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By Anthony Termini, Benzinga
VenHub, developer of fully autonomous and robotic plug-and-play Smart Stores that can be delivered, unpacked and merchandised virtually anywhere in the world within a few days, believes that its technology solution will dramatically reshape the retail landscape in the coming years.
But can VenHub overcome some potential obstacles to transforming the industry?
Objection #1: There Will Be A Greater Chance Of Theft
The National Retail Federation says that theft costs retailers more than $100 billion annually. A large portion of that is attributable to shoplifting. These types of losses are especially costly for traditional brick-and-mortar retailers, who typically have very tight operating margins. Furthermore, smash and grabs have also been in the news in recent years.
The VenHub solution resolves these two interconnected problems.
VenHub modules are designed for security and protection. They are constructed with insulated walls, monitoring systems and bulletproof glass. As such, they are resistant to theft, riots and fires, and each of these attributes leads to reduced operating expenses and expanded margins for the retailer.
Objection #2: An Autonomous Store Leads To Job Losses
Management consultants, McKinsey & Company note that attrition in retail has always been very high. It notes that employee turnover has been 60% or higher for a long time.
According to VenHub, it is especially difficult to find workers to staff 24/7 stores. Many of these retailers must rely on transient workers.
Furthermore, VenHub is creating a technology solution, which puts it in a position to continuously expand its team of highly skilled workers. As with each previous evolution of any industry, VenHub says that more jobs get created than eliminated. In most cases, the wages new industries create are higher than what individuals may have made previously.
The net effect is that VenHub will create more high-paying jobs than the number of low-wage jobs that might be displaced.
Objection #3: The Technology Is Too New And Consumers Won’t Adapt
A similar sentiment was expressed at the advent of eCommerce. The U.S. Federal Reserve notes that online sales accounted for 0.6% of all retail transactions in America at the end of 1999. Today online sales represent about 16% of retail purchases, totaling more than $289 billion.
People often say that convenience and avoiding crowds draw them to purchase online. The VenHub Smart Store delivers these same benefits.
Objection #4: People Aren’t Ready For A Fully Autonomous Experience
Research from tax and accounting consultants Deloitte suggests that retailers need to leverage new markets, explore new business models and change the mechanics of the way they do things.
It says that demand-driven retail requires product offerings that are specifically designed and targeted for various consumer groups. VenHub offers retailers complete discretion on how to merchandise their Smart Stores, so they can be tailored to satisfy the specific demands of a local or neighborhood market.
Richard Kestenbaum, a partner at investment banking firm Triangle Capital, says that the future of retail will be hybrid channels that include the strengths of both physical and digital retail. This is exactly what the app-based VenHub Smart Store delivers to consumers.
Objection #5: A Fully Autonomous Store Won’t Work In Rural Communities
According to the U.S. Department of Agriculture (USDA), communities with populations between 2,500 and 20,000 have witnessed a significant decrease in the number of grocery stores since 1990. They have been replaced mostly by convenience stores.
The USDA also points out that some 80% of Americans must drive five miles or more to reach the closest grocer.
VenHub can help resolve both issues.
Smart Stores can be located closer to shoppers, even in remote communities, because they can be solar-powered. In addition, a Smart Store’s merchandise can be tailored to the local community instead of stocked with what a national chain believes should be on the shelves.
VenHub: The Company Looking To Revolutionize Retail
To date, more than 800 VenHub Smart Stores have been pre-ordered globally. The stores use an app-based ordering system that makes items available to consumers 24/7.
Using artificial intelligence and smart inventory management systems, the stores generate revenue around the clock. The prefab VenHub Smart Store is an expandable 800-square-foot plug-and-play storefront technology that can be delivered, unpacked and installed in just a few days.
VenHub is on the path to issuing shares to the public in a Regulation CF offering. Issuance Express is facilitating the distribution. Investors interested in this company’s shares may still have an opportunity to invest, but only until August 21st. The offering is highlighted on the Issuance Express portal.
Featured photo of Choctaw Bluff Alabama General Store from Pixabay.
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