From left to right – Attila Algan and Mete Bayrak, Cognitiwe’s founders,
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Have you ever been left hanging by an online order for your go-to fruit from the usual supermarket, only to find out it’s out of stock when your delivery arrives? Or maybe you’ve popped into a shop for some croissants for breakfast, just to learn they’re all gone?
It’s these all-too-familiar hiccups in retail that drove Mete and Attila to start Cognitiwe. The core issue? A lack of real insight and fine-tuning in stock management leads not just to a dip in sales and shopper happiness but also to a bigger problem – food waste.
The global smart retail market size,
valued at USD 30.25 billion in 2022, is expected to grow significantly in the coming years. The increasing incorporation of technologies such as Artificial Intelligence and the Internet of Things to enhance consumers’ shopping experience, facilitate accurate inventory management, and improve store operations, is one of the significant trends escalating the market growth.
On the other hand, the global food waste management market reached $69.8 billion in 2022 and is anticipated to reach $100.2 billion by 2028. The Sustainable Development Goals (SDG) aim to halve global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including post-harvest losses by 2030. With a focus on sustainability and efficiency, Cognitiwe is poised to lead in the retail innovation space, addressing the needs of a market keen on technological advancements and sustainability goals.
The retail industry is grappling with several challenges,
particularly in operational efficiency and sustainability. The common problems of unmet orders and the sight of empty store shelves can be traced back to a lack of insights and streamlined operations within the industry. Traditionally, retailers have tried to keep up with stock levels through manual checks, but let’s be honest, keeping an eye on everything in real-time, without a bit of tech magic, is a tall order. This scarcity not only negatively impacts sales and customer satisfaction but also significantly contributes to the critical issue of food waste. At the retail level, 12% of fruits and vegetables become food waste, contributing to a surplus value of $28.5 billion and emitting millions of metric tons of CO2e. These challenges highlight the need for innovative and sustainable solutions that reduce waste, lower energy costs, and decrease carbon emissions.
That’s where Cognitiwe steps in.
Utilizing inventory management software throughout stores can help grocers improve product rotation and identify soon-to-be expired products for markdowns. By using regular IP cameras, Cognitiwe’s AI-powered unified vision platform provides real-time insights and predictions to improve daily operations. Cognitiwe currently has two pioneering products. WeShelf estimates the stock levels of products that also includes real-time online order stocks, while WeFresh determines the freshness of fruits and vegetables by analyzing factors such as color, shape, and size. With a success rate of over 95%, retailers can make informed decisions on stocking and sale timing to reduce food waste. The impact? An impressive 40% drop in missed online orders and a 27% improvement in in-store product availability.
The grand vision for Cognitiwe revolves around redefining the retail landscape, ensuring customers never face the disappointment of encountering “out of stock” products, be it online or strolling through the aisles. More than that, they aspire to revolutionize efficiency and sustainability, minimizing food waste and ensuring every produced item reaches a willing consumer. The ultimate goal is to pave the way for a smarter, more connected, and waste-free retail world.
Cognitiwe’s founders, Mete Bayrak and Attila Algan,
established a strong connection during their university days, both buried in electronic engineering textbooks and projects. Following graduation, life took them on quite different adventures, with Mete gaining diverse experience in corporate roles and personal ventures in product innovation and tech for 15 years, including a notable spell at Bein. Meanwhile, Attila thrived in launching and scaling tech businesses globally, collaborating with prominent companies like Nokia, Samsung, and TIM. Despite their separate journeys, they never lost touch, occasionally teaming up on projects that always seemed to click. Fast forward to the tail end of 2020, Mete brings this brilliant idea to the table – Cognitiwe. Attila dives in headfirst, and they have been on this journey ever since, making Cognitiwe the success it’s shaping up to be.
Curious to learn more? Head to https://cognitiwe.ai/.
