Amazon (AMZN) has revealed that its new smart shopping cart will be available at its grocery store in Woodland Hills, California later this year.
The goal: to make a quick grocery trip even quicker by allowing shoppers to skip the checkout line. According to Amazon, the Dash Cart is specifically designed for small- to medium-sized grocery trips and fits two grocery bags.
In order to identify items placed in the cart, Amazon uses a combination of computer vision algorithms and sensor fusion. When shoppers exit through the store’s Amazon Dash Cart lane, sensors automatically identify the cart, and the payment is processed using the credit card connected to the person’s Amazon account.
The cart also includes a screen at the top, enabling access to the Alexa Shopping List to checkoff items and view the subtotal. And every cart is equipped with a coupon scanner.
To start the shopping trip, there will be a QR code in the Amazon app that will enable shoppers to sign in and begin using the cart once it’s available. A beep signals that an item has been recorded once its placed in the cart. After exiting through the store’s Amazon Dash Cart lane, the receipt will be emailed to the customer.
Shares in Amazon have been on a steady winning streak jumping 69% so far this year, prompting Baird analyst Colin Sebastian to call the tech giant the “gift that keeps giving”. The analyst recently raised the stock’s price target to $3,300 from $2,750 and reiterated a Buy rating.
“We believe Amazon has largely stabilized logistics operations, third parties are generally back on track, and the company has gained share in multiple ‘essentials’ product categories,” Sebastian told investors. “Moreover, investors may not yet fully embed either the margin benefits of cheaper new user acquisition or the sustainability of higher growth in the second half and beyond.”
Overall the Street’s Strong Buy consensus boasts 37 Buy ratings versus 2 Holds and 1 Sell. Due to the recent rally, the $2,943 average analyst price target implies 5% downside potential in the stock in the coming 12 months. (See Amazon stock analysis on TipRanks).
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