RTS 2024: 3 Key Takeaways as Payments & Experiences Dominate Headlines

London’s Olympia once again opened its doors to the Retail Technology Show (RTS) last week, offering a range of retail technology brands the opportunity to demonstrate the latest innovations available in the market.

Hosting over 12,000 retail and brand professionals during the two-day event, RTS 2024 did not disappoint. From stunning Augmented Reality (AR) visualisations to the latest developments in supply chain technology, we take a look at the key trends that emerged from this year’s show…

Payments Are Priority

One clear focus of RTS 2024 landed on payments. From physical checkout solutions, to wider in-store payment strategies, much of the conversation was dedicated to delivering seamless payment processes that enhance in-store experiences and minimise shop floor customer frustrations.

Demonstrations of the latest Mobile Point of Sale and RFID-Powered Self-Checkout technologies showed audiences the convenience and speed that can be achieved during in-store transactions. With the right solution deployed, retailers can create transaction processes that take as little as 30 seconds per customer. This significantly reduces the amount of queuing in-store, alleviating a sizable challenge that many retailers currently face.

Focus on Visual Experiences 

It is no secret that the key to retail success in today’s environment relies heavily on the in-store experience. In many instances, retailers focus on operational improvements that streamline the path to purchase for customers and make the process of shopping easier. However, the visual aspect of experiences cannot be forgotten about, and it certainly wasn’t at RTS.

A number of brands attracted the wide-eyed gaze of attendees who were being lured into Bladerunner-esque Augmented Reality (AR) displays. Better yet, with exhibitors incorporating AI into this technology to create life-like in-store assistants, visitors could quickly recognise the benefit these technologies might soon bring to customer experience.

Ultimately, customers want to interact with other people, and the push for technology to become more human-like shows this demand. Technology can never replace the human aspect of retail experiences. However, it can enhance it…

Giving Staff the Right Tools

While visual technologies such as AR bring people in-store, the warm welcome of a retail associate cannot be replicated. So how can retailers maximise their effectiveness? They must equip them with the right technology that finds a balance between a human touch and delivering on expectation.

This trend was clear to see in London. Whether deploying RFID scanners that can track down items in seconds, Customer Relationship Management (CRM) integrations that deliver personalised and bespoke interactions, or simply leveraging technology to reduce manual labour hours and free the time of in-store associates, a huge amount of focus at this year’s show went towards enhancing the opportunity for staff to create high-quality, human, experiences.

It was clear that amidst the hype of AI and autonomous technologies, the human aspect within retail can never be replaced. As Dex Hunter-Torricke, Head of Global Communications & Marketing at Google DeepMind, mentioned, “AI tools can be transformative, however the human touch is just as critical. It’s a harmony.”

Small Steps for Large Gains

RTS 2024 showed us that the little things matter if a retailer wants to make big progress. This can come in a variety of ways. Some might look to address specific pain points – such as slow checkout terminals. Others might focus on making their stores visually appealing. And others will simply strive to equip retail teams with the technology that allows them to complete their day to day tasks easier and faster. It might not seem much when considering the bigger picture, but if retailers take enough small steps to improve, they’ll soon notice a huge difference in their results. 

To find out how your retail brand can leverage technology to enhance operations, book a meeting today.