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At GK, we love any opportunity to recognize the hard work, determination and innovation of our retail customers. While we have a long list of customers worth celebrating, today we are highlighting Randy John, director technology consultancy – digital retail, adidas.
GK is proud to share that Randy was recently honored as a winner in the 2023 40 Under 40 awards program from Retail Touchpoints. Randy was selected among other young professionals for his individual achievements in the retail industry – from e-commerce and marketing to innovation and store design.
Randy's nomination, put forth by his peers at GK, recognized his commitment to the 12-year partnership between GK and adidas, including the accomplishments made during this time. Let's spotlight some of the achievements that made Randy's nomination a standout.
In the 12 years since GK started working with adidas, Randy John has been a champion of growth and innovation. He began his career as a point-of-sale (POS) analyst before rising to the role of director technology consultancy – digital retail. Randy's analyst background allowed him to serve as an exceptional partner for GK thanks to his hands-on POS experience.
Throughout the partnership, Randy has remained dedicated to helping adidas connect its customers and associates to the brand in a world of blurring digital and physical retail. In fact, millions of shoppers across the 40 countries that adidas conducts business in engage with the innovative technology integrations set forth by GK and adidas every day.
Over the years, Randy and his team have extended checkout options to include stationary, mobile and kiosk touchpoints. In fact, in 2021, adidas introduced mobile checkout with GK's Mobile POS. Since then, one in every four (25%) transactions from adidas's relevant concept stores has been a mobile purchase.
The successful focused deployment of mobile checkout is just the beginning for adidas. The team is looking to expand recent GK-enabled checkout innovations like mobile and kiosks to more stores, including the brand's factory outlets. The goal of this transformation is to reduce customer waiting times and provide store staff and consumers the best possible experience across adidas's stores.
Our retailer customers matter to us, and we believe in fostering collaborative partnerships based on trust and continued innovation. Both adidas and GK push each other to create the most engaging and efficient shopper experiences.
Are you looking for a partner that's dedicated to your ongoing success and development across a variety of business touchpoints like cloud integration, the point of sale, mobile loyalty experiences and more? Get in touch with us today. We can't wait to get started.
Self-checkout is a popular shopping option, and its influence is continuing to grow. According to shopper intelligence firm Catalina, self-checkout makes up 38% of checkout lanes in U.S. grocery stores. This option is ideal for contactless shopping, and, oftentimes, self-checkout minimizes wait times in store.
Furthermore, self-checkout is also proliferating due to the labor savings it can provide retailers. The retail industry is still facing a labor shortage. In fact, Forrester and Work Jam recently found that 63% of retailers faced a front-line labor deficiency in the beginning months of this year. Self-checkout provides an unmanned checkout experience that mitigates the extent to which this labor shortage negatively impacts shoppers.
Despite the growing need for self-checkout, these checkout lanes can be a risk for retailers. The unmanned lines experience higher rates of fraud and theft than their traditional staffed counterparts. Yet, GK is prepared to help retailers seamlessly and quickly deploy more self-checkout technology, while helping plan to reduce the risk of fraud.
Let's dive into why theft is higher for self-checkout options and what retailers can do about it.
As we all know, fraud is more common at the self-checkout line. In fact, nearly one in five shoppers have intentionally committed fraud at this point-of-sale. And, according to the Loss Prevention Research Council, 58% of consumers said theft was easy or very easy in self-checkout lines.
The motivation for this type of theft may vary from shopper to shopper. Some shoppers may feel less remorse sneaking an item into their bag in this checkout process than they would in front of a human cashier. Others may avoid scanning an expensive product due to their concerns about cost or inflation. Lastly, some shoppers simply relish the chance to operate unwatched.
There are a few common types of fraud committed via self-checkout lines.
Sometimes a shopper scans an inexpensive item, like a banana, while actually putting a more expensive item, like a steak, in their basket. Other shoppers may try avoiding the scanner altogether and leave an item in their cart throughout the checkout process. Some shoppers may even swap price tags on products of a similar weight.
Regardless of the chosen method, self-checkout fraud is a major problem for retailers nationwide.
