Mashgin Raised $62.5 Million to Develop and Scale its Services
Colin Smith — July 15, 2022 — Business
References: mashgin & retaildive
'Mashgin,' a company most known for its efficient touchless self-checkout system, announced a $62.5 million USD, series B round of funding. The Mashgin self-checkout services offer one of the quickest possible ways for customers to check themselves out. Rather than a particular customer having to locate and manually scan the barcode on each item, the Mashgin system uses image recognition to immediately identify which items are being purchased.
Additionally, the system allows customers to pay with all conventional POS systems, such as through cash, credit card, and more. According to Mashgin, the service enables customers the ability to fully check-out their order in approximately ten seconds. Not only is this system efficient and attractive to the customer, but it is also an excellent tool for employees. The reliability of the system drastically reduces the amount of personal assistance required at self-checkout stands, which often occurs when customers are unable to locate, unable to scan, or are unable to pay with inefficient systems.
The Mashgin system also helps employees by reducing the time dedicated to counting inventory and recording sales, as many of these values are counted automatically.
Image Credit: Mashgin
Additionally, the system allows customers to pay with all conventional POS systems, such as through cash, credit card, and more. According to Mashgin, the service enables customers the ability to fully check-out their order in approximately ten seconds. Not only is this system efficient and attractive to the customer, but it is also an excellent tool for employees. The reliability of the system drastically reduces the amount of personal assistance required at self-checkout stands, which often occurs when customers are unable to locate, unable to scan, or are unable to pay with inefficient systems.
The Mashgin system also helps employees by reducing the time dedicated to counting inventory and recording sales, as many of these values are counted automatically.
Image Credit: Mashgin
Trend Themes
1. Touchless Self-checkout - Developing touchless self-checkout systems using image recognition technology for quick and efficient payment and purchase tracking.
2. Automated Inventory Management - Implementing automated inventory management systems to reduce time and labor costs associated with manual counting and recording sales.
3. Integrated POS Systems - Implementing integrated POS systems to provide customers with flexible payment options and reduce the need for employee assistance during checkout.
Industry Implications
1. Retail - Developing touchless self-checkout systems and automated inventory management processes for retailers to optimize customer experience and reduce labor costs.
2. Grocery - Implementing efficient touchless self-checkout systems and integrated POS systems to optimize grocery shopping experience and reduce wait times.
3. Food Service - Developing touchless self-checkout systems and automated inventory management processes for food service industry to optimize service time and reduce labor costs.
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