5 minute read
MGA attends NAB Innovation Trade Mission to Israel
INTERNATIONAL
From 22 to 29 March 2019, MGA was privileged to be invited by National Australia Bank (NAB) to attend an Innovation Trade Mission to Israel, hosted by the Australian Israeli Chamber of Commerce. As noted in the previous edition of the Independent Retailer, Israel is fast becoming Silicon Valley 2.0.
In the past 10 – 15 years Israel has rapidly grown its economy by focusing on solving problems around the world with technology-based solutions. Startup businesses are a way of life in Israel where anyone with an idea that can solve a problem or make life easier through technology-based solutions is embraced. In fact, universities, the government and small businesses all work very closely and collaboratively to nurture, incubate and invest resources into new business ideas.
The fast emergence of Artificial Intelligence (AI) based technology has touched and advanced many industries and agricultural sectors, for example, retail tech, food tech, agri-tech, medi-tech, edu-tech, transport tech, freight tech, auto tech, finance tech and the list goes on.
Tech companies such as Intel have been operating in Israel for decades and employ more than 14,000 people. Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel also manufactures motherboard chipsets, network interface controllers and integrated circuits, flash memory, graphics chips, embedded processors and other devices related to communications and computing.
Failed attempts to bring new ideas and start-up businesses to life are applauded and revered as much is learned from the efforts made and can be reinjected back into the next great idea.
MGA, together with a group of delegates from Australia with various industry, agricultural, venture capital and private equity backgrounds had the amazing opportunity to meet with some of Israel’s most successful startup business founders, investors, venture capital firms, as well as government agencies supporting startups.
MGA is very determined to help find a solution toward future proofing the independent supermarket and liquor industry. Technology-based solutions to enhance shopper experiences are one way to stimulate a response from customers and to keep our member’s businesses relevant in the 21st century. Online shopping, whilst slow at present, is likely to accelerate in popularity with consumers
as processes, systems and services are improved. This will weigh heavily on the sustainability of independent supermarket owners if they don’t change with the times. Bricks and mortar shops are at risk of being caught in the middle of a tech revolution that is moving rapidly. As an industry, we must keep up with technology and invest back into our businesses to attract consumers into our stores with enhanced shopping experiences.
In the previous edition, MGA spoke about SuperSmart, a recent startup. It’s a business that has developed a fast and efficient in-store shopping system allowing consumers to scan their own products and have all the contents of a trolley assessed electronically at the end of a customer’s shop, allowing prompt payment at a register.
The second startup company MGA visited was TRIGO. Trigo has developed a unique shopping experience that is hassle-free and will save customers valuable time. It’s a concept for the future where customers simply activate a smartphone app as they enter the store and then shop for whatever grocery, fresh or liquor products they want. The sensors in cameras located strategically in the store will accurately detect the products a customer has taken from the shelf and send the information, with full product details and pricing to the smartphone app. Once the customer has finished shopping, they simply walk out of the store, past detection units at which point the groceries are charged and automatically paid for by the customer’s preferred credit card method of payment. A receipt is immediately emailed or sent by text to the customer. An amazing artificial intelligence-driven shopping solution.
Trigo has set out to automate retail stores at scale and provide store owners with streamlined retail operations, valuable consumer insights and a seamless shopping experience for all customers. Driven by highly sophisticated algorithms, Trigo’s solution delivers seamless and accurate results, all with minimal set-up and maintenance requirements. The system also provides shoplifting prevention, by fully tracking the store’s entire product range throughout the retail space, creating a non-theft store. It can provide store owners with real-time inventory updates that are easily integrated with existing inventory solutions
Installation is very easy and affordable with phase 1 involving camera installation. A camera network comprising simple units that require minimal resources and cause no interference are installed and phase 2 involves loading all product information into Trigo’s smart AI system enabling all product movements and purchases in the store to be monitored and tracked accordingly.
Technology-based solution innovation will continue to change the retail landscape. It is ever so important MGA’s “bricks and mortar” members take a deep and ongoing interest in what technology can do for their stores to enhance their customers’ shopping experiences in a bid to future proof their stores.
MGA wishes to sincerely thank NAB for the opportunity to be the only organisation representing family enterprise and private businesses in the retail sector to be part of this Innovation Trade Mission. Compelling insights gathered from the Innovation Trade Mission will be shared with members on an ongoing basis.
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