Imagine never queuing again. Magnetto is challenging the traditional retail model by automating the checkout process (no more queues) and aims to eliminate the need for physical checkouts. Having built the MVP, Magnetto is now fundraising to develop new features, grow the team & acquire more customers.
So much innovation in retail has been focused on online shopping, but we feel retail stores are being left behind. Our founders decided to start Magnetto with the purpose of bringing innovation to traditional retail.
- shoppers scan & pay for goods with smartphones and then skip queues using smart gates
- eliminate expensive hardware within stores
- loyalty schemes
- data analytics tools
- indoor navigation with product locators & more.
2 years of development, testing and piloting has been completed and our MVP is now live. Commercial roll out has begun and we’re planning to develop fully automated stores for one customer with our hardware partner Modern Expo.
We charge retailers engineering fees, a monthly subscription fee and commissions on each transaction. Our R&D takes place in Kiev helping keep our costs competitive.
The retail automation market size is projected to reach $23.58bn by 2026, growing at an average CAGR of 9.6%, so we are positioned in an expanding market led by few companies.
Adoption is growing. Sainsbury’s SmartShop processed up to 37% of sales in 2020, Amazon is testing automated stores, but our opinion is that both still rely on expensive hardware that Magnetto aims to eliminate.
We welcome you to become a part of our community, to help us on our journey to develop additional features/services and to grow the team, sales & marketing.