SANTA CLARA, Calif., Dec. 9, 2020 /PRNewswire/ -- Based on its recent analysis of the North American autonomous retail checkout market, Frost & Sullivan recognizes Standard with the 2020 North American Technology Innovation Leadership Award. Through a first-of-its-kind AI- and computer vision-powered checkout-free solution, the Standard platform enables a frictionless shopping experience for customers, enabling them to walk into a store, grab what they need, and walk out without having to stand in line or scan anything. The Standard platform also helps retailers autonomously capture product data and track customer movement in a store. It leverages deep-learning-based product segmentation and an identification technique to provide real-time intelligence to retailers for improved customer retention, smooth purchase experiences, and higher profits.
"Unlike competing solutions that require a gamut of custom hardware systems, shelving, sensors, and scanning software that drive up the cost and complexity of implementation at the store, Standard's retail checkout infrastructure consists of nothing more than AI-based ceiling-mounted cameras. This setup enables simple integration of the company's infrastructure into the store's existing layout, thereby eliminating the need for reconfiguration," said Dhiraj Badgujar, industry analyst at Frost & Sullivan. "Standard has also created an alternative checkout-free model that can be utilized by all brick-and-mortar retailers, irrespective of store size."
Standard's computer vision cameras track customers based on their shape and movement, eliminating the need for scanning, facial recognition, and other biometric identification processes while ensuring customer privacy and security. Customers within the store are connected through the Standard mobile app (which can be white labeled by retailers) that enables in-store cameras to map them to their payment methods. The data captured by the cameras is transferred to the AI platform installed at the checkout counter, where machine learning algorithms process it in real time to instantly recognize which items the person has, provide insights and enable a smooth payment experience, thereby eliminating the long wait time at the payment counter.
Standard's technology is less expensive than competing solutions and can be easily retrofitted; it leverages cameras that are cost-effective and flexible enough for easy deployment within stores. Other solutions, in contrast, utilize sensors installed on multiple shelves, involve scanning, and require the store to adjust to the solution. Standard's technology can recognize thousands of different products within a 20-foot range, even in a very crowded store.
"The company uses a software-as-a-service (SaaS) model to successfully demonstrate its platform for global retail customers. Initially focused on securing a strong foothold in the United States, Standard has expanded into Europe, Japan, and other markets around the world," noted Badgujar. "The combination of resources, proven expertise, and affordable technology development has enabled Standard to achieve commercial success and position itself as a trusted partner in the North American autonomous retail checkout industry."
"With the ability to now safely shop in seconds without waiting in line, our customers around the world tell us that the Standard platform has transformed the retail experience," said Jordan Fisher, Founder and CEO, Standard. "We are honored to receive this award, the result of the tireless and groundbreaking work of the entire Standard team."
Each year, Frost & Sullivan presents the Technology Innovation Leadership Award to the company that has demonstrated uniqueness in developing and leveraging new technologies that deliver significant customer value.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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Contact:
Lindsey Whitaker
P: +1 (210) 477-8457
E: lindsey.whitaker@frost.com
About Standard Cognition
Standard is transforming retail as we know it, with the first autonomous checkout solution that works in any existing store and allows customers to walk in, grab what they need, and walk out without waiting in line or stopping to scan or pay. The company's machine vision and AI-powered solution is the only one that can be quickly and easily installed in retailers' existing stores, representing a giant leap forward for retail tech and enabling retailers to rapidly deliver an amazing new shopping experience to customers. The first and best-funded startup in this space, Standard has launched multiple operational stores with customers, and is working with retailers around the world. Learn more at https://standard.ai/
Contact:
Alex Plant
Marketing at Standard
plant@standard.ai
