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Top 10 Companies Revolutionizing Retail - February 2023

After the pandemic-led disruption of 2020 and 2021, the retail industry had pinned its hopes on 2022 being a return to something approaching normality.

But with an unstable geopolitical environment and sharp rises in the cost of living, new challenges have arisen alongside those posed by the pandemic.

“The real difference in 2022 is that the cost of living crisis has impacted on consumer demand, especially in the second half of the year,” suggests Andrew Goodacre, CEO of the British Independent Retailers Association (BIRA).

“At the same time, we have seen the costs of running a business increase very sharply – energy costs are 400% more, wages are 10% more and there is still supply chain inflation.”

To survive in 2023 will require close attention to key industry trends that are impacting how the customer will buy, shop and communicate.

Cover Story

Smoothest Checkout Experience | Abhinai Srivastava

Mashgin, an acronym for “mash-up of general intelligence,” builds smart kiosks that offer self-checkouts in more than 1000 locations, no barcode or scanning required. The easy-to-install countertop system, includes multiple cameras that build a three-dimensional understanding of objects, regardless of item or placement of packaging. Mashgin’s computer vision AI can identify packaged products as well as food on a plate enabling customers at retail stores, stadium concessions and cafeterias to pay-and-go up to 10 times faster than at a traditional cashier.

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Creating Life-Long Customers | Rico Hänel

Large retailers are grappling with debt, over-saturation, and fierce online competition. Unfortunately, the same struggles also apply to smaller retail businesses. There are multiple challenges in the retail industry in today’s world.

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Unique Retail Management System | Andre Nataf

There’s no doubt about it: Retail has been shaken up this year. But retailers are resilient, and with the right mindset and technology, they’re bouncing back better than ever. With that in mind, we’re proud to introduce you to our latest product acquisition, Heartland’s powerful new Retail Point of Sale platform.

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The Trusted Retail Tech Provider | Dax Dasilva

Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable, and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality, and golf industries.

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Creating Extraordinary Brand Engagement | Mike Willough

With the rapid acceleration of eCommerce demand, particularly during the pandemic, consumer expectations have become increasingly challenging for retailers. Not only do online retailers have to balance frequently unpredictable shifts in demand across channels, but to capture and retain consumer loyalty, they must always support consumer expectations for premier service.

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