Overview
The current age of technology we live in is truly miraculous. From smart homes that can perform tasks at our voice command to self-driving cars that can ferry us to our destinations, technology has penetrated almost every aspect of our lives. One such technological marvel that has the potential to revolutionise the retail industry is the touchless checkout system.
Before we dive in, let’s address a common misconception that can sometimes overshadow the countless benefits of touchless checkout systems.
Discovering Touchless Checkout Systems
Touchless checkout systems are much more than just a trend; they’re a glimpse into the future of retail—a future that is rapidly becoming our present. The benefits are extensive and reach far beyond the immediate advantage of faster checkout times. These systems are shaping a world where retail shopping is safer, more efficient, and more enjoyable for everyone involved.
The Working Principle of Touchless Checkout Systems
Most touchless checkout systems leverage a combination of technologies such as computer vision, artificial intelligence (AI), and machine learning to quickly and accurately identify products, tally the total cost, and process payment without human intervention.
Benefits to the Customer: Speed, Convenience, and Safety
The benefits of touchless checkout systems are immense and multifaceted, particularly from a customer’s perspective. Here’s what they bring to the table:
Faster Checkout
One of the biggest customer pain points in traditional retail shopping is the time spent waiting in line at the checkout counter. Touchless checkout systems drastically cut down this time by scanning multiple items simultaneously, eliminating the bottleneck caused by manual scanning.
Enhanced Shopping Experience
A touchless checkout system provides a smooth, hassle-free shopping experience. These systems are generally designed with intuitive interfaces, making them user-friendly even for those who aren’t tech-savvy.
A Healthier Shopping Journey
Let’s not forget the added health and safety benefits that these systems bring, especially in the wake of the global COVID-19 pandemic.
Touchless checkout systems greatly diminish the number of physical touchpoints during the shopping process. Consider this: in a traditional shopping scenario, cashiers need to handle every item a customer intends to purchase. From fresh produce to packaged goods, each product needs to be manually scanned, often involving significant physical contact.
With touchless checkout systems, however, the need for such direct contact is eliminated. Customers place their items on the scanner, and the system does the rest—identifying the items, tallying the cost, and processing the payment—all without requiring any physical interaction from a store employee.
Boosting Retail Efficiency with Touchless Checkout Systems
Now that we’ve covered the benefits for shoppers, let’s turn our attention to how retailers stand to gain from these innovative systems.
Improved Operational Efficiency
Consider the typical checkout process: employees scan each item individually, process payments, provide change or receipts, and sometimes even bag items. This can be a time-consuming process, especially during peak shopping hours when queues are longer.
By automating this process, touchless checkout systems free employees from the confines of the checkout counter. This liberation allows them to focus on other crucial tasks that enhance the overall shopping experience, like assisting customers, restocking shelves, and maintaining the store’s cleanliness and organisation. Thus, touchless technology not only speeds up the checkout process but also helps create a more customer-centric and efficient retail environment.
Achieving Greater Accuracy
Traditional manual scanning is prone to human error—a misplaced barcode or a wrong entry can lead to mistakes that may cost the retailer significantly over time.
Touchless systems, however, use machine learning algorithms to accurately identify and price items, minimising the potential for error. They can recognise multiple items simultaneously and differentiate between similar items, even if barcodes are hidden or damaged. This level of accuracy ensures that businesses aren’t losing money due to scanning errors.
Cutting Down Labor Costs
The automation offered by touchless checkout systems brings a substantial economic advantage by reducing labor costs. Traditional checkout processes require a certain number of cashiers to handle the workload, especially during peak hours. However, with touchless systems in place, the need for manned checkout counters significantly decreases.
Not only do these systems perform the checkout process faster, but they can also operate without breaks, enabling non-stop service that a human cashier would be unable to provide. This reduced reliance on personnel at the checkout counters can lead to considerable savings in labor costs over time, a factor that can directly influence a retailer’s profitability.
