NanoMalaysia said in a statement on Tuesday that EzyCart is a technology developed by the firm in collaboration with Retailetics.
According to the statement, EzyCart offers a personalized shopping experience and was developed based on feedback from shoppers and retailers.
Following the successful launch of the prototype in 2022, the smart shopping cart EzyCart has now been equipped with software optimized for seamless data collection and analysis, and is entering the trial phase in several supermarkets, including Redtick Supermarket in Shaftsbury Putrajaya.
It is noted that the development of AI technology in EzyCart utilizes advanced nano technology features, such as those found in the semiconductor sector, enabling faster processing.
NanoMalaysia guarantees optimal cleanliness of the ezyCart trolleys by integrating nano-based antibacterial technology on the surrounding surfaces, ensuring they remain impeccably clean at all times.
NanoMalaysia also highlighted that the rapidly growing smart cart market is experiencing exponential growth and attracting significant attention from investors and industry experts alike.
Cited market researcher Research and Markets, it said the global market for smart shopping carts was estimated at $1.1 billion in 2021 and is anticipated to increase at a compound annual growth rate (CAGR) of 27 percent to reach $3 billion by 2025.
“It is essential to contextualize the EzyCart project within the broader smart retail industry landscape,” said Minister of Science, Technology and Innovation Chang Lih Kang.
According to him, the revenue generated by smart retail shopping in the Asia Pacific region amounted to $8.38 billion in 2020, and is expected to soar beyond $25 billion by 2025, capturing a significant 70 percent market share of the global retail market.
“Furthermore, we anticipate a substantial growth trajectory within Malaysia’s smart retail market, with expectations exceeding MYR 1 billion ($220 million) by 2025,
“These figures highlight the immense potential and the pivotal role that Malaysia can play in shaping the future of the smart retail industry,” he added.
According to the statement, by incorporating Retailetic’s expertise in e-wallet-based market development and cloud computing solutions, the ezyCart presents many benefits to consumers and retailers.
It said shoppers can now revel in a convenient shopping journey with features such as a cart-mounted screen displaying product information, in-store promotions, and the option to make payments directly on the cart, eliminating the need for traditional checkout queues.
“The EzyCart smart shopping carts feature a remarkable 3-Point product validation system, including a barcode scanner, weight/load validation, and advanced deep learning and sensor fusion technologies leveraging on latest processing semiconductor-based solutions powered by nanotechnology,” NanoMalaysia Berhad Group Chief Executive Officer Dr Rezal Khairi Ahmad said.
According to him, these cutting-edge features enable shoppers to effortlessly navigate stores, locate products, and enjoy a hassle-free checkout process, eliminating the need for long queues at cashier counters.
He also said retailers can automatically identify and segment customers according to their demographics, providing profile-based rewards, messages, and notices per consumer.
With profile, history, and list-based cross-selling and upselling, he said retailers can maximize revenue and enhance customer satisfaction.
“Planned and instant promotions, aisle/shelf-based promotions, and advertising opportunities further amplify the advantages of integrating EzyCart into stores,
“This disruptive innovation is our latest deployment stemming from REVOLUTIoNT which is the only 4th Industrial Revolution (4IR) technology development programme in Malaysia,” he added.
Meanwhile, Retailetics Sdn Bhd Co-Founder Manirajah Kulanthavelu said that with the ezList mobile app, consumers can efficiently plan their household shopping while retailers can access accurate hyperlocal demand through the ezRetail real-time dashboard.
“The innovative ezCart SmartCart empowers stores to sell more efficiently and effectively, delivering a seamless in-store shopping experience,” he said.
It is noted that Redtick is the first supermarket chain in Malaysia to embrace intelligent shopping cart technology.
“Collaborating with innovative companies and institutions like Retailetics and NanoMalaysia offers a tremendous opportunity to transform our in-store operations,” Redtick Supermarket co-founder Loh Kok Hin said.
He noted that EzyCart enables the supermarket to provide its customers with an exceptional shopping experience, and this technology empowers the firm to sell more effectively, streamline its processes, and deliver a seamless in-store journey.
“Being the first in Asia Pacific to deploy this technology gives us a significant advantage. We hope this technology will ultimately revolutionize the retail business in the region,” he added.
NanoMalaysia is a firm acting as a business entity entrusted with nanotechnology commercialization and industrialization activities through a venture builder model.
The firm aims to provide efficient and enhanced solutions to various applications in smart living, smart manufacturing, agriculture, electronic devices, energy and the environment.
Read the original article on TechNode Global.
