Tracxpoint aims to conquer checkout-free retail space
Most emerging scan-and-go solutions are still not completely frictionless, as consumers have to physically scan their products. They are also too expensive for retailers, requiring major upfront spend and ongoing infrastructure maintenance (e.g. Amazon Go costs $1 million per store in hardware alone).
That’s the view of Gidon Moshkovitz, Co-Founder and CEO, Tracxpoint. In an interview with RTIH, he says: “By offering a checkout-free retail experience based on the shopping cart, our solutions drive value across the business – from payments to marketing to merchandising to loyalty – with a low cost of entry.”
His company has tested its Artificial Intelligence Cart (AIC) concept at various exhibitions, including the MWC in Barcelona and Vivatech in Paris in 2017, and in 2018 at the GTC in Tel-Aviv. “The reactions from leading retailers were very motivating and constructive from the beginning. Retailers have increasingly been investing in technology like artificial intelligence to compete against retail giants like Amazon, so the proven results and unique approach our platform offers have been met with excitement,” he says.
In 2016, Tracxpoint saw its first pilot with an Israeli grocery store and by 2018 it had grown to 36 engineers with $15 million in sales. In December, it announced the deployment of its platform at Conad del Tirreno, the largest of seven cooperatives managed by Italy’s largest supermarket chain, which will begin in 2019.
Read the full interview here.