Touchless Checkout Systems Companies and Their Naming Choices
As the industry of touchless checkout systems gains traction, choosing a solid name is critical. A unique name can help a company stand out early on in this fast-growing space, so it comes as no surprise that companies are racing to claim the best online real estate. Let’s look at their choices.
Namepicks
Mashgin
Let’s shine the spotlight on a pioneer in this space: Mashgin, an acronym for “mash-up of general intelligence.” This aptly named company is at the forefront of revolutionising the retail industry with its pioneering touchless technology.
Mashgin’s Touchless Checkout uses computer vision and deep learning algorithms to identify items. When you place your items on the checkout platform, a 3D camera captures images from multiple angles. These images are processed and compared with a database of items. The system can recognise multiple items at once, whether they’re packaged or fresh produce, thereby significantly speeding up the checkout process.
When it’s time to pay, the system supports various payment methods, including credit cards and mobile payment apps. All of this happens within minutes, making your shopping experience smooth and efficient.
Inetersting fact
I’ve always believed that the best innovations are born out of simple ideas, and Mashgin is the perfect testament to this. The idea for the quick and easy checkout system was born in an ordinary setting: a cafeteria line. It was there that the company’s co-founder, Mukul Dhankar, found himself growing impatient with the slow checkout process. This moment of frustration sparked an idea that would soon revolutionise the retail industry.
I remember the day Mukul created a simple demo with a table lamp and a webcam.
Abhinai Srivastava, CEO of Mashgin in an interview for Forbes
This humble beginning marked the start of a project that would take much longer than anticipated. While the team initially thought it would be a six-month endeavor, developing the technology in a cost-effective way ended up taking a full five years.
In May 2022, Mashgin received an investment of $62.5 million from a Series B funding round led by New Enterprise Associates. This funding round valued the company at approximately $1.5 billion.
The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation. Our mission is to leverage artificial intelligence to create real world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty.
Mukul Dhankar, Co-founder and CTO of Mashgin
Mashgin can be found on their exact match domain name Mashgin.com. One-word .com domain names tend to be more effective at attracting attention and encouraging users to take action compared to domain names that are longer or more complex. These types of domain names are often easy to remember and can be quickly typed, which enhances the user experience and increases the chances that users will visit the website.
AiFi
As we’ve already discussed the revolution that’s unfolding in the retail world, it’s time to introduce another innovative player: AiFi. This remarkable company is redefining the conventional shopping experience with its camera-only, frictionless checkout system. AiFi’s approach combines convenience, accessibility, and personalisation, offering a shopping experience that’s both easy and engaging.
AiFi’s camera-only frictionless checkout experience allows shoppers to purchase items in-store without the hassle of queuing, scanning items, or stopping to pay at the counter. This touchless, streamlined process is powered by advanced AI and computer vision technologies, making your in-store shopping experience as smooth as an online one.
So, how does it work?
AiFi simplifies the shopping journey, breaking it down into three effortless steps:
- Easy Entry: To begin your shopping journey, you can quickly enter the store using a credit card or a dedicated app.
- Seamless Shopping: Once you’re inside the store, AiFi’s AI-powered computer vision technology starts tracking your shopping actions, maintaining complete anonymity. This smart system recognises the products you take from the shelves, eliminating the need for manual scanning.
- Frictionless Checkout: Once you’ve gathered everything you need, you can simply walk out of the store. There’s no need to wait in line, hand over your items for scanning, or even stop to pay. Receipts for your purchases are sent directly to your mobile device within minutes.
Interesting fact
Names hold power, don’t they? They can often tell a story, reveal a philosophy, or signify a vision. This is precisely the case with the innovative tech company, AiFi. Steve Gu, an entrepreneur, computer vision scientist, and author, co-launched AiFi in 2016 with Ying Zheng. From the start, Gu had a clear vision for what he wanted the company to represent and achieve. This vision is encapsulated in the company’s intriguing name, ‘AiFi’.
‘AiFi’ is a fascinating blend of ‘AI’ (Artificial Intelligence) and ‘WiFi’. Gu chose this unique name to signify his ambitious goal: to make artificial intelligence as prevalent and accessible as WiFi.