The trick to stopping fraud is to implement self-learning technology that goes beyond rule-based fraud systems. These AI-driven tools can determine when a fraudulent act is more probable and issue a recommendation for a rescan or an employee-assist.
The self-checkout kiosk can be equipped with fraud detection tools that use scoring algorithms to determine the probability of fraud for any shopping basket. In a simple example, if the number of items in the cart doesn't match the time spent scanning or the basket total, the system will flag the basket and recommend a rescan. There are many more ways that AI-based tools can spot potential fraud, in real-time, right at self-checkout. What's more, any alert on the point-of-sale itself may deter bad actors.
As a result of this technology, retailers can detect a higher percent of theft and fraud while reducing the number of unnecessary rescans for customers who are using self-checkout properly. This is an important goal, because prompting re-scans can frustrate a loyal customer and negatively impact sales. By ensuring that only bad actors are flagged, retailers can create stronger customer relationships with loyal shoppers, while cracking down on profit loss from fraud.
GK Artificial Intelligence for Retail (GK AIR) Fraud Detection is designed to use AI to adapt to new types of theft and fraud and continuously equip retailers with the data and insights they need to protect themselves. By increasing the accuracy of rescan requests, retailers will be able to defend their margins while ensuring loyal customers have the best shopping experience.
To learn more about using AI to stop fraud and theft at self-checkout, contact us today.
GK Software SE announced today that Michael Scheibner has been appointed by the Supervisory Board as a member of the Executive Board and as new Chief Executive Officer (CEO) with effect from 1 June 2023. Founder and CEO Rainer Gläß had announced at the same time as the publication of the takeover bid by Fujitsu ND Solutions AG on 1 March 2023 that he would step down from the Executive Board, if the takeover was successful. Mr. Gläß resigned with effect on 31 May 2023 as announced.
Michael Scheibner (born 1975), has been active in management positions at GK Software since 2009 and was most recently responsible for the partner ecosystem and the company's global go-to-market strategy as Chief Strategy Officer. In this position, Michael Scheibner established GK as a global innovation provider in the SAP Retail Ecosystem and significantly drove the company's growth. Michael Scheibner has more than 20 years of experience in the IT and retail industry and worked in sales management for leading international companies such as Lexmark, Torex Retail and Reflexis before joining GK.
At the same time, the CEO of GK Software USA, Inc., Michael Jaszczyk, was also appointed to the Executive Board as Chief Digital Transformation Officer (CDXO). Michael Jaszczyk has been active in the management of the company since 2010 and was, among other, CTO (until 2018) and CEO of the US subsidiary since its foundation.
CFO André Hergert, who has been with the company since 2008, will continue to work for GK in the future.
Nicholas Fraser, Chairman of the Supervisory Board, commented: “On behalf of the Supervisory Board, I would like to thank Rainer Gläß for his commitment and lifetime achievements in building GK into a global leader for retail technology and software. Through his strong personal commitment as well as the work of the entire management team, the company was able to generate extraordinary growth, especially after the IPO in 2008, and to become one of the most important international players in the industry. We expect GK to continue to grow in the future.”
“Michael Scheibner represents GK's international growth strategy in particular,” says Fraser. “He is an accomplished expert in the global retail landscape and has been instrumental in GK's development into a global solution provider and innovation driver. He stands for the development of new markets and, at the same time, with CFO André Hergert and Michael Jaszczyk, for continuity in management following the investment of Fujitsu.”
“I am very much looking forward to leading the fortunes of GK in the future and thank the founders Rainer Gläß and Stephan Kronmüller for the work they have done. The new board will focus on continuing our success story, on focusing and scaling, and on further go-to-market of our leading solutions worldwide,” comments Michael Scheibner.
The popularity of marketplaces is growing steadily and this trend is reflected in the number of online marketplaces popping up throughout the retail industry. In the D-A-CH (Germany, Austria and Switzerland) region alone, the number of marketplaces (B2C) has increased by 40% to 214 marketplaces in the past two years. 1
This article examines the marketplace format and shows how personalization improves the shopping experience on marketplaces or, to use a metaphor, "rolls out the red carpet” for customers to find the product offer that best suits them.
