Autonomous checkout is now a reality: Standard Cognition's camera-only computer vision stores launch | Summary and Q&A

Transcript

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Summary

Standard Cognition, a company that has developed cashier-less and camera-driven micro-convenience stores, is opening three new stores as the first step towards deploying thousands of such stores. The company aims to transform existing stores and deliver an autonomous checkout experience at scale. In an interview with the co-founder and CEO of Standard Cognition, Jordan Fisher, he discusses the challenges involved in tracking people and items, integrating with third-party inventory systems, and meeting retailers' operational requirements. The newly opened store at the University of Houston allows customers to download the app, check in, pick up items, and receive a receipt automatically. The company plans to expand to thousands of stores in the coming years.

Questions & Answers

Q: What are the key goals of Standard Cognition in developing cashier-less stores?

The company's main objective is to revolutionize the shopping experience by allowing customers to walk into any store, grab what they want, and leave without waiting in line. They aim to achieve this by retrofitting existing stores with autonomous checkout capabilities and demonstrating that this process can be repeated across multiple locations.

Q: What are the major challenges involved in implementing camera-driven tracking and inventory management systems?

One of the biggest challenges is anonymously tracking people through multiple cameras as they move throughout their shopping trip. This requires a state-of-the-art system that Standard Cognition has developed. Additionally, integrating with third-party inventory systems and dealing with the complexities of retail operations, such as stocking and planograms, pose significant obstacles. Meeting retailers where they are and adapting to their existing processes without being able to make physical changes presents unique challenges.

Q: How does the store at the University of Houston function and what is its purpose?

The store at the University of Houston is a mini-convenience store offering fresh food, snacks, and drinks. Customers can download the app, enter the store, select their desired items, tap their phones for checkout, and exit the store quickly. The goal is to provide a faster, more efficient shopping experience, with some customers completing their trips in just a few seconds. Standard Cognition aims to make stores feel like personal pantries where customers can grab what they want and leave without any unnecessary delays.

Q: What are the future plans for Standard Cognition?

The three newly opened stores are just the beginning, as the company plans to deploy thousands of similar stores in the next few years. They have designed their system with scalability and retailer ease in mind, ensuring that the autonomous checkout solution can be easily implemented across a large fleet of stores. Cost-effectiveness, simple installation, and integration with existing retailer operations are key factors in achieving this goal.

Q: How does Standard Cognition consider retailer needs and operations in their autonomous checkout process?

From the outset, Standard Cognition has prioritized making the autonomous checkout process seamless and low-friction for both shoppers and retailers. This includes considering the cost of the system, simplicity of installation, and the ability to integrate with retailers' existing operations. For example, when working with a partner like Compass, which has thousands of locations and numerous employees involved in managing and stocking stores, the system must align with their current processes. By addressing these concerns, Standard Cognition aims to make it easy for retailers to deploy and scale the autonomous checkout solution.

Q: How has Standard Cognition prepared for scaling their solution?

The company has been mindful of scalability since day one. They have focused not only on creating a frictionless experience for shoppers but also on ensuring that the solution can be reproduced and deployed at a large scale. Factors such as system cost, installation simplicity, and compatibility with existing retailer operations have been integral in their planning. With successful demonstrations in multiple locations, Standard Cognition is now shifting its focus to the scaling process itself.

Takeaways

Standard Cognition has introduced cashier-less and camera-driven micro-convenience stores, with plans to expand to thousands of locations in the future. By retrofitting existing stores and demonstrating the scalability of their autonomous checkout solution, the company aims to revolutionize the shopping experience. Key challenges include tracking people and items through cameras, integrating with third-party inventory systems, and adapting to retailers' existing operations. The goal is to provide a faster, more efficient shopping experience for customers while ensuring ease of deployment and scalability for retailers.