Technology has been killing the retail industry. 2020 may be the year it saves it.
Artificial intelligence, computer vision, deep-learning algorithms, digital cameras and sensor fusion will reshape brick-and-mortar stores and drive new efficiencies for shoppers and retailers.
Emboldened by the proliferation of Amazon’s cashless, cashier-free Go stores, startups to watch include Veeve, with a “smart shopping cart” that automatically identifies items dropped into its basket, calculates the cost of produce, and notifies store managers if age verification is needed for purchases. Caperhas created a similar cart using image recognition cameras and built-in weight sensors.
Focal Systems also began with a cashier-free checkout solution, but more recently has developed an automated out-of-stock detection system that in November attracted an investment from Zebra Technologies. It competes with Singapore-based Trax Retail and Bossa Nova Robotics.