Trax: “Technologies like Amazon Go will not succeed”
Speaking at the Unicorn Forum, Joel Bar-El, Co-Founder and Executive Chairman of Trax Retail talks about the revolution of shopping in a digital world
“Shopping, in general, has not changed for hundreds of years. Now it’s really the last industry in the world that’s making that technology leap and digital transformation,” said Joel Bar-El, Co-Founder and Executive Chairman of Trax Retail. “We saw the trend around frictionless shopping, like Amazon Go stores where you can just take things from the shelves and go out without going through the cashier. Those technologies are trying to emerge - to my personal belief that will not succeed. The technology is not ripe yet and the cost is too high.”
Trax takes the technology of computer vision and is attempting to revolutionize the fast-moving shopping experience. The company can help digitize physical stores and bring the same level of transparency and digitalization as online retail stores.
“I think Amazon Go and other solutions are essentially a product that aims to change a specific aspect of the shopping journey,” he continued. “Trax is actually creating an infrastructure of digitizing the store. By that digitization, we are creating a different culture, we are creating a different environment. We are not coming with a specific product, but we are coming with a different mindset.”
You can watch the entire exchange in the video above.