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Among the many aspects of the digital revolution which has been growing since the 1990s, one of the most notable is a change in the way that people buy: marked by a growing reliance on online shopping, and a greater demand for the process to be streamlined for both customers and retailers alike.
And several ASX-listed businesses have been gaining ground in these fields, growing their profits through technology innovations which help stores to manage and facilitate sales, while others carve out unique spaces within the e-commerce market.
When it comes to the first innovation, Israel-based company, Shekel Brainweigh Ltd (ASX:SBW) – which listed on the ASX six years ago – is keen to develop its technology and client base further.
Helping retailers simplify the buying process
Shekel’s main business is the development of weighing technology – with AI at its heart – which allows retailers to track what products retailers are picking up, with this technology best representing by the company’s ‘smart (shopping) carts’.
Being able to market to end-users like Walmart, CVS, Dollar General, and The Home Depot in the United States – as well as LIDL in Europe – is an achievement in itself, but Country Manager for Australia Danny Nadri said that several aspects of the smart cart technology had also pushed Shekel Brainweigh to the front of the pack when it came to simplifying the retail experience.
“Shekel is at the forefront of the future direction of retail, and is participating in the solutions for retail automation,” he said.
“Our weighing and analytics features act as an enabling technology, which allows cart providers to offer smart carts.
“Another important aspect is our ability to offer a ‘legal for trade’ feature, which means offering a weighing capability within the cart which actually performs both tasks of weighing products for the purpose of charging as well as security scale.”
Taken together, means that retailers can protect themselves against the risk of shoplifting, and avoid having to hire staff specifically to undertake stocktaking work.
Knowing what the customer wants
Moving ahead with innovations in the retail space meant that Shekel Brainweigh was also thinking about what customers wanted when they walked into a store, or other purchasing settings, Mr Nadri added.
“Shekel positions itself as a holistic solutions provider for retail automation,” he said.
“Basically we want to understand how people shop for products in all locations – including supermarkets, fuel stations, convenience stores, vending machines, universities, and hospitals – and offer a suite of solutions for these venues to fit customers’ needs.
“The solutions can be a smart cooler (or fridge), smart bays, smart carts, or self-checkout, so we look at the future of automated retail and offer a suite of products.”
These ideas have already found their way into Shekel Brainweigh’s portfolio of products, which include the ‘Hubz’ smart cooler and ‘Innovendi’ vending machine.
Investing in the e-commerce space
With other companies, retail innovation has been evident in their use of specific e-commerce channels to market a diverse range of wares, yielding strong sales results. And in this regard, Queensland-based wellness company The Calmer Co International Ltd (ASX:CCO) has been having a strong run.
The company – which markets a range of products to support greater relaxation, calmed nerves and easier sleep – recently told the market that e-commerce sales for June had exceeded $18,500 per day, indicative of more than 500 percent growth in sales volumes throughout the 2024 Financial Year.
In the same announcement, The Calmer Co noted the success of its strategy to replicate its strong Australian sales record on the US market, with its Shopify channel in the USA recording a twofold increase in sales in the same month.
Diversifying products for stronger market performance
The Calmer Co’s main range revolves around drinking powders, teas, shots, concentrates and capsules sold under brand names such as Fiji Kava, Taki Mai and Danodan Hempworks – with China, New Zealand and Fiji also being prime markets for these.
However, the business continues to innovate, with plans to introduce new products such as fruit flavours and Fiji Rugby co-branded coconut kava product lines.
CEO Anthony Noble said these introductions would put The Calmer Co in a strong position to build on the ‘aforementioned sales performance.
“We remain focused on growth and the company is preparing to launch exciting new
products in the coming months that will further drive revenue growth and enhance the
lifetime value of our more than 30,000 customers,” he said.
