Espresso of Innovation: Retail Revolutions

news-espressoofinnovation-espresso

Hello and welcome to this week’s Espresso of Innovation; the hottest news and strongest stories from the world of creativity and technology filtered into a quick shot of inspiration. This week – get in, loser, we’re going shopping.

Having exhausted ourselves at the January sales, our thoughts have turned to news that can help change the way we shop in 2014.

In-Store Tracking
In-store tracking isn’t anything new but it’s still remarkable how few stores have really embraced it. Considering how much online data stores are able to amass, you would think that brick and mortar stores would be vying for data in order to compete. While Google Analytics is a lot cheaper than an in-store monitoring system,Euclid’s express system operates on a freemium model. They allow retailers to track customer’s comings and goings within the store for free. Should retailers want more data, they can always upgrade.

Frictionless Loyalty
Isn’t it a pain to remember your loyalty card or locate it when there’s a queue of irritated people behind you? Well, companies likeVeeip are making it easier for customers through personalisation and connectivity. Simply download the app and register your bank card. Then, as you pay, the app automatically discounts any in-store offers from your card. When you reach a set number of loyalty points you can automatically have your card reimbursed. This is great for the consumer, but also great for the retailer who gets specific data about customers’ buying habits and can therefore offer relevant discounts. American Express is already playing in this space and we can expect it to become the norm over the coming years.

Mobile Money

Last weekO2 decided to axe their mobile wallet after only 2 years of being in the market, whilst T-Mobile has decided to launch their mobile money personal finance product. Though it cannot make mobile payments, it does connect a pre-paid card to your T-Mobile account and smartphone app, which appeals to individuals not eligible for traditional banks. Expect to see significant disruption in this field until one player attains universal hardware support.