The doyen of online retail, Amazon.com (AMZN) is dead set in taking over even the world of physical retail. With its introduction of Amazon Go, the brick-and-mortar retail industry is in for some shake-up.
Amazon Go is not your ordinary retail convenience store, though.
The store format they are developing for it includes the usage of computer vision and deep-learning algorithms that will allow shoppers to just choose what they want to buy, and just grab it and go. No need to wait for long lines at the checkout counter. Also according to a report, Amazon.com has more of these kinds of innovative concepts for retail in line.
In the operation’s framework, shoppers just have to tap the Amazon Go app on their smartphones , their virtual shopping carts will automatically calculate their total expenditures, and the calculated total will be deducted from their Amazon accounts. They will be sent a receipt. The company dubbed it as the “just walk out technology” which it also boasts to be the same technology used in self-driving cars. This innovation is sure to raise the stakes with company rivals like Wal-Mart (WMT), Target (TGT), and other leading retailers.
According to the company, its first Amazon Go store with a 1,800-square-foot total area is now open in Seattle—the retail titan’s home base—but only for Amazon employees as of the moment since its still on the beta testing stage. But the company said that the store will soon be accommodating the public come early 2017.
The store is said to feature groceries and also ready-to-eat meals every day, according to the company. The store will also stock up with “well-known brands” and “special finds”.
Amazon still has a lot of plans for its further expansion outside online retail.
Amazon shares gained 2.6 percent at 759.63 on today’s trade, but haven’t gone beyond its 50-day line yet following a slump after the victory of Trump in the presidency.
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