Just like a weekly market, or an actual marketplace, where various merchants offer their goods, a virtual marketplace also brings together a variety of online merchants in one digital place. For customers, this format offers significant added value in terms of choice, as they can find many products and brands bundled in one place. The format also offers retailers various advantages. For example, these retailers do not have to build up their own infrastructure online, the marketplace itself builds up visibility as a multiplier and stationary retailers without their own online store can also sell products there.
There are two types of marketplaces that have unique distinctions from one another. A marketplace can either be horizontal or vertical in nature. In a horizontal marketplace, all types of products are available to consumers, while in the vertical variant, only products from a specific segment are offered.
As a retailer, you must weigh the pros and cons of relying on the marketplace format. Yet, the growing presence of marketplaces available and the popularity among users provide clear proof of the opportunities that exist on marketplaces. In fact, the number of marketplaces online has tripled from 2015 to 2022. 2
One of the first and most recognizable marketplaces is eBay, but many others have followed in eBay’s footsteps. The largest marketplaces like Amazon and Alibaba are now indispensable. Etsy is also known as a unique marketplace where small businesses offer their self-made products. Another recent example is OTTO. Since mid-2020, the company has been offering retailers and brand manufacturers the opportunity to offer their products via the online presence of the mail-order giant with OTTO Market. Lastly, with Douglas, the product range of the health beauty provider is now broadly diversified. Brands such as Butlers and Marc O`Polo offer products in the "Home & Lifestyle" category.
Retailers that provide personalized offers and experiences create positive customer relationships that make a key contribution to ongoing loyalty and other key performance indicators. Despite personalization beginning primarily in e-commerce, this tool is now also being used in stationary retail to offer customers special services. Marketplace operators are also aware of the benefits of personalization and they rely on personalized spaces to convert their visitors into active, returning customers.
Retailers can implement a personalized customer approach on marketplaces in several ways, including:
1. | Offering different product recommendations on home, category or product pages.
2. | Personalizing content that informs, entertains, advises or inspires. Click here for more about content personalization.
3. | Creating strategic product bundles, i.e,. two or more products in combination that relate to each other or relate to the customer.
4. | Adding meaningful product recommendations to the wish list that matches the customer's taste.
5. | Personalizing banners to create visually appealing content that promotes purchases.
6. | Incorporating visually similar items on the item detail page, shopping cart and notepad to offer customers added value through alternatives.
7. | Personalized newsletter campaigns or order confirmations with new shopping ideas that appeal to customers.
Furthermore, it makes sense, especially for online marketplaces, to play out brand-specific recommendations in the respective shop area. For example, if a customer looks at backpacks and filters by a certain brand, product recommendations should favor backpacks of the same brand. The marketplace operator can offer this to their co-merchants as a benefit to keep the customer interested in the specific brand.
In addition, some marketplace operators also take the opportunity to offer co-merchants additional space with personalized recommendations from the co-merchant's product range. In this way, the co-merchant can actively push its own products.
Would you like to learn more about personalization on marketplaces or in your own online shop? Contact our expert Mr. Personalization on LinkedIn or via email This email address is being protected from spambots. You need JavaScript enabled to view it..
1) and 2) https://www.ecom-consulting.de/marktplatzwelt-2022/
Whether it's going through those pesky takeout menus in your junk drawer while spring cleaning or swapping the sweaters in your closet for your favorite warm weather clothes, the spring is a time for transition.
As the days grow longer and the temperature rises, we, as consumers, tend to spend more time out-and-about. In fact, according to IBM Watson's The Seasonal Influencer report for spring 2023, 69% of people say that the spring weather makes them feel more social. This shift greatly impacts the way consumers interact with their favorite retailers, convenience stores and hospitality businesses.
As spring comes into full effect and we approach the summer, businesses need to prepare for key changes in behavior. Here's what retailers can expect as temperatures rise.
As temperatures rise, retailers witness a reactive change in consumer demand. The same report from IBM Watson found that 43% of people buy home and lawn improvement products when it starts to feel like spring. Additionally, 34% of respondents chose seasonal apparel and footwear as their first spring purchase. While retailers may assume that this shift is coming around April, sometimes the weather has other ideas.
In some parts of the country, April can still be cold and rainy, postponing the need for items typically associated with spring. What's more, the weather can fluctuate greatly, leaving some shoppers in search of raincoats and layers to bear the drops in temperatures while others look for swimsuits and pool toys for the warm days ahead.
