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BUSINESS NEWS FOR TECHNOLOGY DECISION-MAKERS. UPDATED 11 MINUTES AGO.
You are here: Home / Innovation / Intel To Invest in IoT Retail Platform
Intel Invests in IoT Retail Platform for a Smart Shopping Experience
Intel Invests in IoT Retail Platform for a Smart Shopping Experience
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PUBLISHED:
JANUARY
18
2017

After engulfing our daily lives with smart assistants, tech giants are now gunning for retail stores to enhance the shopping experience. Intel is today introducing a new Retail platform to help make Amazon Go-like stores ubiquitous. Thus, it also plans to pump nearly $100 million into the betterment of the retail industry in the next five years.

To reinvent and deliver a hi-tech shopping experience, Intel is taking the wraps off its Responsive Retail Platform (or RRP). The platform is described by the chipmaker as a service that fosters the creation and spread of flexible and scalable solutions across the stores. The primary aim of this service is to collate different in-store technologies and bring them together onto a single platform. This will make it easy for the chipmaker to develop and deploy Internet of Things (IoT) services.

The RRP platform will enable shopping complexes to install a variety of IoT hardware devices, sensors, and other Relevant Products/Services-centric tools in the stores. These devices will collect data and push them to the cloud for analyzing customer behavior and providing the retailer with detailed information. The company believes that their new hardware+software suite will enable the store to improve inventory management and checkout experience. It will also work on personalizing the experience for each of its users.

Speaking at the launch of the same, Intel CEO Brian Krzanich [pictured above] says, "With technology like robots and artificial intelligence to free up employees, every aspect of the store and supply chain will allow retail employees to better focus on the customer and improve the stores performance.

"We're developing technologies that will help transform the shopping experience in the near future. By bringing together virtual reality and the power of data, well help create the store of the future one that is smart, responsive, connected and secure.

"Further, Intel is planning to spread its in-store technologies to as many avenues as possible. And to make this a reality, it is investing a hefty $100 million into the retail industry over the next five years. And the retail platform is just one piece of the larger IoT-powered puzzle being put together by the chipmaker. This investment supports Intel's wider efforts to integrate IoT and other technologies like virtual reality and robotics into retail operations."

At NRFs Retail Big Show*, the company has also shown off their first autonomous shelf auditing and analytics robot called Simbe Robotics Tally. This solution is aimed at taking over the management roles of store representatives and keeping shelves stocked with right products and correct price tags. These robots are expected to work alongside humans and operate during store hours without causing a hindrance.

*The National Retail Federation had NRF Retail's BIG Show 2017 running January 15-17 in New York City at the Jacob Javits Convention Center, with 35,000 attendees at the expo and conference.

© 2017 Law & Industry Daily under contract with NewsEdge/Acquire Media. All rights reserved.
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