The smart retail market is estimated to be worth $127.28 billion by 2028, with a CAGR of 27.4%, and self-checkout solutions market alone comes with an estimation of $5.9 billion by 2026 and a CAGR of 11%. In-store innovation creates a unique shopping experience and demonstrably brings people who currently prefer to shop online back into brick-and-mortar stores.
The Covid crisis has further increased customers' need for contactless and personalised shopping. Thus, mobile-based self-checkout solution and smart cart solutions are here to stay.
Cashing in on this trend, Berlin-based AI startup Nomitri is betting big on the food retail revolution and has now raised €2.5 million funding.
The round was led by FoodLabs with angel investors from the tech retail space joining the round. The additional investment will help the company to expand its commercial network and strengthen its engineering team.
With its mobile-based self-checkout solution and smart cart solution, the German startup helps brick and mortar retail create a personalised and data-driven customer experience.
Talking about how customer centricity is Nomitri’s go-to-market strategy, Trinh Le Fiedler, co-founder and CEO, Nomitri said: “We are on a mission to build products that make a difference to our customers and solve real problems in the retail space with our embedded AI solutions.”
With the new technology, there is no more waiting at checkouts. Embedded AI deep-learning algorithms run directly on customers’ smartphones. Its AI solution is asset-light, low cost, privacy preserving and can be set up in three days with no additional cameras, no sensors or hardware.