Luckily, retailers can implement a store inventory management solution that helps them stay ahead of the curve by reviewing market factors and automating the re-purchasing process. This level of real-time inventory information is critical to understanding and anticipating seasonal customer behavior changes.
Warm weather motivates us to explore new places and try new things. In fact, 44% of people take last-minute road trips during nicer weather and 45% of people are inspired to try new things in the spring and summer.
These findings are proof that convenience stores and hospitality businesses have the opportunity to support a growing number of customers in the coming months. But, this increase in travel has the possibility to create longer wait times and more stockout issues for c-stores and hospitality businesses.
In response, these companies should ensure their customer-facing technology enhances the customer experiences and removes inefficiencies wherever possible. This might involve incorporating more self-checkout kiosks or mobile payment options.
In addition to people searching for different items and having different weekend plans in the spring, consumers are also out later in the day. With daylight savings time back in effect, consumers have more time to spend in store and on the road after their workday ends. This means that typically busy hours will shift and potentially expand.
As a result, retail and hospitality businesses must ensure their workforce management is adaptable and the front of house is always staffed and ready to go. Employees should be equipped with the tools they need to effectively manage pricing, inventory and customer loyalty information in real-time, regardless of when the rush of customers arrive.
Regardless of what season is around the corner, businesses must remain flexible and ready to exceed customer expectations.
With GK, retail and hospitality businesses are empowered to digitally transform their customer experiences and prepare for what's to come.
Are you interested in learning more? Reach out to us today.
Summer is just around the corner, and unfortunately, the summer is also the start of hurricane season in the United States. According to the National Hurricane Center, "The official hurricane season for the Atlantic basin is from June 1 to November 30, but tropical cyclone activity sometimes occurs before and after these dates, respectively."
In times of severe weather or natural disasters, consumers rely on businesses in their community to go above and beyond. But oftentimes, these businesses are unprepared. We saw this to be the case last year when Hurricane Ian swept across the country. In response, major grocery chains like Walmart and Publix limited the quantity of "essential" items that shoppers could purchase per visit.
Despite issues with inventory, grocery and convenience stores see their revenues increase 5% to 10% about three days before a hurricane hits due to panic-induced over-buying. And a day before a major storm, sales have the potential to increase 30% to 50% compared to normal according to the same study.
Retailers must set up advanced technology to support a readiness response and ensure customers are prepared in the face of a natural disaster. This includes developing a quick and effective in-store journey that helps shoppers get in and out of the store with the items they need to withstand the storm.
When concerned consumers are flocking to the grocery store ahead of a potential hurricane, they are looking to stock up on items like water, bread, baby formula, canned items and batteries. During these situations, empty or near-empty shelves foster panic and inspire shoppers to visit the competitor's store.
To avoid this frustrating experience, retailers can invest in technology that minimizes stockouts. For example, an inventory management solution can improve merchandising planning and shorten response times for in-store employees as they support shoppers. With these tools automatically recording inventory changes, orders for replacement products can be triggered immediately, making sure items are never unavailable.
If a grocer can establish a reputation for always having these essential items, despite growing demand before a storm, the grocer will secure strong loyalty from its community.
The last thing a shopper wants to do is wait in a long line to get their essential items. Mobile, self-checkout or even scanless options can help minimize queues and get shoppers in and out of stores more quickly.
Self-checkout kiosks have long been a popular method to reduce wait times and give the shopper the power to checkout at their own speed. During high-pressure situations before a hurricane, self-checkout can be a vital tool for increasing speed to purchase. Similarly, with mobile checkout, shoppers can scan items as they navigate the store either on their phones or on store-branded scanning devices.
Scanless technology also removes the need for checkout entirely. Customers can shop at their own pace and leave the store when they're finished – receiving an automated receipt once they exit. This technology creates a seamless and efficient experience and, when paired with a store app, scanless checkout is as transparent as any other checkout format.
What's more, by automating the checkout process, store employees can be allocated elsewhere. These employees can support worried shoppers in finding what they need or ensuring all inventory from the stock room is available to customers on the shelves. These relationship-centric initiatives improve long-term customer connections and create a positive in-store experience, even during a stressful time.
