Red McKay, our EU Managing Director and VP of Global Business Development recently joined Gary Hawkins and Sterling Hawkins of CART on their Retail Innovation in Real-Time webinar.
ICYMI watch the webinar here or read the recap below:
- Bossa Nova is a business that captures and delivers real-time data to identify gaps on grocery shelves with an autonomous robot scanning data accurately multiple times a day, as would normally be done by employees doing a spot check.
- Disruption is opening the door to change. Even prior to the pandemic, grocery retailers were beginning to get a clearer understanding of the necessity of using data to create a digital strategy. Now they're even more focused on capacity, speed of data and speed of action.
- One of the challenges many retailers have had is getting enough workers working in-store during this crisis - now they're looking to automate everything and anything they can.
- While OOS has always been a problem, Bossa Nova can now provide on-shelf data in real-time.
- Managing online shopping has been a big challenge for US retailers and that they have accuracy around goods ordered online, compared to availability of in-store stock. With Bossa Nova's ability to provide real-time info, product availability, daily deliveries, time of deployment etc., can be managed at the store level where making quick decisions is critical. Pushing data to the supply chain is essential as new demands impact home delivery slots.
- For the last 2 years, the narrative that robots were going to take your job was headline news but in Q4 last year, the message became more educational focused.
- Customers interact comfortably with Bossa Nova robots in-store. Bossa Nova's teams interact and answer questions in the early stage of the technology use. Now with the response to COVID19, customers almost expect and want robots, now deemed safer than dealing with people.
- There is a difference in the response by age group. Young kids know how to use phones, code etc. so there is a shift from threat to opportunity, especially noticeable in the up-and-coming workforce. Customers often name their robots and employees now expect them to be part of their routine to keep the shelves stocked.
- How do retailers get engaged with robots and step into automation? First it's important to understand the problem you want to solve, understand what are the business' needs and priorities are, and what customers are looking for. Then marry priorities with satisfying more customers.
- Bigger players early on have more resources to devote to the market and define best practices, but this can quickly migrate to retailers and independents.
- Wholesalers not only have similar issues with OOS, they have a valuable role to play supporting independents, which would be expressed differently according the type of technology. For example, maybe the expense puts the cost of robotics out of reach for smaller retailers so perhaps wholesalers can figure out a model to share proceeds and similar models around technologies like Bossa Nova provides. Perhaps there will be a model where wholesalers and brands, who have more capital agility to offset heavy operational costs, will buy the services and install them in the retailers.
- We're living at an interesting point in time laced with sad news of how our market is changing. An industry in flux with challenges and opportunities. Bossa Nova sees itself as a market leader supporting the industry to work
- We all need this industry to work.
This was originally in CART's FRIDAY RECAP: See what you missed this week newsletter.