In March 2022, the company raised $65 million in its Series B funding round with participation from ALDI South Group, Żabka Group, REWE, Verizon Ventures, and Qualcomm Ventures LLC.
The pandemic heavily influenced consumer preferences, including the need for quicker, more seamless shopping experiences. It’s become clear that shoppers are ready for autonomous retail and AiFi is here to deliver. We relentlessly improve our AI algorithms to ensure we have a strong foundation to support our platform, and the success we’ve seen with diverse store formats, speed of deployment, and a frictionless customer experience attests to the flexibility and maturity our product has achieved.
Steve Gu, CEO and Co-founder of AiFi
AiFI’s investment in the exact brand match domain name AiFi.com clearly demonstrates the company’s unwavering commitment to innovation, excellence, and market leadership.
Grabango
Grabango is a free service offered by grocery and convenience stores that aims to create a seamless shopping experience. With Grabango, long queues at checkout counters are a thing of the past. But how does this revolutionary system work?
- Shop As Usual: When you go to a store that uses Grabango, just shop like you normally would. Pick up the items you want, and Grabango’s system will keep track of everything for you. No need for you to scan or track anything yourself.
- Skip the Checkout Line: No more searching for the fastest checkout line or waiting to pay. When you’re done shopping, just scan the code in your Grabango app. Your items get automatically added up, and your payment is processed instantly.
- Keep Track of Your Purchases: With Grabango, you don’t have to worry about losing your receipt ever again. Your receipt is directly sent to your Grabango app, making it easy for you to track your purchases.
Interesting fact
The genius behind Grabango is Will Glaser, a distinguished figure in Silicon Valley, known for his pioneering contributions to data-intensive industries over the past two decades.
Glaser’s journey is marked with groundbreaking accomplishments. He co-founded Pandora Media, where he served as CTO and COO, and his work led to the first large-scale consumer deployment of a machine learning algorithm. He is also co-founder of Hydra Systems and owned a technology consulting business, providing innovative solutions to clients ranging from start-ups to multinational corporations such as Hewlett Packard.
His impressive career, which led to his recognition as one of the 100 most influential people in high technology, extends beyond professional achievements. He is on the board of Blue Shield of California and Berkeley Earth, and formerly chaired The Boyer House Foundation. This extraordinary journey offers a glimpse into the mind behind Grabango, and a hint at the even more exciting innovations to come.
We pride ourselves on the accuracy of the system, and the ease with which it operates in the dynamic environment of a modern store. Wasting time in lines has always bothered me, and now we no longer have to endure it. The incredibly gifted Grabango team has built one of the great marvels of modern technology; so advanced that it feels like magic!
Will Glaser, CEO of Grabango
The company has raised a total of $93.8 million in funding over seven rounds.
Grabango can be found on the exact brand match domain name Grabango.com. Investing in a .com domain name that matches their brand name ensures their brand is secure online and makes it easy for their customers, business partners, and investors to reach them.
Accel Robotics
Imagine walking into a store, picking up the items you need, and then simply walking out, no checkout lines, no payment counters. That’s exactly what Accel Robotics’ camera-based AI system makes possible. As you shop, the system tracks your selections. Once you’re done, you receive a receipt via text or app notification. The result? A seamless, checkout-free shopping experience that is not just convenient but also efficient and enjoyable.
Interesting fact
The core technology product from Accel Robotics is a multi-sensor perception system that blends software, hardware, and AI. It’s capable of accurately and consistently tracking multiple people and their interactions with merchandise. This sophisticated system generates data, automating operations, and providing valuable insights into consumer behavior.
The company is deploying their ground-breaking technology across a variety of smart formats. This includes walk-in community markets that combine 24/7 cashier-less shopping with on-demand delivery, compact walk-up stores, and high-efficiency micro-fulfilment centres (MFCs).
