ORCE,” pronounced “force,” evokes physical power and energy with “4” standing for the all-wheel control driving capability.

“The e-4ORCE twin-motor all-wheel control technology offers precise handling and stability, which gives drivers greater confidence and even more excitement than ever before,” said Takao Asami, Nissan’s senior vice president of research and advanced engineering. “This technology enables excellent cornering performance and traction on slippery surfaces and comfortable ride for all passengers.”

 

 

The technology was born from lessons learned in the development of the Nissan GT-R's ATTESA E-TS torque split system and the Nissan Patrol's intelligent 4X4 system. Engineers developed the e-4ORCE technology to specifically manage electric vehicle power output and braking performance to be smooth and stable.

Unparalleled ride comfort is the result of the e-4ORCE technology’s ability to minimize vehicle pitch and dive. This is accomplished by employing regenerative braking from both front and rear motors, making city stop-and-go traffic less jostling. Similarly, on rough, bumpy roads and when accelerating, motor control is optimized to maintain ride comfort by minimizing irregular movement.

e-4ORCE increases driver confidence by faithfully tracing the driver's intended line thanks to ultra-high-precision motor and brake control. With the confidence to handle such a variety of road surfaces, even for novice drivers on slippery surfaces, driving becomes more enjoyable.

 

 

Nissan will be displaying its zero-emission crossover Ariya Concept — which features e-4ORCE — at its CES booth but the company is also showcasing the technology on a twin-motor, all-wheel-drive technology test car in Las Vegas during CES.

CES 2020 runs from Jan. 7-10 at the Las Vegas Convention Center. Nissan welcomes all attendees to its display (6306) in the North Hall. (READ MORE)

For the latest CES 2020 coverage, check out Nissan's global CES newsroom and visit us at Twitter, Instagram, YouTube and LinkedIn (hashtags: #Nissan #CES2020 #NissanCES).

 

For more information about our products, services and commitment to sustainable mobility, visit nissan-global.com. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and see all our latest videos on YouTube.

To view the original news article, please click on the following link: tinyurl.com/yhofm9ca

By TechStartups Team POSTED ON JANUARY 7, 2020

SecuX Technology, a Blockchain Security startup devoted to developing comprehensive solutions to secure people’s valuable digital assets, yesterday announced the launch of the world’s first all-in-one cryptocurrency retail payment solution built with blockchain hardware wallet.

Founded in 2018 by Dr. Peter Chen, SecuX Technology is formed of a group of enthusiastic and experienced IT professional of relevant high-tech fields, which includes information Security Management, FinTech, Cryptocurrency Economy Engineering, 5G Connectivity and IoT Technology to name but a few.

SecuX primarily focuses on blockchain cryptocurrency hardware wallet and cryptocurrency retail payment systems for the physical stores, self-vending machines, kiosk, etc. Moreover, security solutions that surround Blockchain, Fintech, Cyber Technology and IoT are the company’s specialties. The startup foresees the emerging of cryptocurrency payment and the requirement to let various Brick-and-Mortar Retailers accept different crypto coins/tokens through multiple wallet mobile apps in a single device. SecuX was awarded the Best Cross-Platform Crypto Hardware Wallet 2019.

The SecuX Cryptocurrency Retail Payment Solution includes three components: The first one is a White-label Mobile App (or a SDK) that can add any payment cryptocurrency with the existing fiat-currency payment app. The second one is Payment Terminal/Module which can operate standalone without the internet connection. It is possible to connect to any legacy POS System or to install in the existing self-service machines or the vending machines

The third solution is a Hardware Wallet with a military-grade Secure Element chip inside with a receiving address only to accept cryptocurrencies payments from SecuX payment terminals for the shop owner. SecuX cryptocurrency retail payment solution is the best choice as the aftermarket upgrade to the cryptocurrencies payments on their existing payment acceptance systems.

SecuX invites global frontier partners including Mobile Payment Service Companies, Brand Currency Hosts and Cryptocurrency Payment Providers to SecuX booths at Digital Money Forum and Eureka Park of CES 2020. (READ MORE)

By Jennifer Liu - Jan. 3, 2020, 10:34 AM EST

In 2014, French electro-pop duo Daft Punk swept the Grammys, music streaming service Spotify was named to CNBC’s Disruptor 50 list and no one could get Pharrell Williams’ chart-topping hit “Happy” out of their heads.