When faced with an emergency, shoppers want to know that their local grocers will be prepared. GK can help businesses of any size respond to major events like hurricanes with our innovative retail solutions. Reach out to us today to learn more ahead of this year's hurricane season.
Fujitsu announced today that the minimum acceptance threshold of 55 percent set in the voluntary public takeover offer of Fujitsu ND Solutions AG has been exceeded by the end of the acceptance period on April 20, 2023, 24:00 (CEST). According to the bidder company, the result of the offer is expected to be announced on April 25, 2023.
Shareholders who have not tendered their shares can still accept the offer during the further acceptance period provided for by law, which is expected to begin on 26 April 2023 and end on 9 May 2023, 24:00 hours (CEST). In their joint reasoned opinion on the takeover offer of Fujitsu ND Solutions AG, as required by law, the Management Board and the Supervisory Board of GK Software SE had described the amount of the offer price of €190 per share as fair and reasonable and recommended its acceptance to the shareholders. The takeover offer is expected to be completed before the end of the second quarter of 2023. The regulatory approvals have already been obtained.
All information about the offer can be found at: https://www.nd-offer.de/
The fashion industry changes quickly – not just with styles but with technology. For example, generative AI is a fairly new concept, but McKinsey estimates that by 2028, generative AI could account for as much as a $275 billion increase in apparel and fashion profits. With this level of innovation and willingness to invest in the latest and greatest technology, solution providers that support the fashion industry must be agile and committed to growth.
That's why we're proud to announce that GK recently earned the title of "Leader" in the March 2023 IDC MarketScape for Worldwide Point-of-Sale (POS) Software for Large Apparel and Softlines Retail 2023 Vendor Assessment. The "Leader" distinction is given to solution providers that scored highly in IDC's rigorous review process, which includes customer interviews and expert analysis of the provider's solutions.
This report verifies GK's investment in artificial intelligence and data analytics, differentiating itself from competitors with dynamic pricing solutions and real-time prediction capabilities. GK also collaborates with solution providers like My Size, Inc. (NASDAQ: MYSZ) to offer unique experiences via smart mirror as an additional integrated store touchpoint. Let's take a look at how GK has reimagined fashion retailing.
IDC's report specifically highlights GK's CLOUD4RETAIL platform. This solution is equipped with tools designed to transform and optimize the omnichannel shopping experience. These tools include MobilePOS, Store Inventory Management and GK e-receipt, just to name a few. CLOUD4RETAIL also enables outside innovation because the solution is open and configurable with other third-party applications. This is especially important as tools like generative AI grow in popularity.
Another key offering from GK's product suite is the combination of GK Spot and GK AIR. When used in tandem, these solutions track customer behavior in real time across any sales channel to create truly personalized recommendations.
Finally, GK offers GK AIR Dynamic Pricing, a tool that is important for profitability in the ever-changing fashion industry. As styles go in and out of fashion or peak seasons end for apparel like swimsuits and winter coats, dynamic pricing can be implemented to ensure every item is priced at the optimal level to drive conversions without risking margins.
Another way that GK supports fashion retailers is through its dedicated partner network. For example, GK works with MySize, a recognized provider of AI-driven measurement solutions. MySize's innovative in-store touchpoints are available via CLOUD4RETAIL and enable sellers to help customers find the right fit every time. Shoppers who interact with a MySize touchpoint, like the MySizeID Mirror, reduce trips to the fitting room which results in a more efficient and effective shopping experience.
GK also partners with ReAct Now, a major player in in-store communication. With this integration, joint customers benefit from stronger employee connectivity and quicker response times for shopper needs. For instance, if checkout lines are too long, ReAct Now's technology ensures that store employees are notified immediately to address the problem before shoppers are negatively impacted. This solution is also available via GK's CLOUD4RETAIL platform.
It's thanks to these unique innovations, engaging partnerships and our fantastic customers that GK was ranked as a "Leader" in IDC's Marketscape report. To read the full IDC MarketScape for Worldwide Point-of-Sale (POS) Software for Large Apparel and Softlines Retail 2023 Vendor Assessment, visit our industry recognition page.
