With the asset acquisition of MarketLab’s shelf audit automation technology, Scandit is positioned to provide an efficient hybrid data capture approach for retailers to maximize sales and optimize on-shelf performance. Based in Poland, MarketLab’s expert team will join Scandit to build and expand the new offering.
Scandit is the leader in smart data capture solutions designed to empower workers, customers and businesses by providing actionable insights and automating end-to-end processes. Its Smart Data Capture platform enables smart devices to interact with physical items by capturing data from barcodes, text, IDs and objects with unmatched speed, accuracy, and intelligence.
In pursuit for further growth, the startup has acquired the shelf audit automation technology from MarketLab, a Polish image recognition and AI software company specializing in the retail industry. MarketLab’s expertise in fixed camera solutions complements Scandit’s existing ShelfView mobile capture approach to provide a hybrid data capture shelf intelligence solution for retailers.
The global retail sector loses approximately $634 billion annually due to problems with on-shelf availability alone, according to research from IHL Group. Delivering increased workforce efficiency and automating time-intensive store operations processes, the new hybrid solution will enable retailers to gain insights into on-shelf availability, planogram compliance, pricing issues, and more to maintain optimal store conditions, maximize sales, and reduce lost revenues due to stockouts, particularly in high-SKU volume environments like grocery stores. It will also provide AI-enabled notifications to improve store key performance indicators and flag issues in near-real time to store associates and management. As part of the transaction, MarketLab’s expert team will join Scandit to build and expand the new offering.
“The asset acquisition marks a new milestone in Scandit’s evolution as we continue to broaden our smart data capture capabilities for the wider retail industry. Integrating MarketLab’s fixed camera-based shelf recognition experience and technology into ShelfView strengthens our ability to empower retailers to enhance their overall store performance, boost store associate efficiency, and optimize the monetization of shelf data with CPG partners,” said Samuel Mueller, CEO and co-founder of Scandit.
With Scandit’s large existing retail customer base, including eight out of the top ten US grocers, plus MarketLab’s existing accounts, including Carrefour Poland, Scandit is well positioned to drive further growth and retail innovation. The acquisition opens new routes to market by providing valuable insights to consumer-packaged goods (CPGs) and merchandising agencies to maximize revenues through higher on-shelf availability, accurate pricing, promotions, and planogram compliance as agreed with their retail partners. Beyond the retail sector, Scandit sees future potential in fixed camera deployments in other environments such as warehousing to automate logistics workflows.
(Press release/RAN)
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