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Artificial Intelligence and Smart Technology Is Bringing Convenience To A Whole New Level
Convenience stores in particular face unique challenges such as store and grounds appearance, cleanliness, and speed of service. In a landscape of ever-changing consumer preferences, store owners are advised to stay on top of the latest AI trends to help automate and simplify some of these day-to-day concerns. In fact, the pressure to do so has never been greater. According to market research firm Global Market Insights, investment in AI is predicted to exceed $8 billion by 2024.
Standard Cognition, whose goal is to eliminate the hassle of retail checkout by removing it entirely, has raised a $5-million seed round to accelerate its go-to-market for the first commercially available checkout-free AI shopping system. Standard Cognition’s solution is an artificial intelligence-based system that lets consumers shop and pay without scanning or stopping to check out. It’s the first such solution platform available to any retailer, according to the company. Standard Cognition plans to use the seed round funds to double its engineering team by the end of the year and launch with its first U.S. retailer in early 2018. The company says it is already in talks with many US retailers about pilots.