If you're ready to take your fashion or apparel business to the next level, visit us at https://www.gk-software.com/us/ and contact us today.
Inflation has been top of mind for everyone in recent months. In February, the United States experienced its lowest rate of annual consumer price index (CPI) inflation since October 2021. However, food prices are still up 9.5% year-over-year. This volatile pricing landscape has made it difficult for shoppers and retailers alike.
Converging factors like inflation, increased market competition and changing customer behavior are causing retailers to struggle to strike the right pricing balance across their assortments. This is where artificial intelligence comes into play.
With AI-driven dynamic pricing solutions, you as a retailer can rely on this smart technology to analyze confounding market factors and recommend the right price for the shopper's budget and your bottom line.
Let's dive into how dynamic pricing works and the benefits of the AI-driven tool.
Dynamic pricing takes an automated approach to pricing strategy by automatically calculating how key variables impact supply and demand. Solutions like GK AIR Dynamic Pricing rely on AI and intelligent algorithms to review historical data, inventory, transactional data, company sales goals, seasonal trends and more to recommend the optimal price. Once that price has been identified, you can manually change in-store price tickets, or connect the solution to electronic shelf labels (ESLs) to automatically show customers the latest price.
What's more, GK AIR Dynamic Pricing provides simulations that showcase the impact of different market scenarios on pricing and the bottom line. This empowers retailers to set parameters on the solution and identify when human intervention is recommended.
Your customers want the best price – and you want to ensure profitability. GK AIR Dynamic Pricing optimizes this balance, reducing markdowns, preventing out-of-stock situations and minimizing category management workload. This solution also achieves process efficiencies across touchpoints, reducing errors and unnecessary costs.
Furthermore, dynamic pricing is an excellent resource for businesses that sell seasonal items like winter coats or swimsuits. GK AIR can find the right price to enhance sell-through without relying on an overabundance of promotions.
Despite these clear benefits, dynamic pricing is often misunderstood. Some retailers believe common dynamic pricing myths like, "prices will change too frequently and customers will notice." But the reality is, situations like these only occur when a retailer doesn't have control over the solution. If you want to limit price changes to twice a week, GK AIR (as well as other dynamic pricing solutions) can be configured to do so.
Just like any technology, you must thoroughly understand the power of the solution and determine the best partner and strategy for implementing the tool. In today's market, this enhanced understanding of pricing is a key factor in ongoing profitability and customer loyalty.
GK is a world-renowned leader in the point-of-sale industry and has received strong recognition of its pricing solutions.
Most recently, GK was ranked a "Major Player" in the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment (Doc #US49458922, March 2023). This report analyzes a vendor's position in a category, like pricing, by interviewing brands that have used the vendor, reviewing survey scores and evaluating input from a board of IDC experts in each market. This report showcases GK's innovative approach to pricing and its longevity in the retail space – two characteristics that make GK a strong partner if you're looking to implement dynamic pricing.
Want to learn more about dynamic pricing and how it can increase your profits and reduce markdowns? Reach out to us today to schedule a conversation.
According to preliminary figures, GK Software SE has continued to grow even in an increasingly difficult market environment. Revenues increased by 21.21 million euros or 16.2 percent to 152.05 million euros. The adjusted EBIT reached 18.64 million euros (after an adjusted 13.85 million euros in the previous year) and thus grew by one third compared to the previous year. At 12.3 percent, the adjusted EBIT margin exceeded the adjusted prior-year figure of 10.6 percent, in line with the company's expectations. In operational terms, GK was able to significantly achieve the margin improvement forecast for 2022.
The previous year's result included the sale of AWEK microdata GmbH (EUR 3.5 million) as a special effect. For 2022, a real estate transaction in the current year led to valuation effects, as did the non-recurring preparatory costs for the corporate transaction, which reached an important milestone on March 23, 2023, with the voluntary public takeover bid by Fujitsu ND Solutions AG. These two events impacted EBIT in a total amount of 1.91 million euros. Including the special effects of the last two fiscal years, EBIT amounted to 17.31 million euros in 2021 and 16.45 million euros in the reporting year.
The company's full report is expected to be published on April 27, 2023.
The Retail Innovators