How interactive digital screens are the key to memorable shopping experiences with Steve Jun, the ESL Solution Business Division Vice President of SOLUM
The new era of retail: beyond price label to total retail solutions
Retail is evolving beyond simple price enabling, with innovative technology changing the shopping experience. From billboards to signs, self-checkouts to advertisements, it has become an inevitable part of our lives. This means our understanding of how we interact with the world is also shifting, and Forbes finds that customers are not only getting used to the advancements in technology, but they also expect it to be available to them as well.
There is a new era of smart retail transformation, driven by cost efficiency, real-time pricing, store automation and AI-driven insights.
By rapidly identifying and addressing fundamental operational challenges, SOLUM helps businesses gain a competitive edge compared to their competitors with their digital signages. In markets such as the UK, France and Germany, retailers are seeking integrated solutions that extend beyond ESL to unlock new synergies between digital pricing, analytics and in-store engagement. However, in emerging markets such as Eastern Europe and the Middle East, the demand for scalable digital transformation is needed.
SOLUM can provide the correct digital transformation for retailers, enabling them to rapidly identify unmet needs that seamlessly integrate Vision AI, IoT and data-driven store management.
From ESL leader to retail innovation pioneer
There has been an evolution of store formats, with digital transformation at every scale. It initially started with large supermarkets who incorporated digital retail, but has expanded into small and medium-sized stores, proving that digitalisation is an irreversible trend in retail technology and will only continue to grow.
Retailers of all sizes, across all markets, require flexible and scalable smart store solutions. This is where experts like SOLUM can help, it can use technology like SOLUM Smart Platform (SSP) that integrates ESL, digital signage, AI analytics and IoT, promising consistent store automation and customer engagement.
There has been an evolution of customer experience, too, seeing the trend of personalised and data-driven shopping rising. Retailers can now track consumer preferences, dwell times and purchase behaviours. Using this data, they can optimise their store layouts, promotions, and update prices in real time. This type of engagement helps to create rapport with the customers And change their experience in a store.
SOLUM’s retail innovations empower retailers, promising to enhance customer engagement and improve personalisation for an extra added touch.
With electronic shelf labels (ESL), the price of the items can adjust in real-time, closing the gap between the convenience of the online and the offline experience. It can also be used for managing the inventory in real-time or checking the stock to adjust the price or discounts to encourage impulsive purchases of more trendy items. SOLUM’s ESL solutions always scan and update the shelves and inventory to make it easier for both the retailers but also the customers. This way, they can analyse their stock and manage their inventory more efficiently, as well as gain insight on the customer’s preferences.
What is the future of retail, according to SOLUM?
The future of retail is being shaped by key trends, such as AI and personalisation such as tailored retail innovation. Digital transformation is taking over, and moving towards advanced automation.
According to SOLUM, tailored retail innovation will address different market needs. For markets such as the UK, France and Germany, automation and AI-based demand forecasting will drive forward retail innovation whereas markets that are still emerging in Eastern European and the Middle East, there is a gradual growth in digital transformation as exploration continues to flexible expansion models.
The future of retail will also see AI & Vision AI integration for smarter retail management to bring better real-time AI-powered store analytics to optimise operations, data-driven in-store engagement through personalised digital signage and ESL integration, as well as strategic global partnerships to drive next-generation retail innovations. Vision AI technology analyses visitor patterns and movements, enabling real-time personalised promotions through ESL integration, strengthening visual branding, and improving conversion rates. The retail market is heading into new heights through personalised digital signage and optimised operations.
Overall, we are starting to see technological advancements and innovative in-store experiences become the norm for retail stores. SOLUM offers solutions to help both customers and retailers through interactive digital displays, eye-catching screens, AI-driven stores, and electronic shelf labels. The future is now, and in a climate where it is getting harder to retain brand loyalty, standing out by creating memorable, enjoyable, and convenient shopping experiences is getting more important than ever before.
