Tracxpoint, a global provider of next-generation self-checkout grocery solutions, today announced an agreement to roll out its Artificial Intelligence Cart (AiC) at CONAD DEL TIRRENO, one of the seven cooperatives of CONAD's chain with more than 3,000 supermarket stores in Italy. This is a major milestone for the Israeli startup in its mission to establish the AiC platform as the most powerful, accessible and comprehensive solution for self-checkout and personalized in-store engagement on the market today. CONAD DEL TIRRENO will start implementing the AiC ecosystem during 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181210005176/en/
The Tracxpoint AiC enables checkout-free stores and personalized in-store engagement for Italy's largest supermarket chain, CONAD. (Photo: Business Wire)
In direct contrast to capital-intensive and smaller store concepts like Amazon Go or its imitators that rely on ceiling cameras for location-based processing, the Tracxpoint AiC platform uses a first of its kind AI connected shopping cart that leverages on-cart cameras coupled with built-in weight sensors and powerful GPUs. The AiC will identify each item added to and deducted from the cart and automatically process on-cart transactions and payment upon leaving the store.
"CONAD has committed to deploying 'game changers' for the future of our physical stores. The AiC is not just a complete new smart shopping cart with breakthrough design that can visually detect food and non-food products; it is an entire ecosystem for bringing digital convenience to the physical store and it will be a relevant factor in keeping our loyal customers coming back," said Maurizio Barsacchi, CIO CONAD DEL TIRRENO. "Without requiring any cloud connected infrastructure, each AiC recognizes items visually even in a free fall mode a distinct advantage against competing concepts that merely rely on the store planogram or location of products. It will be the beginning of a completely new in-store experience."
The AiC platform also separates itself from the competition through a variety of unique real-time features, including an on-cart screen that provides access to shopping lists, sends personalized special offers and store navigation. An additional patented feature is an on-cart real-time bidding system for suppliers and comprehensive data mining. Moreover, the GDPR-compliant data mining tool protects customer data and ensures that retailers fully own their customer relationships.
"Tracxpoint provides a unique mix of expertise in the exciting new world of deep learning and the classical realm of computer vision," said Gidon Moshkovitz, Co-Founder and CEO, Tracxpoint. "Our new Retail AI Engine integrated in the AiC is built to instantly recognize and register more than 100K products, which allows us to adapt it to different customers and to fulfill different requirements beyond grocery. Since launching our first solution two years ago in more than 150 stores across Israel, we've seen considerable excitement in the market for a minimally disruptive platform that addresses multiple pain points of in-store retail at a fixed monthly cost. We are bringing new levels of technology, convenience and value to customers and retailers that no existing solution offers. We eagerly anticipate completing other significant contracts in the US and the EU in 2019 as the AiC becomes the gold standard for all size stores' self-checkout and in-store customer engagement platforms."
"Despite the significant changes to most areas of daily life since the invention of the shopping cart in 1937, the look and functionality of the cart has remained exactly the same," said Edi Bahous, CTO, Tracxpoint. "We decided to change it completely and design a totally modern concept, implementing the newest hardware and software technologies and enabling 5G connectivity, all while keeping the intuitive and simple usability shoppers expect and require. Just as 2006 marked the beginning of the smartphone revolution, 2020 will be the beginning of the new era in retail with our AiC."
Tracxpoint is a leading global provider of next-generation self-checkout grocery solutions. Its unique Artificial Intelligence Cart (AiC) platform offers convenient personalized online shopping experiences to grocery shoppers like never before. Established in 2016 by founders with a combined 80 years of experience, the company is changing the grocery shopping experience by integrating ground-breaking AI and sensor fusion technology inside a smart AIoT shopping cart architected by legendary luxury auto designers. Tracxpoint's three flagship products are the Terminal Cart Management System, the Artificial Intelligence Cart (AiC) and the AiC mobile app SDK. The platform gives retailers real-time analytics while also providing the opportunity for more conversions and increased revenue, efficiency and reduced operating costs by offering customers a more personalized and value-added shopping experience. For more information, visit www.tracxpoint.com.
Ketner Group Communications