It was the 8th edition of Paris Retail Week, which took place from Tuesday, 20th to Thursday, 22nd September 2022. More than 350 exhibitors and more than 15.000 retail professionals joined the 3 intense days in Paris Porte de Versailles. Checklens was one of the companies among them.
Checklens’ dedicated area highlighted their entire product portfolio that is powered by Artificial Intelligence. The icing on the cake was certainly the Anonymous Appearance Matching, which visitors could experience live at the spot. The Anonymous Appearance Matching is an in-house developed algorithm that automatically assigns random IDs to shoppers in order to respect their privacy and fully protect their data (100% GDPR compliant).
Wednesday was a day full of extra visibility. Checklens’ solution Checkshelf was recognized as one of the finalists in the category “Agile Customer Experience” at Paris Retail Week Awards 2022. Followed by a 45 minutes in-depth workshop of “Shrinkage prevention at self-checkout tills with Artificial Intelligence”.
Shrinkage prevention at self-checkout tills with Artificial Intelligence
Without store associates, the shelves in a store remain empty and the lights stay switched off: Around 3.4 million employees work in retail in France only. There is a lot of discussion about what the customer journey and how shopping behavior of the future will look like.
At Paris Retail Week, Checklens shed light on the two biggest issues that retail is currently facing: Firstly, no time and patience of shoppers, and secondly, lacking workforce. We also provided insights into current retail trends such as the implementation of self-checkouts (SCOs), shrinkage at the self-checkout, and how to prevent fraud and loss. If you are interested in the presentation slides or if you are interested in a short overview meeting, please feel free to contact us.
Reducing loss at the sales floor & at the shelf
Our latest innovation Checkshelf was recognized among the 3 finalists of the Paris Retail Week Awards. The AI application Checkshelf recognises scan errors right at the shelf and is a great AI solution to prevent loss with Scan & Go app.
Academic research has shown that 38% of Scan & Go transactions have at least 1x non-scan product. This means that an increase of 10% of Scan & Go transactions leads to 0.25% additional shrinkage. When checking out with a Scan & Go application, manually attached and unmounted hardware tags (e.g. EAS) result in a poor user experience for shoppers and store associates. Checkshelf is a visual analysis platform based on Artificial Intelligence that helps retailers to minimize scan-errors and to facilitate outdated technologies like EAS tags, deactivators and antennas. This are the benefits that Checkshelf offers:
- Product categories with high loss potential (e.g. razorblades, spirits, etc.) can be protected.
- Manual and time-consuming spot checks as well as the hassle of labeling products with outdated technologies like EAS tags, deactivators and antennas can be facilitated.
- Scanning errors and theft can be reduced in every store while shrinkage decreases and the profitability increases.
- Inventory accuracy and shelf availability rise, which in turn increases sales opportunities and revenue.
Summing up, Paris Retail Week has been a blast. We have enjoyed three impressive and insightful days in Paris. We met existing and potential new clients as well as existing and potential new partners. We have seen some old and some new ideas.