Warsaw-based retail startup ZeroQs has successfully raised €457k in a financing round led by Freya Capital as follow-on investment. The funds will be utilized to further develop their innovative smart shopping cart technology and accelerate expansion efforts. ZeroQs’ groundbreaking solution, designed to streamline shopping experiences and eliminate queues, is gaining traction with retail entities such as Społem and Centrum Retail.
ZeroQs is reshaping the retail landscape by introducing cutting-edge smart shopping carts. This innovative solution offers customers a seamless and efficient shopping experience, allowing them to bypass queues commonly associated with traditional checkout processes. The technology not only benefits consumers but also empowers retail chains to manage inventory and enhance security more effectively.
The smart shopping carts come equipped with a sophisticated array of features, including a weighing system, barcode reader, and touchscreen. Shoppers can effortlessly scan and add items to their cart, and upon completing their shopping, simply exit the store as the corresponding amount is automatically charged to their account. The carts utilize advanced weighing and visual systems to verify products, providing a robust defense against potential threats like theft, fraud, or errors made by customers.
ZeroQs has already implemented its smart shopping carts in stores operated by prominent chains such as Społem and Detal Centrum. Additionally, the company is actively engaged in discussions with leading retailers in Poland and Europe, steadily expanding its market presence.
CEO of ZeroQs, Jarosław Kaczmarczyk, expressed the company’s commitment to advancing technology and expanding its footprint. “The newly raised capital will enable us to continue working on the technology, intensify our presence in the country, and prepare for expansion into neighboring markets. Our priority for the coming year is to consistently continue the commercialization of our solution, with full-scale implementations planned in retail chains both in Poland and abroad,” commented Kaczmarczyk.
Access to consumer behavior data is a significant advantage for retail networks, allowing them to undertake personalized actions, enhance the shopping experience, and analyze customer preferences. ZeroQs’ smart shopping carts play a pivotal role in this data-driven approach, accompanying customers throughout their entire shopping journey.
The demand for innovative solutions in the retail sector is driven by the goal of not only attracting new customers but also fostering loyalty among existing ones. A GfK report reveals that over 65% of retailers believe that the shopping experience is a crucial determinant of a brand’s strength and growth dynamics.
Michal Lewandowski, Managing Partner at Freya Capital, emphasized the growing interest of retail chains in accessing customer behavior data. He stated, “Observing the rapid growth of ZeroQs, as well as the market itself, we decided to increase our involvement in the company through a follow-on investment. Retail chains are looking with increasing interest at accessing data on customer behavior, and ZeroQs’ smart shopping cart could become a key provider of this information.”
The global In-Store Analytics market is poised for substantial growth, with a Straits Research report indicating its worth at $3.8 billion in 2022, projected to reach $25.4 million by 2031. As retail chains seek to leverage such data for increased sales and customer satisfaction, ZeroQs emerges as a pivotal player in shaping the future of retail technology.
