Sonae uses technology that unlocks paths for the customers to have a seamless shopping experience by reducing time at the checkout. The Portugal-based retail company plans to open the first cashier-less store in Lisbon following the trends set by Amazon. The innovative technology provides a safe environment to the shoppers, the cameras and sensors placed in the store provide tracking solutions. The company’s app charges the customers as the customers pick items from the shelves in the stores.
The technology innovator, Sensei, is a start-up backed by investors like Sonae and Germany’s Metro AG.
The digital payments boom that occurred in the pandemic led to developing technologies that accelerate the retail sector. Last year’s online sales accounted for $3.5 Trillion. Global shopping will reach $4.5 Trillion in 2021 as per estimates. One of the biggest retail trends Forbes list is the “autonomous stores” in 2021.
In 2018, the autonomous stores were estimated to be 350, whereas there is an anticipated growth of around 10,000 stores that will provide a fully automated checkout process by 2024.
The technology platform Sensei that blends A.I., algorithms, sensors, and cameras bring a solution that retrofits in the present retail scenario to build an efficient and convenient shopping platform. The company plans to use the latest funds of $6.5 million to expand the business. It plans to grow the automated retail chains in U.K. and European markets.
Amazon, who pioneered the innovation, makes convenience a prime factor in shopping announced to offer the automotive technology to go cashier-less last year. The retailers can benefit from technology known as “Just Walk Out.”
The same technology that Amazon uses today in its physical stores, as the newly launched Amazon Go Grocery store in Seattle, is offered to the retailers. Presently Amazon has 25 stores in the U.S. The app links to the billing; the new business line entails vast technology inclusion in the stores with sensor fusion, tracking the customers from the entry point as they scan their smartphones and get into the store to the exit.
Amazon will provide the retailers with the camera hardware and sensor technology, software systems, and 24/7 customer support.
Sonae is a multinational company in consumer retail and technology, spanning over 90 countries. The company’s market cap is $1.52 Billion with a trailing twelve months revenue of $6.95 Billion.
The founders of Sensei mentioned they are not ready to give away the company’s controlling interest presently as they understand the growth opportunities.”We’ve been approached by retail chains interested in buying our company but the opportunity to grow is so big that we want to keep growing.”