Key trends and insights from the NRF that will shape the industry in 2023

Guy Yair

Chief Revenue Officer

30 January 2023

We kicked off this year’s NRF with keynote speakers Michael Gabay, Trigo’s CEO, and Charlie McWeeney, Wakefern’s VP of Technology, Innovation & Strategy, at the Exhibitor Big Ideas stage. This set the tone for “Retail’s Big Show,” as we met with dozens of retailers and other industry stakeholders to discuss the future of retail and tap into the latest trends and drivers pushing the industry forward.

Here are a few of my main insights from this year’s NRF:

Global economic uncertainty is making technology as important as ever

In today’s tough macroeconomic climate, the industry is seeing falling revenues as customers become more price sensitive while operating costs increase due to inflation, supply chain challenges, and a dramatic increase in shoplifting. One of the hottest topics at this year’s NRF was how retailers can mitigate these cost-affecting trends. Technology and innovation once again came out on top as the leading way for retailers to lower costs in both the short and long term. AI and computer vision technology can enable real-time price optimization (e.g. reduced to clear) and personalized promotions for shoppers (based on their in-store journey) , giving retailers an edge above competition with price-strapped consumers. Shrink is also a huge issue, with more and more people falling on hard times and resorting to theft. However, stores fitted with computer vision technology based on cameras, deter both front and back store shrink, and will eventually be able to support real-time theft prevention capabilities.

The customer is at the center when creating in-store experiences

Despite a global decrease in consumer spending, shoppers’ expectations are higher than ever. Retailers and technology providers must therefore respond by shaping the in-store experience around the customer. This year’s NRF showcased even more innovative solutions that are bringing the shopping experience into the future. Following Covid-19, retailers have ramped up investment into the latest innovations after seeing how those who invested in technology fared much better than those who did not. While AI and data have become buzzwords, the industry is beginning to understand that they are much more than that – they are essential, powerful tools that are helping top retailers create the best personalized experiences on the market. Retailers who pair up with technology companies that produce and process rich data points will be those who lead the industry in customer experience.

Retailers want to leverage automation to solve their biggest pain points

For the past three years, the retail world has been challenged by a tight labor market and a global supply chain crisis. Retailers are now turning to automation-based solutions across their entire supply chain to solve these major pain points. For example, frictionless checkout is being implemented in hundreds of stores around the world, helping retailers mitigate high employee turnover rates and recruiting difficulties by decreasing the stress load created by cashier duties. Additionally, automation in inventory management enables retailers to boost efficiency and offset, even marginally, supply chain issues – and in retail its all about the margins. Throughout our many discussions with retailers, we were met with an especially open mindset and eagerness to invest in solutions that address these key day-to-day challenges.

Now, more than ever, technology will be the kingmaker in retail. With these insights in mind and an ambitious year ahead, we are excited to transform your business in 2023 and shape the future of retail together.

Book a meeting with us at the EuroShop or schedule a demo with us today!

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Frequently asked questions

What is Trigo?

Trigo is a computer vision company. We leverage input from vision and weight sensors to create a digital twin of your brick-and-mortar store.

 

In it, we capture and analyze in-store journeys to enable frictionless checkout experiences and deliver insights that help you optimize store operations and drive revenue. Our technology is deployed across global retail leaders, including Tesco, Rewe, Aldi, the Edeka group, Auchan, and Wakefern.

 

Trigo is the only store automation provider to fully retrofit existing stores. Our solution is designed to support stores of all sizes, convenience to hypermarket, plus unlimited SKUs, and we do it with the highest level of accuracy, 99%. Trigo is also the first to deliver real-time receipts so your shoppers can review their baskets before they leave the store.

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What is your product?

Trigo’s EasyOut® offers your shoppers a variety of completely seamless checkout experiences: Shoppers walk into the store, pick up their products, and walk out without needing to stop at the till. We offer 3 EasyOut® experiences:

 

EasyOut® Tap To checkout, shoppers can simply tap a card or digital wallet at the door and receive their receipt in minutes

 

EasyOut® App Shoppers scan the retailer’s app to enjoy special offers and loyalty program benefits

 

EasyOut® Station Trigo-powered real-time self-checkout to pay cash or credit

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What are the costs and when will I see ROI?

Our pricing is dependent on factors such as store size. The pricing scheme is based on a one-time fee covering hardware cost, plus an ongoing monthly software fee. Retailers who partner with Trigo achieve ROI within 2-3 years based on the following revenue and cost-cutting streams:

 

Increased CLV, workforce optimization, reduced shrink, fewer out-of-stock incidents, better product range, and less waste and more.

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How long does it take to retrofit a store?

Trigo’s installation and implementation process typically takes a few weeks and is dependent on factors such as store size and the number of SKUs. The process involves planning, installation of sensors, software deployment, and beta testing.

 

We will train your contractors and hardware specialists, configure and deploy our system, and provide a dashboard to track system performance and insights. Hardware installation is carried out outside of store operating hours.

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What about privacy?

Trigo adheres to the strictest privacy rules and regulations and has been vetted numerous times by GDPR privacy experts.

 

Our solution contains various privacy-by-design measures. We do not collect or retain any direct identifiers. We blur the faces of all persons captured in images that are uploaded to the cloud. We use industry-standard encryption measures.

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