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SAN FRANCISCO and TOKYO, July 31, 2018 (GLOBE NEWSWIRE) -- Standard Cognition, which is eliminating the hassle of retail checkout by removing it entirely, announced today that it has opened an office in Tokyo, Japan, being led by Yohei Nishiyama, an experienced manager with 10+ years in international business development and strategic partnerships, with a background in payment, fintech and ecommerce.
Standard also announced that it has signed PALTAC CORPORATION (“PALTAC”) as its first Japanese customer. PALTAC, with over $8.6 billion in annual net revenues, is the largest wholesaler of FMCG products and OTC drugs in Japan servicing thousands of retail stores across the country. The company is bringing the world’s first autonomous checkout solution in its retail solution business with the vision of reaching millions of shoppers in Japan.
An alternative to Amazon Go, Standard is the first to offer an AI- and machine-vision based autonomous checkout solution in Japan. To date, other in-country solutions have mostly relied on attaching RFID tags to each individual item – an expensive and labor-intensive process. Standard’s technology leverages the latest in AI and machine vision to enable consumers to shop and pay without scanning or stopping to check out. While PALTAC is the first customer that Standard has publicly named, the company is installing systems for multiple retailers around the world, including in the U.S.
“In Japan, retailers considering autonomous checkout have really only had RFID or scan-and-go type options,” said Standard’s Nishiyama. “Both are rather old fashioned. Standard’s approach is very different – it has a much lighter footprint, it’s easier for shoppers, and it provides a lot of data to retailers without compromising shoppers’ privacy. Standard’s solution has been very well received by Japanese retailers.”
Standard’s autonomous checkout platform offers several benefits over other current cashierless checkout solution:
Michael Suswal, Co-founder and COO of Standard, said that Japan represents an enormous and growing market for autonomous checkout. Japan boasts the world’s second largest retail market, with annual sales exceeding US $1.3 trillion. “In many ways, Japan’s retail technology is ahead of the U.S. – but their options for autonomous checkout were not appealing,” said Suswal. “When we show them what Standard can do with very little hardware and no scanning at all, they are generally blown away. We’re really excited to get started with PALTAC to revolutionize the future of retail.”
About Standard Cognition
Standard Cognition is eliminating the hassle of retail checkout by removing it entirely. The company offers the only artificial intelligence-based system available to any retailer that lets consumers shop and pay without waiting in line, scanning or stopping to check out. The Standard Cognition solution helps retailers reduce labor costs, improve the customer experience, and improve profit margins by up to 100 percent. It’s also helping retailers of all sizes compete with larger chains and online offerings such as Amazon. Learn more at www.standardcognition.com or follow @standardAI.