Polish retail startup ZeroQs has successfully closed a €457k round of financing. The capital, raised from Freya Capital as follow-on investment, will be used to develop smart shopping cart technology and intensify expansion. ZeroQs’ solution, which aims to reduce shopping queues and enhance consumer shopping experiences, is already being used by entities such as Społem and Centrum Retail.
Transforming customer shopping experiences, ZeroQs has developed and launched smart shopping carts on the market. Their solution allows customers to avoid store queues, and helps retail chains enhance consumers’ shopping experience and manage inventory and security more efficiently. Equipped with a weighing system, barcode reader and touchscreen, the ZeroQs smart cart definitely makes shopping easier and faster. Customers place items in their cart, scanning them with the built-in scanner, and upon completing their shopping, simply leave the store as the due amount is automatically charged to their account. Advanced weighing and visual systems effectively verify products, protecting retail networks from potential threats like theft, fraud, or customer mistakes.
ZeroQs smart shopping carts are already operating in stores of such chains as Społem and Detal Centrum. What’s more, the company is in active talks with leading retailers from Poland and Europe constantly expanding its presence in the market.
“The past year has been extremely intensive for us. After a period of research and development and cooperation with partners such as EY and Microsoft, we moved to the commercialization phase. The introduction of our ZeroQS smart carts to the first stores was a significant milestone. 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. We plan full-scale implementations in retail chains both in Poland and abroad,” commented ZeroQs CEO, Jarosław Kaczmarczyk.
Access to consumer behavior data allows retail networks to undertake a range of additional actions, including personalizing the shopping process and enhancing the shopping experience even more effectively. The personalization of services has long gone beyond the scope of simply adding a name or pseudonym to advertising messages. Now it’s a holistic process that includes analyzing data, segmentation of target groups, creating personalized content, and tailoring offers to the unique needs of each customer. While personalization may be easier to achieve in the e-commerce space, that doesn’t mean stationary stores have to give up on it. One way is to use technology like smart shopping carts that accompany the customer throughout the entire shopping process.
The motivation of retail chains to invest in innovative solutions is focused not only on attracting new customers but also on building loyalty among existing ones. Improving the shopping experience translates into increased sales volume and thus business growth. This is confirmed by the data presented in the GfK report, indicating the belief represented by more than 65% of retailers that it is the shopping experience that will determine the strength of a brand and the dynamics of its growth.
“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 aforementioned demand is confirmed by growth forecasts in the in-store analytics market. According to a Straits Research report, the global In-Store Analytics market was already worth $3.8 billion in 2022, and is expected to reach $25.4 million by 2031. With access to such data, retail chains can increase both sales and customer satisfaction,” added Michal Lewandowski, managing partner at Freya Capital.
