Nomitri Enhances In-Store Self-Checkout with AI-Powered Software: Groceryshop 2022 Innovator Profile – Coresight Research

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What’s Inside

On September 19, 2022, Deborah Weinswig, CEO and Founder of Coresight Research, will emcee and feature on the judging panel of Groceryshop 2022’s “Shark Reef” startup pitch competition, which will see 12 early-stage innovators compete to win the Judges’ Choice and Audience Choice awards.

In the lead-up to the event, we are profiling the participating innovators. In this free report, we present Nomitri, developer of artificial intelligence (AI)-powered visual perception software for item tracking and self-checkout.

  • Read more from Groceryshop 2022, including other innovator profiles in the lead-up to the event as well as daily event coverage reports.
  • Click here to access more Coresight Research reports on grocery retail.

This report forms part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fueling innovation across the retail value chain.

Click here to read more Innovator Research (including Innovator Profile reportsfrom Coresight Research.

Executive Summary

  • Nomitri’s visual perception software identifies products placed in carts through the use of AI and machine learning (ML) technology, enabling self-checkout on shoppers’ smartphones. 
  • The software enhances convenience in the physical store, removing friction from the in-store shopping journey, such as by removing the need for customers to stand in line and enabling contactless checkout. 
  • Coresight Research estimates that the retail AI market totals $4.5 billion in 2022 and will grow at a 30% CAGR through 2027. According to an April 2022 survey conducted by Coresight Research, 44% of US grocery and convenience store retailers believe that their customers are interested in fully autonomous checkout.

What We Think

To remain competitive against online rivals, brick-and-mortar retailers need to find ways to improve convenience and offer a seamless in-store experience. Innovative technologies including AI and visual perception software can help them achieve this by automating typically friction-heavy stages in the shopping journey, such as checkout.  

Introduction 

The Coresight Research team will attend and participate in this year’s Groceryshop conference, which will be held on September 19–22, 2022, in Las Vegas, US. Groceryshop 2022 will explore the changing grocery landscape and help businesses navigate the rapid rise in e-commerce, the latest business models and technologies, and the shifting consumer behaviors that are impacting the industry.

On September 19, 2022, Deborah Weinswig, CEO and Founder of Coresight Research, will emcee and feature on the judging panel of Groceryshop 2022’s “Shark Reef” startup pitch competition, which will see 12 early-stage innovators compete to win the Judges’ Choice and Audience Choice awards. In the lead-up to the event, we are profiling the participating innovators. 

This report forms part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fuelling innovation across the retail value chain. We present Nomitri, developer of AI-powered visual perception software for item tracking and self-checkout. Coresight Research collaborated with Nomitri to offer insights into its capabilities and offerings.

Areas of Innovation

Coresight Research categorizes the 12 participating innovators into three areas of innovation in retail: fulfillment and sustainability; product marketing and merchandising; and AI, ML and automation. Nomitry falls under “AI, ML and automation.”

Coresight Research categorizes the 12 participating innovators into three areas of innovation in retail: fulfillment and sustainability; product marketing and merchandising; and AI, ML and automation. Nomitri falls under “AI, ML and automation.”

Nomitri: In Detail

Headquarters 

Berlin, Germany  

Funding Stage 

Seed stage 

Total funding raised: $3.7 million 

Company Description

Nomitri was founded in 2019. Its visual perception software uses embedded visual AI and ML technology alongside a neural network-based approach to provide visual intelligence that can be accessed via smartphones, edge devices and embedded systems. The software is designed to make the in-person shopping and checkout experience quicker and more seamless through object identification, barcode scanning, shopping list tracking and smart self-checkout.  

Integrating Nomitri’s software with retailers’ existing systems takes only a few days, according to the company. Retailers can add phone mounts to their in-store shopping carts to make it easier for shoppers to use their smartphones to shop. 

Source: Nomitri/YouTube

What Problem Is the Company Solving?

Coresight Research estimates that offline US retail sales will comprise 69.2% of total US retail sales by 2030, down from 78.8% in 2022, as shoppers continue to shift much of their lives online. In order to continue attracting shoppers to their stores and compete with other brick-and-mortar technology adopters, retailers must reduce friction in the in-store shopping experience.  

Nomitri’s AI-powered visual perception software acts as a shopper assistant to remove many of the inconveniences that make in-store shopping tedious and time-consuming. By detecting the object and action in front of the camera, the software can check off items featured in customized lists and allow shoppers to check out directly from their smartphone, allowing them to avoid long checkout lines and introducing an option for contactless checkout. 

The company’s software can also be applied to dark store or warehouse fulfillment center workers who can use the visual assistance to fill out carts more efficiently for their shoppers for pickup or delivery. 

Market Opportunity 

AI adoption is still in its early stages and there is room for growth. Coresight Research estimates that the retail AI market totals $4.5 billion in 2022 and will grow at a 30% CAGR through 2027.

Advances in AI and ML technology will likely facilitate numerous points of innovation for in-person shopping that retailers can leverage to attract shoppers to their stores. For example, AI-based solutions enable autonomous checkout, removing the need for shoppers stand in line to pay for their purchases. 

Many retailers are capitalizing on autonomous checkout technology to improve operational efficiency and reduce labor costs. More than half (59%) of US grocery and convenience store retailers currently offer autonomous checkout options to their customers, according to an April 2022 survey conducted by Coresight Research. In addition, 44% of US grocery and convenience store retailers believe that their customers are interested in fully autonomous checkout, and more than eight in 10 believe that customers are interested in cashierless self-checkout.

What We Think

To remain competitive against online rivals, brick-and-mortar retailers need to find ways to improve convenience and offer a seamless in-store experience. Innovative technologies including AI and visual perception software can help them achieve this by automating typically friction-heavy stages in the shopping journey, such as checkout.  

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