The five biggest retail technology news stories of the week
It’s Friday, the weekend is almost upon us, so let’s kick back and reflect on another eventful week for the retail systems space. Here's your briefing on the most important stories from the past five days, including Meta Store, Food Rocket, and Retail Technology Show.
1. Meta preps bricks and mortar first with Meta Store launch
Meta (or the company formerly known as Facebook) has announced Meta Store, its first physical retail space, which will open on 9th May on its campus in Burlingame, California.
Visitors will be be able to get hands on experience with all the firm’s hardware products.
2. Retail Technology Show proves that in-person events still rule the roost
Retail Technology Show welcomed thousands of attendees over two days at London’s Olympia this week.
They were joined by 200+ technology vendors, exhibiting the latest innovations to drive the industry forwards, and over 90 speakers, who took the biggest debates and hottest topics to the conference stage.
3. Retail Technology Show review - Mike Coupe gives opening keynote speech
Retailers often lose sight of the basics around shopping and tend to “overcomplicate things”, according to Mike Coupe, the former Sainsbury’s Chief Executive.
Speaking at Retail Technology Show, the industry veteran, who stepped down as boss of the supermarket chain in 2020, stated it was important to remember that retail is “very, very simple” as he discussed the future of the sector.
“We tend to overcomplicate it,” Coupe commented. “In the end, what retailers do is they buy or make things, they move them, and they sell them.”
“We have seen, particularly in the last couple of years as a result of the impact of the Covid outbreak, and the supply chain disruptions, that people have quite often lost sight of those retail basics.”
4. Retail Technology Show review - Tinie Tempah talks up the metaverse and NFTs
The metaverse is not something retailers can afford to ignore, the rapper and angel investor Tinie Tempah says, calling it an “incredible opportunity” for businesses to find new customers and revenue.
The British musician said retailers and brands who do not get involved or invest in the metaverse now will look like those who missed out on the beginning of the dot.com wave or the rise of Facebook.
5. Rapid grocery delivery startup Food Rocket raises $25m
15 minute grocery delivery service, Food Rocket, has announced a $25 million Series A investment round.
This will be used to expand its offering in Chicago and other cities throughout the US, as well as reinforce its AI enabled software and enhance the team.
The lead investor is Alimentation Couche-Tard (ACT), which has more than 14,000 Circle K and Couche-Tard locations in 26 countries and territories, including 7,000+ in the US.
