Autonomous retail startup Standard Cognition acquires competitor Checkout Technologies

“As cashiers across the country take precautions to limit interactions with customers in the midst of the COVID-19 pandemic, it’s hard to think of a better time for the rollout of an Amazon Go vision of autonomous retail.

Standard Cognition CEO Jordan Fisher has been building towards that future for the past several years. His startup has raised over $86 million”

https://www.google.com/amp/s/techcrunch.com/2020/05/19/autonomous-retail-startup-standard-cognition-acquires-competitor-checkout-technologies/amp/

As Walmart becomes a lifeline, online sales surged 74%

  • “Online sales in the U.S. jumped 74% for its fiscal first quarter that ended April 30, which captured the brunt of the pandemic’s outbreak. Same-store sales rose 10% at U.S. Walmart stores on strong sales of food, health and wellness goods.
  • Ken Perkins, president of research firm Retail Metrics, said he expects earnings will be down 36.6% for the 103 retailers he tracks compared to the year-ago period.”

https://www.google.com/amp/s/abcnews.go.com/amp/Business/wireStory/walmart-lifeline-online-sales-surged-74-70761025

As retail evolves, 5G and edge computing keep you in the express lane

    “According to research published by McKinsey ahead of the 2019 holiday season, 62% of shoppers planned to make their purchases online and in-store.
    Flashy new online and AR/VR shopping schemes may grab headlines. But by 2023, ecommerce is expected to account for just 21% of total retail sales, and a mere 5% of grocery sales. Although we’re all eagerly anticipating same-day drone-based delivery services, it’s clear that the experience of purchasing our favorite goods in-person isn’t going away.”

https://www.google.com/amp/s/venturebeat.com/2020/01/31/as-retail-evolves-5g-and-edge-computing-keep-you-in-the-express-lane/amp/

Image Credit: Getty Images

Starbucks Will Have One AI-Enabled Coffee Machine in Every Store by 2022

  • “As reported by Yahoo Finance, Starbucks COO Rosalind Brewer told analysts this week that the company plans to put 4,000 new AI-enabled coffee machines in stores by the end of 2020.
  • Deploying the Mastrena II will allow Starbucks to both collect a wealth of data and act on it. For example, sensors in the machine can track what it’s making (i.e. what Starbucks is selling) and also provide real-time information on what parts of the “hardware” need maintenance.”

https://www.google.com/amp/s/www.myrecipes.com/news/starbucks-robot-coffee-machines%3famp=true

What Retail AI Looks Like in Western Europe – eMarketer

  • “According to July 2019 data from P&S Intelligence, the global market for retail-related AI is expected to be worth nearly $4.34 billion by 2024, posting a compound annual growth rate (CAGR) of 35.4% between now and then.
  • Two-thirds of retailers in France considered the use of AI indispensable for ecommerce, and a further 18.5% said it was very useful, per Octopeek.
  • Farfetch…has partnered with visual AI startup Syte on a “See it, Snap it, Shop it” feature. It allows customers to upload a photo or online image; the app will then display the item, or something very similar, on one or more retail sites.”

https://www.emarketer.com/content/what-retail-ai-looks-like-in-western-europe