Traditional commerce models rely heavily on costly labor, legacy warehousing and inventory technologies, and environmentally damaging logistics. By deploying proprietary computer vision technology and machine learning-powered capabilities across a network of automated stores, we’re transforming intelligent commerce into a modern, scalable, and environmentally sustainable business.
Accel Robotics
The company operates on the AccelRobotics.com domain name; it perfectly matches their brand name, and the .com extension is what visitors intuitively lean towards when typing a web address.
Ubamarket
Ubamarket simplifies the in-store shopping experience with an end-to-end scan, pay, and go solution. Designed to eliminate friction from in-store shopping, it’s like putting the till right in the customer’s hand, on their trusted device.
With the Ubamarket app, shops, bars, and restaurants can dramatically enhance the shopping experience for their customers. The app offers a plethora of innovative features, each aimed at making shopping more enjoyable, efficient, and personalised.
Customers can create pre-written shopping lists and navigate the store with ease using the aisle sat-nav feature. Payments are just a tap away, and customers also gain exclusive access to personalised deals. They can collect loyalty points automatically, removing the hassle of keeping track of loyalty cards. Even age verification for age-restricted products is made easy with facial recognition technology.
Interesting fact
Ubamarket’s creation story is an interesting one that illustrates the power of a simple idea to drive innovation. Will Broome, the CEO of Ubamarket, first conceived the idea for the company in a situation many of us can relate to: faced with a long shopping list text message.
Broome recalls entering the store and thinking, “Wouldn’t it be cool if this text message magically rearranged itself into the order the items are displayed in-store and guided me to them?” This spark of an idea was the beginning of Ubamarket, but it didn’t stop there.
Recognising that 52% of shoppers used a list when shopping in-store, Broome saw an opportunity to build upon his initial concept. He envisioned a comprehensive end-to-end shopping experience that went beyond simply organising a shopping list. This included innovative features such as scanning of products, allergy alerts, personalised offers, and even one-tap, till-less payment.
As a consumer-facing tool which effectively puts the till in the hand of consumers, leap-frogging expensive legacy tech in the process, we could be the key to modernising POS vendors, loyalty systems and payment gateways in equal measure, creating new revenue opportunities and channels for more traditional businesses who need to pivot and adapt to a rapidly changing World, especially post-COVID.
Will Broome, the CEO of Ubamarket for Techround
Ubamarket operates on the domain name Ubamarket.com, which perfectly encapsulates its global aspirations and vision for the future.
Highlights
The .com domain extension is the preferred choice among companies in our list, with 16 out of 21 companies securing a .com domain name. This widely recognised and trusted extension makes it an ideal choice for businesses seeking to establish their online presence. The .com domain has dominated the internet for decades, and customers instinctively trust it, giving companies that use it a competitive advantage.
14 companies on the list secured exact brand match domain names for their brand presence online. Having an exact brand match domain name is a great approach to building trust and credibility online, which are essential for making lasting connections with customers and gaining an edge over the competition.
None of the companies on the list has included a hyphen in its domain name. One of the downsides of using a hyphen in a domain name is that adding it to your domain name makes it harder to reach when typing.
While we make every effort to ensure the data on our site is accurate, complete, and up-to-date, we cannot guarantee its reliability. Our data is provided for informational purposes only and should not be relied upon as legal, financial, or other advice. We strongly recommend that you independently verify any information before relying on it.
Other resources
- The Fintech 250 CB Insights List of Companies 2022 and Their Domain Name Choices
- Top 100 Most Inspiring Brands 2022 by Wunderman Thompson and Their Domain Name Choices
- Monthly Funding Report: September 2023 Funded Startups and Their Domain Name Choices
- Preparing for an Uncertain Future: Domain Name Strategies for Business Owners
Premium domain names are a valuable asset for any brand. They can help you establish credibility, improve your search engine rankings, and make it easier for customers to find and remember your website. If you’re interested in learning more about how premium domain names can benefit your brand, don’t hesitate to contact us for more information.
branding business domain domain name domains naming Touchless Checkout
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