Retail Cheat Sheet: SXSW Collection 2018

Softvision's SXSW insight from SXSW 2018

James Basnett

James Basnett

Blockchain Practice Lead, Innovation Partner at Softvision
James brings together innovation and go-to-market strategy in a transformational way. James manages Momentus, Softvision’s Innovation Studio where many of the company's emerging technology products are conceptualized and designed. He helps organizations understand the world of artificial intelligence, blockchain, machine learning and augmented reality. Prior to Softvision, James helped launch the first global video-based medical clinic for the general public. James has also worked in the world of film as a producer, as a professional photographer as well as with the Winter Olympics. James has a background in economics from the University of British Columbia, a leader in sustainable thinking. He spends his free time trail running, cooking for family and playing jazz music really, really loudly.
James Basnett

Latest posts by James Basnett

SXSW provides a glimpse of what the next five years will bring for consumer and retail technology.

Facts from SXSW 2018:

  • 96% of Gen Z owns a Smartphone 
  • US consumer online retail spending will grow by 55% in the next five years

We are starting to see a true convergence of technologies where customer and operational applications and, AI and communications channels combine into one. Below are some major themes:

Fellow Robots – CX + Inventory Scanning

Robots in stores can serve multiple purposes: customer experience, support, inventory, and store operations.

Fellow robots are already in Lowes home improvement stores and showing great value. Major benefits: 1) It helps customers find what they need to and 2) on each pass through the store, it scans products shelves and often finds a total of approximately $50,000 of inventory that previously went unaccounted for. This is the type of innovation that finance and operations will become evangelists for.

 

Instagram Commerce

Instagram is set to have the greatest impact on mobile commerce in the US in 2018, and the statistics prove it.

  • People open their Instagram app on average 25-30 times a day
  • 500 million daily average users
  • Their ad revenue will almost double in 2018 (from $3.64M to $6.84M)
  • Instagram users are 30% more likely to follow celebrities and public figures than Facebook users

Instagram Services

Operation Automation

Automation is occurring at all points in the value chain and the customer journey. Top customer experience automation solutions include:

Marketing Automation

  • Heuritech detects what’s inside millions of untagged images shared on social media for fashion & luxury houses to measure product trends and to know their clients better
  • AdEspresso provides A/B testing and digital ad automation

Blockchain for Supply Chain

  • IBM Blockchain is a private blockchain
  • Hyperledger is an open-source blockchain solution

Augmented Reality

AR is becoming a useful customer experience tool that creates demand, informs and positively impacts mobile conversion:

Cryptocurrency: NOT READY FOR POS

Research suggests that just under half a million individuals across the globe have invested at least $100 in cryptocurrencies.

Estimates from top retailers see a three to five3-5 year time horizon before it’s important to integrate cryptocurrencies with POS and eCommerce systems.

  • Shapeshift – the best option for today is using and their commerce integration.

Want to learn more?
Connect with an innovator at Softvision by sending a message here

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James Basnett

James Basnett

Blockchain Practice Lead, Innovation Partner at Softvision
James brings together innovation and go-to-market strategy in a transformational way. James manages Momentus, Softvision’s Innovation Studio where many of the company's emerging technology products are conceptualized and designed. He helps organizations understand the world of artificial intelligence, blockchain, machine learning and augmented reality. Prior to Softvision, James helped launch the first global video-based medical clinic for the general public. James has also worked in the world of film as a producer, as a professional photographer as well as with the Winter Olympics. James has a background in economics from the University of British Columbia, a leader in sustainable thinking. He spends his free time trail running, cooking for family and playing jazz music really, really loudly.
James Basnett

Latest posts by James Basnett