These are just some of the questions retailers have needed to address for as long as there have been stores selling goods. In recent years, retailers with an online presence have been able to harness online data for answers, but the behaviour of people wandering around physical shops was more of a mystery.
Now, however, Enterprise Ireland-backed firms are leading the charge in helping to change that.
Consumer behaviour has changed dramatically in recent years as shopping online has taken off, offering more choice than ever. Retailers need to adapt and embrace new technologies or risk getting left behind.
Cork-based firm Everseen helps store owners identify self-checkout theft. Photo: Posed/Getty images
Artificial intelligence (AI) tech is transforming every sector. For retailers, AI is fast becoming an indispensable tool to better understand customer behaviour.
Computer vision apps use camera input run through AI models to learn more about customer habits. Retailers around the world are using Irish-made computer vision software to identify purchasing patterns, spot high-traffic areas in stores and boost sales.
VisionR offers physical retailers the same data analytics as e-commerce, providing insights on customer counts and browse time. For example, VisionR helps Spar get as much data about its physical outlets as an online store would. Another Irish firm at the forefront of this tech revolution is Everyangle. Providing footfall and spending data, the business helps retailers understand their customers.
Thanks to its trailblazing innovations, Everyangle made the Leading 100 list at this year’s Lead Summit, a prestigious conference for brand and retail leaders held in New York. The list recognises high-impact technology businesses that are helping to redefine the future of the brand-to-consumer business model.
VisionR helps Spar get as much data about its physical outlets as an online store would
Retail shrink – the loss of products or inventory in a store due to theft, damage or error – is one of the biggest challenges facing retailers worldwide. According to Deloitte research, losses are up one-third across all categories compared to pre-pandemic levels, with theft at a 20-year high.
Everseen helps retailers combat theft and cut fraud. The Cork-based firm helps store owners identify self-checkout theft by alerting staff when products are not being scanned properly.
In-store technology is just one part of the retail tech revolution. Data analytics, which helps you make informed decisions, is another essential tool helping online and physical retailers in business.
StoreHero and Conjura are two of the promising companies emerging in the retail tech sector in Ireland, offering retailers valuable insights into their data. They both specialise in e-commerce analytics, helping online brands gain actionable insights into how to optimise their profits.
Physical retailers are also being offered the same data analytics as e-commerce
Ireland’s e-commerce expertise has grown steadily over the past 20 years. In that time, homegrown scaling companies have helped secure Ireland’s position on the global tech stage, while investment at home and from abroad continues to support new ventures as they launch and grow.
If you are interested in learning more about opportunities in the US eCommerce market, contact Emma Laffey in EI’s San Francisco office at emma.laffey@enterprise-ireland.com.
Conor O’Brien is a market executive with EI in San Francisco