Mashgin - Company of the Year - Retail

Company: Mashgin, Palo Alto, CA
Entry Submitted By: Mercury Global Partners
Company Description: Mashgin is the world's fastest self-checkout system. Using computer vision, Mashgin identifies items and instantly rings them up all at once. Customers simply place down their items and pay. Transactions on Mashgin are up to 400% faster than a cashier, resulting in shorter lines, more sales, and happier customers. Over 550 convenience stores, sports stadiums, and cafes use Mashgin today.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Retail - Small

Nomination Title: Mashgin

Mashgin is the world's fastest self-checkout system. It leverages computer vision to identify items presented from virtually any angle and instantly ring them up in a single transaction. It doesn’t need barcodes or RFIDs, perfectly consistent packaging, or particular orientations to work correctly. Consumers simply place their items down, pay, and go--in 10 seconds or less.

This is an enormous achievement in the realm of real-world application of AI. Mashgin achieves this by using multiple cameras to build a three-dimensional understanding of items. This deeper understanding allows it to identify products and even plates of food with 99.9% accuracy, allowing checkout lines to move at high speed without interruption.

Mashgin has completed over 24M transactions to date with Kiosks deployed in over 550 locations spanning major convenience store chains, Fortune 500 companies and 20+ iconic sports stadiums including the Denver Broncos, Kansas City Chiefs and Madison Square Garden. That makes Mashgin the most vetted AI-powered checkout system on earth.

Self-checkout transactions on Mashgin are as much as 400% faster than a typical cashier. Data collected from the 24M+ Mashgin transactions also shows an increase in transaction throughput by 96% — resulting in shorter lines, more sales, and happier customers.

The company has completed over 24M transactions and has gone from primarily being deployed in corporate cafes to being a dominant player in sports stadiums (20+) where Mashgin helps to increase concessions by 34%. It has also added entirely new markets with convenience stores and airport locations. Deployments include:

Mashgin is the dominant checkout system powered by AI or computer vision with over 550 deployments and 24M transactions to date. By comparison, there are 29 Amazon Go Stores and 10 AIFI stores.

Post COVID-19, touchless has gone from convenience to a necessity for customer experience.

Traditional Checkout and Self-Checkout

Mashgin addresses existing frustrations with traditional checkout and self-checkout systems by decreasing wait times and utilizing seamless item identification via AI-powered computer vision instead of barcodes or RFIDs. Mashgin’s Touchless Checkout System can be as much as 400% faster than cashiers and 800% faster than self-checkout. Legacy self-checkout systems are slower than cashiers--averaging 85 seconds per transaction at best.

Full-frictionless Solutions

Deploying fully frictionless checkout typically requires a significant investment from retailers with no near term ROI. The market’s leading fully frictionless store has an average cost of approximately $1 million for hardware, which analysts have estimated will take two years to recuperate. Mashgin enables ROI for retailers in months rather than years..

Ease of use for fully frictionless solutions typically requires a certain level of tech savviness. Mashgin makes a fully frictionless checkout accessible for more customers since it doesn’t require a major shift in customer behavior during the shopping experience.

Finally, these solutions are much more restrictive for store environments whereas Mashgin can be moved easily within a store. Mashgin adapts to your store, whereas fully frictionless solutions forces retailers to adapt to their process.

Links:
Vox article
Denver broncos double throughput and increase concessions sales 34% with Mashgin
Mashgin in Action
Mashgin in Convenience Stores
PPG Paints Arena Fan Experience
PPG Paints Fan Reaction (fan-made video)
TechCrunch
Delek Partnership
ChainStore Age
CSNews
CSP Daily News