Weighing technology pioneer Shekel Brainweigh (ASX: SBW) has joined forces with leading technology players including multinational corporation Intel to rapidly advance its retail innovations.
The recently-listed company today announced the launch of the ‘Open Retail Initiative’, a collaboration led by Intel and joined by industry partners including Dell, Hewlett Packard, Verifone and Chinese e-commerce platform JD.com.
The initiative, which was officially launched by Intel at a large retail conference in New York this week, is focused on deploying Internet of Things (IoT) based solutions to change the way that retailers operate.
The collaboration is aimed at developing advanced technology solutions to enable retailers to access in-store data, reduce technology costs as well as improve returns on investment.
Shekel’s weighing solutions include advanced digital scales and ‘Smart Shelf’ software, which can autonomously monitor information such as stock levels on a shelf.
Shekel chief executive officer Yoram Ben Porat believes Intel’s invitation for Shekel to join the initiative was “the industry’s acknowledgement of our unique and patented technology”.
“Smart scales innovation will be key to the transformation of the industry,” he said.
“Too many retailers still rely on physical inventories. We are bringing our technology to the next level with our suite of autonomous retail products that solve inventory issues and allow the exact identification of quantity and location of individual products on retail shelves in real-time,” Mr Porat added.
According to Shekel, about $1.1 trillion in revenue is lost in the global retail sector due to overstock and out-of-stock issues.
“By monitoring inventory and transmitting data about items’ movements, we can help retailers improve inventory accuracy, understand consumer habits and ultimately, boost sales,” Mr Porat said.
Shekel’s entrance in this collaboration follows the company’s November announcement of a joint development and marketing agreement made with one of the largest retail and shelf manufacturers in the US, Madix, to integrate its weighing technology into Madix’s designs.
Founded more than 40 years ago, Shekel only made its ASX debut in November 2018, following an oversubscribed raising of $10.15 million through its initial public offering.
The company’s stock swiftly rose 14% on listing but has been on a steady decline since then.
However, Shekel shares were sitting up 11.11% to $0.25 on today’s announcement by afternoon trade.