The year also marked when Beats Electronics, owned by super-producer and businessman Andre Young (aka Dr. Dre) was acquired by Apple for $3 billion. This major deal helped Dr. Dre secure his top spot as the highest-paid musician of the 2010s, during which time he earned a reported $950 million, according to Forbes’ list of the 10 top-earning musicians of the decade. Also known as Beats by Dre, the company is best known for its line of headphones and speakers.

Unlike Taylor Swift and Beyonce, who come in second, earning $825 million, and third, earning $685 million respectively, Dr. Dre didn’t spend the past decade going on sold-out world tours to promote multi-platinum albums.

In fact, his last album, “Compton,” was released in 2015 as the soundtrack to the biopic he produced, “Straight Outta Compton,” about his start in the music industry as a member of N.W.A. The last No. 1 hit he produced was in 2009, when he worked with Eminem and 50 Cent on the single “Crack a Bottle.”

To be sure, Dr. Dre’s own work as a rapper, musician and producer for artists such Snoop Dogg, Kendrick Lamar and Mary J. Blige has boosted his earning power; it also led to Rolling Stone’s calling him one of the 100 greatest artists of our time.

But the artist’s work outside of the recording studio, namely as an entrepreneur with continued work through Beats and Apple Music, helped him come out on top in the 2010s.

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Dr. Dre’s business prowess has inspired the likes of billionaire mogul Richard Branson. After watching HBO’s documentary “The Defiant Ones,” which chronicles the music industry successes of Dr. Dre and Jimmy Iovine, Branson said he admired the duo’s approach to fear and setbacks.

“It is down to perseverance, seeing obstacles as opportunities and embracing fear as a fuel for change,” Branson wrote in a blog post.

Bestselling management author and CNBC contributor Suzy Welch agrees that Dr. Dre’s path in music is one worth taking career advice from. Also praising the HBO documentary, she said she appreciated its “lessons about how you get what so many people dream of when they dream of their careers: huge impact.” (READ MORE)

By Tom Ryan ContributorRetailWireContributor Group Retail - Jan 6, 2020, 08:10am

Which retailer has the brightest business prospects at the start of the new year? Will it be one from the list of retailers that made positive headlines in 2019 or a completely different business that finds the key to consumers’ wallets in 2020? This year, a few names grabbed the big headlines:

• Walmart was selected as “2019 Retailer of the Year” by Progressive Grocer.
• In September, Supermarket News named Giant Foods as “Retailer of the Year” and called out the launch of its new Giant Heirloom Market concept store.
• Dick’s Sporting Goods was named Footwear News’ “Retailer Of The Year” as its “move to pull guns from its shelves took a positive turn for business.”
• Neiman Marcus beat out Selfridges and Bloomingdale’s to be named “Retailer of the Year” by Luxury Daily.
• Target’s Brian Cornell was honored as “Top CEO of the Year” by CNN Business.

In an online discussion on Friday, Members of RetailWire’s BrainTrust panel, considering prospects for 2020, pointed to the success of one retailer that spent the middle of last decade overcoming reputation loss due to a data breach and building out strategies meant to address age-old criticisms.

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"Target would top my list for continued success in 2020," wrote Lauren Goldberg, principal at LSG Marketing Solutions. "Their investments in both digital and in-store have really created a seamless shopping experience."

"Target is well known for its marketing spots and high brand awareness," wrote startup advisor Mohamed Amer. “The company has been a stellar innovator in trendy merchandising and refreshing store visual presentations. They’ve continued to invest in IT and in creating a cross channel experience. While the jury is still out on its efforts to reboot grocery sales, in time Target will arrive at what appropriate focus the company ought to have in the grocery space. I expect 2020 to be a banner year for Target.”

Some on the BrainTrust panel, however, saw issues Target still needs to address.

"While they certainly had great results in an extremely difficult position between Walmart and Amazon, if they wish to extend their success, I believe they need to get their inventory management program cleaned up," wrote Dave Bruno, director at retail market insights for Aptos. "The number of empty shelves, hooks, bins and racks I see continues to be very high and, at some point, that will certainly impact results.”

Others took different tacks. Retail thought leader Ananda Chakravarty sees at U.S. retailers succeeding internationally, and vice versa.

"Costco," wrote Mr. Chakravarty. "This chain has ~788 stores, with each of them earning over $183 million in 2019 based on Kantar estimates. They’ve been able to expand into China where other retailers haven’t. Despite a dip in earnings at the end of 2019, they still grew at over 5 percent with little sign of slowing down. Globally, other players for top retailer include Schwarz Group (Lidl/Kaufland), Aldi and Ahold Delhaize — all of which have a majority of sales outside their home markets.”

