5 TrailBlazing Smart Cart Disruptors
At a Glance
- The Smart Cart market is projected to reach a value of $4.6bn by 2027
- Grocers are investing in profitable technologies to navigate the omnichannel world and cater to new age shoppers.
- The smart cart has emerged as a valuable tool in this journey, enabling personalized convenience for customers.
- This article showcases five startups that are at the forefront of revolutionizing the grocers' interaction with their customers.
The smart shopping cart industry is experiencing rapid growth and fierce competition as consumer behavior continues to evolve. Research and Markets report that the global smart shopping cart market reached a value of approximately $1.1 billion in 2021 and is projected to grow at a CAGR of 27% to reach $4.6 billion by 2027.
In response to changing consumer preferences, the concept of shopping carts has transformed significantly. They are no longer just physical structures made of metal frames, screws, bars, and wheels. Instead, they have evolved into sophisticated devices that integrate seamlessly with digital platforms, providing shoppers instant access to relevant information and convenient online experiences.
Today's tech-savvy consumers associate shopping carts with convenience and efficiency, as they enable quick and tailored shopping journeys at the touch of a button. Technology integration into shopping carts has enabled shoppers to access information, make informed decisions, and streamline their shopping experience. With features like plug-and-play devices, frictionless checkout, and autonomous capabilities, smart carts have become useful tools for retailers to meet the demands of modern consumers. By embracing these innovations, retailers can enhance customer satisfaction and stay competitive in the ever-changing grocery sector.
In this article, we deep dive into the companies leading from the front with innovative technology and spearheading value creation for grocers and consumers alike.
Shopic, a retail solution company based in Tel Aviv, specializes in providing frictionless checkout solutions for brick-and-mortar grocery stores worldwide. Established in 2014 by Raz Golan and Eran Kavitz, the company is headquartered in New York and Tel Aviv. By leveraging computer vision and artificial intelligence, Shopic seamlessly integrates digital commerce with physical stores by implementing large-scale smart cart deployments.
Shopic's smart cart technology is designed as a clip-on unit that shoppers can easily attach to their ordinary carts during their in-store shopping trips. This innovative approach allows for a personalized and convenient "grab and go" experience, offering a cost-effective solution for grocers. The clip-on device is compatible with any shopping cart, providing customers a tailored journey. Once their transactions are complete, shoppers can remove the device and use the cart to transport their groceries to the parking lot, enabling a frictionless shelf-to-car shopping experience.
Shopic has attracted significant investment from renowned backers, including Tal Ventures, Qualcomm Ventures, Vintage Investment Partners, Clal Insurance, IBI Tech Fund, Claridge Israel, and Shufersal. Moreover, the company has formed valuable partnerships with well-known retailers like Shufersal and Wegmans, bolstering their influence and expanding their presence within the industry.
The company is at the forefront of revolutionizing the retail shopping experience in physical stores with its game-changing frictionless self-checkout smart carts. These state-of-the-art carts utilize cutting-edge technologies, including computer vision, intelligent algorithms, and advanced big data capabilities, to elevate the shopping process for retailers and customers. By equipping retailers with innovative tools, CUST2MATE empowers them to combat fraud, minimize shrinkage, receive real-time restock alerts, and gain valuable insights into shopper behavior.
Meanwhile, customers enjoy a seamless and convenient shopping journey facilitated by CUST2MATE's user-friendly touchscreens and specialized cameras integrated into the smart carts. With these features, shoppers can effortlessly scan the barcode of each item they select, effectively transforming the cart into a mobile cash register.
Founded in 2009 by Joseph bentsur and powered by A2Z technologies, the company draws on a wealth of domain expertise over three decades to design sophisticated systems for Israel's security and law enforcement forces. The company has attracted the support of esteemed investors like Clal Insurance. Additionally, CUST2MATE has forged valuable partnerships with renowned retailers such as Yochananof, a supermarket in Israel, Morton Williams in the US, Evergreen Kosher Market (Monsey, New York), Chedraui in Mexico, Carrefour's flagship hypermarket store, Monoprix and Casino Group in France.
Instacart's upgraded "Caper Cart" is a smart cart with computer vision and weight detection capabilities. The cart features a large touchscreen that syncs with the user's grocery list from the app and includes an attached payment terminal, allowing for self-checkout without the need to wait in line. Notably, the Caper Cart is rechargeable by stacking carts, eliminating the need for battery swaps. Instacart offers over-the-air software updates and remote management via tablet to support auditing and real-time tracking of shopping behavior.
The cart includes features such as an anti-fraud weighing system, personalized in-store navigation, and a cart-mounted touchscreen tablet. These elements transform shopping from a tedious task into a quick, frictionless, and enjoyable experience.
Founded in 2012, Instacart is an American delivery company based in San Francisco, co-founded by Apoorva Mehta, Brandon Leonardo, and Max Mullen. It operates a grocery delivery and pick-up service in the United States and Canada. Instacart has forged partnerships with nearly 600 national, regional, and local retailers, including prominent names in the industry such as Albertsons, ALDI, Costco, CVS, Kroger, Loblaw, Publix, Sam's Club, Sprouts, Wegmans and Good Food Holdings . By collaborating with these retail giants, Instacart extends its reach and impact, bringing its innovative services to a vast customer base.
Founded in 2018 by Shariq Siddiqui and headquartered in Seattle, the company is revolutionizing the smart cart industry with its cutting-edge autonomous checkout solution. By harnessing the power of computer vision technology, featuring strategically placed cameras and sensors, Veeve's smart cart can seamlessly identify and add items to the virtual cart as they are placed inside.
To ensure accuracy and prevent missed scans, Veeve's smart cart utilizes its computer vision capabilities to capture short video clips of products that haven't been properly scanned. Veeve's smart cart can eliminate the need for traditional checkout lines, providing shoppers with a convenient and efficient shopping experience while simultaneously reducing operational costs for grocers. Additionally, the smart cart engages customers through its in-store retailer app, displaying promotional coupons on its screen to incentivize additional purchases. Customers can conveniently complete their transactions using a mobile app or integrated payment system, ensuring a frictionless checkout experience.
Veeve has formed partnerships with renowned grocery retailers such as Albertsons, Kroger, Safeway, Tom Thumb, Metropolitan Market, and Good Food Holdings and has received support from notable investors, including Foothill Ventures, Creative Ventures, Flying Fish Partners, XRC Ventures, and Food Retail Ventures.
Founded in 2015 by Konstantinos and Will Chomley, this New Zealand-based company has developed an autonomous checkout solution that utilizes a machine-learning platform and a state-of-the-art Imaging Station. Their technology employs multiple cameras and lights to scan barcodes on the retailer app, attach them to the cart, and analyze product images. This efficient process enables the swift integration of new products into a store's database, allowing customers to start shopping for those items in minutes.
The company has gained significant support from notable investors, including Toshiba Tec, Sage Capital, and Harald McPike. They have also formed valuable partnerships with H2O Retailing stores in Japan, solidifying their presence in the market and expanding their reach.