Shekel Brainweigh CEO, Nir Leshem, joins The Market Online to provide an update on how AI is being adopted into weighing technologies used by retail businesses.
Keely:
We are here for an update on how AI is being adopted into weighing technologies used by retail businesses. What that means is that supermarkets, for example, can automatically track consumer purchases and the experience for their customers become smoother and easier.
ASX listed company, Shekel Brainweigh, is employing these exact methods to discuss this further. I’m joined by the company CEO, Nir Leshem. Welcome Nir. Tell us how is AI revolutionizing the retail sales industry?
Nir:
Retailers are under pressure due to declining margins, which are currently averaging just 1.7% according to the recent data from Shoptalk Europe. So the first meeting points where AI is helping address these challenges through automating of key processes.
The traditional self-checkout, which we’ve learned to know and work with for the last decades or so, is growing dramatically but evolving towards more advanced technologies like smart trays, smart trollies, and small format frictionless stores. This innovations is really aimed to streamline the customer’s experience, reduce the labor dependency and increase efficiencies for everyone.
Keely:
And Nir expanding on that. How does Shekel Brainweigh fit into all of this?
Nir:
Shekel has evolved to offer not just weight measurements as we have been doing for the last several decades, but also a comprehensive weight-based product recognition solutions. These technologies by Shekel is actually productized the weight-based product recognition models for all checkout methods.
And let me demonstrate you that through our five product lines, our five retail tech product lines. So the traditional self checkout is where we provide advanced security skills that ensure accurate products way, but also prevent the crowd. The smart cooler is where our smart coolers offers an end-to-end solution actually an end-to-end product that extends walking hours.
The after time enable the after time and eliminates the needs for labor. Smart Trays for vision checkout is what we start seeing more and more in the C- level store is where our ultra slim weighing platform actually triggers the computer vision and enabling the legal complete trade of fresh food. Smart Cart is what we offer retrofitted weighing kits for Smart Carts.
Recently by the way, approved by NTEP, the US Legal for Trade Institute and also includes software security layers. The small format friction stores is where our weight-based smart trays power computer vision technology providing full product recognition effects in milliseconds.
So this ensures retailers can adopt the technology that best meets their needs, positioning us, Shekel, as a key player in the retail industry, transformation, regardless of which checkout method, the market would choose to adopt.
Keely:
And Nir, how is Shekel planning to leverage this opportunity to build profitability?
Nir:
Well, our success really aligned in dependence with market adoptions obviously and the scalability of those new checkout solutions. We’re collectively forging strategic partnerships with global leaders. We’re regulating our weighing solutions in key markets and we optimize our products and preparations of the inevitable scale up.
Furthermore, our strategy goes beyond recognition technology by capitalizing on the immense potentials of shelf data monetization. Currently our team is pioneering a breakthrough technology aimed to unlock the store digital twin concept using retrofit weighing base.
These innovations open up for us for possibilities to provide real time shelf data visibility across the entire ecosystem, not only for the retailers, but also for the consumer packaged goods. So by executing this initiative, we aim not only to optimize operational efficiencies, but also to establish new revenue stream through data driven insight and collaboration ventures within the retail industry.
Keely:
And lastly, given shekel is sitting at five and a half cents on market today, that’s quite low, when you look at the company’s trading history, tell us what’s next for the company.
Nir:
We see significant profitable growth opportunities for retailer product line. We’re confident that we’ll hit the ground running as retailers and more and more shoppers continue to move towards automation of set checkout solution. In just the first half of this year, our retail tech product line has shown impressive growth and the opportunities pipeline is filling up quickly with the cutting edge technology, which I described.
We’re driving this global shift towards automation and an experience management team staying the way that we have in place here in Shekel. We are confident that we are poised to capture a substantial sharing in the market, which is worth over 10 billion dollars.
Keely:
Shekel Brainweigh trades on the ASX under the ticker code SBW. Nir. Thank you so much for your time today. We look forward to hearing about the company’s next update.
Nir:
Thank you very much.