Futurecart makes official debut in Singapore
to Shoppers at the Point-of-Purchase
SINGAPORE, November 28, 2008 – Store of the Future (SOTF), a locally-based technology media company, today rolled out its first batch of FuturecartsTM in conjunction with the official opening of Market Place @ One-North at Fusionopolis.
FuturecartTM is a technology-enabled shopping cart that delivers targeted advertisements, in either video or static format, and promotional messages to shoppers via a ruggedized LCD screen mounted at the front of the cart. A “made in Singapore” product, FuturecartTM is supported by local government agencies, SPRING Singapore and Exploit Technologies, the commercialisation arm of A*STAR.
Through the use of RFID technology, FuturecartTM is able to ‘sense’ its location in the store, and activate the right messages for a product based on the cart’s position. This enables relevant messages including a product’s unique selling points, new product launch and promotional information, as well as price discounts to be delivered to shoppers at the point when purchasing decisions are made. Other relevant information including health and cooking tips can also be displayed on the FuturecartTM to enhance shoppers’ experience.
The system also performs data analysis, enabling marketers and retailers to better understand shoppers’ purchasing behaviour and measure the effectiveness of in-store promotions.
Mr Eric Rosenkranz, Chairman, SOTF, said, “We are very excited that FuturecartTM is making its worldwide debut in Singapore. The use of RFID technology will create new opportunities for retailers, advertisers and marketers as well as provide them with a competitive edge in the fast changing retail landscape. With the current economic climate, consumers are also tightening their purse strings and becoming more conscious about what they spend on. FuturecartTM will help these consumers to make educated purchasing decisions and to identify the best deals and in-store promotions when they shop for groceries, thereby helping them to shop smart.”
SOTF has also received funding support from SPRING under the Technology Innovation Programme (TIP), for the innovative use of technology. Said Ms Angela Chee, Managing Director of SOTF, “Besides the use of RFID technology to accurately pin-point a shopper’s location, the FuturecartTM solution also features a web-based Smart Portal that allows content to be created and uploaded seamlessly onto the cart, at any time of the day. This means that product offers and ad hoc price discounts can be communicated to shoppers instantaneously, on a real-time basis.”
Said Mr Chow Tat Kong, Group Director (Industry Development), SPRING Singapore, “In spite of the current challenging economic environment, it is heartening that companies like SOTF recognise the sustainable and long-term value of technology investment by bringing to Singapore the latest RFID technology, which is embedded in the cart to enhance value for both the shopper and the retailer. SPRING will continue to support such innovative initiatives through our partnership networks and programmes. We are also pleased that retailers such as Cold Storage adopt technologies to enhance shopping experiences."
The FuturecartsTM piloted at MarketPlace @ One-North at Fusionopolis also feature a new Reader IC chip developed by A*STAR Institute of Microelectronics (IME), which has driven down the cost of the cart significantly.
Mr Boon Swan Foo, the Executive Chairman of A*STAR Exploit Technologies, said, “This successful commercialisation of A*STAR's RFID Reader IC in FuturecartTM marks a strong market entry for both the chip and FeRmi, the A*STAR’s spin-off that has been actively developing and marketing the technology. We are delighted to have brought to market a robust RFID technology to facilitate commercial adoption by SOTF and Cold Storage. This opens up new market opportunities for players in the retail industry to explore other business uses for RFID.”
Said Dato’ Dr. Jannie Tay, Founder of SOTF, ”This new advertising medium will for the first time enable marketers to reach out to shoppers at the most crucial point – when the purchasing decision is made, and hence offers a whole range of opportunities for marketers to deliver targeted promotions and advertising messages to shoppers. We are thankful to the Singapore government for their strong support of this project, which has been instrumental in facilitating the roll-out of our product within such a short timeframe.”
Following the pilot deployment, SOTF intends to introduce FuturecartTM in more stores in Singapore, and plans to add more features to the FuturecartTM, enhancing the interactive experience for consumers. For example, shoppers will be able to get product pricing, nutritional information and suggested recipes by scanning an item off the shelves using the FuturecartTM. In addition, supermarkets can choose to integrate the cart with their loyalty card system, thus allowing loyalty card members to receive targeted and privileged promotional messages.
#####
About Store of the Future (SOTF)
SOTF is a technology media company. The company’s flagship product, the FuturecartTM system, utilizes state-of-the-art technology to provide a powerful and cost-effective advertising medium for marketers and retailers to deliver targeted and location-based messages to shoppers. The system also shortens the time needed to create and implement marketing campaigns at retail stores, allowing shoppers to interact with the advertisements, and effectively measuring the success of marketing campaigns.
For media enquiries, please contact:
Ms Angela Chee
Managing Director
Store of the Future Pte Ltd
Mobile: +65 96368460
Email:
Harpreet Kaur/Tracy Goh
PR Communications Pte Ltd
Tel : (65) 6227 2135
Fax: (65) 6227 3915
Email : harpreet@prcomm.com.sg/tracy@prcomm.com.sg