Some saw dominance in digital as a defining factor for success in 2020.

"Others to watch would be the big names in the battle of the beauty retailers — Sephora and Ulta," wrote Ms. Goldberg.

"Best Buy! Best Buy! Best Buy!" wrote Dave Nixon, data analytics solution executive at Teradata. "Major pivot against showrooming for online sales, a very robust e-commerce platform using advanced technologies for conversions ($8 billion in revenue), and the biggest model shift in retail (outside of Amazon trying to go physical retail) by moving into services: connected home, health, safety and connected associates.”

Others pointed to more modest but nevertheless thriving chains.

"L.L.Bean," wrote Jeff Sward, founding partner of Merchandising Metrics. "That’s right — L.L.Bean. Not because they will do anything breathtaking or headline grabbing. Just out of the sheer excellence of their execution.”

But outside of any one retailer’s predicted performance, at least one BrainTrust member foresaw a year that could reshuffle longstanding positions at the top.

"From my research, there seems to be an Amazon and Walmart ‘fatigue’ beginning to infiltrate the marketplace," wrote Cynthia Holcomb, CEO of Prefeye. "Amazon at some point will become a victim of its own success due to the large scale climate and environmental effects of its delivery model. Walmart, after purging its unicorns, now seems to be settling back and addressing its true customer, leveraging in-store shopping tech to serve their customers.

"2020 and beyond hopefully will be a decade of substance for the consumer rather than bright, shiny press releases," wrote Ms. Holcomb. (READ MORE)

Follow me on Twitter. Check out my website.

Tom Ryan

I am the managing editor for RetailWire, a lively online discussion forum exploring key dynamics and emerging innovations driving the retailing industry.

KYLE WIGGERS@KYLE_L_WIGGERS JANUARY 2, 2020 12:00 AM

In spite of recent assertions from industry skeptics, it’s a widely held belief that autonomous cars will require redundant sensors beyond cameras and radars in order to meet safety baselines. That’s certainly the position of Stuttgart, Germany-based engineering conglomerate Bosch, which ahead of the Consumer Electronics Show unveiled a new long-range lidar sensor designed for automotive use.

Like all lidar sensors, Bosch’s solution measures the distance to target objects by illuminating them with laser light and measuring the reflected pulses. It’s intended for close and medium ranges on highways and in cities, and the company claims it’ll be price-competitive with rivals, thanks to economies of scale.

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“By filling the sensor gap, Bosch is making automated driving a viable possibility in the first place,” said Bosch management board member Harald Kroeger in a statement. “We want to make automated driving safe, convenient, and fascinating. In this way, we will be making a decisive contribution to the mobility of the future.”

The lidar sensor will slot alongside the six-antennae LRR4 radar in Bosch’s ever-expanding perception portfolio. The LRR4 features a detection range of 250 meters and can recognize up to 24 objects simultaneously. But, like all radar sensors, it’s less angularly accurate than lidar as it loses sight of objects on curves. And it becomes confused if multiple vehicles are placed close to each other.

Of course, radar sensors tend to be cheaper than lidar, and they generally provide better optical recognition in rain, fog, snow, and dusty weather conditions at close ranges. That’s also true of cameras, to a degree, which is presumably why Bosch is continuing to refine its imaging suite. The company says its engineers succeeded in taking the camera technology used in cars to “a new level” by enhancing it with AI so that it can detect objects, categorize them into classes (such as vehicles, pedestrians, or bicycles), and measure their movement even when they’re partially obscured.

Bosch made its self-driving ambitions clear last month with the launch of a robot-taxi pilot in San Jose. In partnership with Mercedes-Benz parent Daimler, it’s operating a fleet of around 30 autonomous Mercedes-Benz S-Class vehicles in communities along the San Carlos Street and Stevens Creek Boulevard thoroughfares between downtown and West San Jose, supervised by safety drivers and operated mostly during daytime hours.

Bosch and Daimler took the wraps off their self-driving partnership in 2017, with the goal of getting self-driving cars on roads in the next decade. It’s a symbiotic relationship: Bosch supplies components such as sensors, actuators, and control units, and Daimler contributes development vehicles and test facilities.

Last year, Bosch created a new Connected Mobility Services division staffed with more than 600 employees and acquired B2B ride-sharing startup Splitting Fares. Additionally, it collaborated with TomTom on mapping systems that will help vehicles see the road ahead. (READ MORE)