Spending on retail media exceeded $40 billion in 2022 and is forecast to surpass $60 billion this year, according to eMarketer. Retail media has recently taken on a prominent role in the grocery industry, with an increasing number of food retailers entering the space to tap fast-growing interest by CPGs in reaching shoppers through the channel. The units, which Siddiqui said can be attached to a standard shopping cart in a few minutes, can interact with a retailer’s own retail media network or serve information using an app and content management system provided by Veeve. The new, clip-on devices retain the ability to scan purchases as shoppers put them in the cart and accept payments, but it includes extra cameras to scan the store interior and connect messages it displays with what a shopper is seeing at any given time, Siddiqui said. “There are hundreds of startups doing checkout in multiple different ways and form factors, this is a very unique technology that is introducing the retail media network like it has never been introduced before.” “The name of the game right now for us is retail media, because that’s just so big and so uncharted,” Siddiqui said in an interview. The Seattle-based company has developed a new version of its computer vision-based technology designed to serve primarily as an extension of the retail media networks that retailers have been rapidly building, having concluded that the cost of deploying smart carts as checkout-oriented devices can be difficult for grocers to justify, said CEO Shariq Siddiqui.
Permission granted by VeeveĪfter spending its first few years of operations focused squarely on helping retailers speed up the checkout process, smartcart startup Veeve is rolling in a new direction. Published June 8, 2023Ī Veeve smart cart in a store. Smart cart maker Veeve shifts gears from checkout to retail mediaĪs digital media expands and moves inside stores, the tech startup is testing a new generation of equipment made to serve up customized promotions and coupons based on a shopper’s location.
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