Ultimately, the walk-out model offers retailers far more behavioral data, going beyond what can traditionally be collected from POS systems. Staff can also receive real-time inventory updates. There’s no doubt that ’just walk out’ shopping has benefits for retailers and customers alike.įor retailers, the supply chain becomes far more optimized to the store when it comes to these cashless experiences, and the combination of AI and IoT technologies to power walk-out technologies also provides more data on stock and products’ shelf life, enabling them to ensure that 100% of their shelf space is allocated. Jessica Chapplow, head of e-commerce, Havas Market Arguably it’s a necessity to stay relevant with new audiences and has a role to play in shouldering the future of retail. In the UK, Amazon’s ‘just walk out’ technology is far from being alone and is in its infancy. in Nanjing (China’s third largest e-commerce platform) has recently completed a successful trial of cashless payments involving facial recognition. Over the last months there has been real advancement in the cashless transaction space. The payment mechanic is typically a QR code, whether it is a local street vendor selling home cooked food or a QSR restaurant such as KFC. Looking east, everything in China is now cashless thanks to two giant payment platforms – Alipay (Alibaba) and WePay (WeChat) – that own 90% of the market. They see cash as redundant and therefore an encumbrance. Gen Z and millennials were adopting mobile payments long before Covid, regularly using technology-enabled payment methods embedded in their phones. According to UK Finance research, the number of transactions using coins and notes fell by 35% last year, while contactless methods accounted for more than a quarter of all payments. The pandemic also accelerated innovation in payments, fueling the development of low-touch transaction systems with an emphasis on consumer experience.

Michelle Whelan, UK chief executive, VMLY&R CommerceĪttitudes to cash changed during the pandemic – the majority of UK consumers now prefer to go cashless. So what does the future hold? The Drum caught up with industry experts for their take.

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