From Amazon to Veeve: The Journey of Shariq Siddiqui
Shariq Siddiqui spent nine years at Amazon, where he was involved in some of the company’s most innovative initiatives, including its Amazon Go walk-out shopping concept. However, Siddiqui had reservations about the concept of having cameras everywhere and felt that scaling it would be difficult. He also thought retrofitting existing stores would be expensive. Instead, he went looking for a better way to make shop-and-go easier.
The Birth of Veeve
That’s when he hooked up with fellow Amazon engineer Umer Sadiq, and together they started Veeve in 2018. Their mission was to build Amazon Go, but inside a smart shopping cart. The battery-powered cart features a touchscreen where the shopper enters their phone number, adds items to the cart, and then uses the screen to pay at the end.
Personalization and Convenience
The technology can personalize your visit, showing you what you bought last, available coupons, and even has a built-in weighing scale for purchasing produce. It also knows which aisle you are in and will recommend items based on your shopping habits. Siddiqui and Sadiq piloted their cart with retailers and converted some into multiyear contracts, including Albertsons earlier this year.
The Problem with Current Solutions
"What we eventually realized is there are core product offerings and bigger value propositions beyond checkout with the screen in front of the customers as they move around the store," Siddiqui said. "You can reimagine the entire shopping experience rather than just focus only on checkout. The opportunity prospects are how retailers create a more engaging shopping experience around personalization, upsell, cross-sell coupons and deals near the shopper."
Shopic Lands $35M to Bring Its Item-Scanning ‘Smart Cart’ Tech to More Stores
Now thanks to a cash infusion of $6.7 million, Siddiqui believes Veeve can solve this problem in two ways: with its full shopping cart model and the new Plug&Play device that can be clipped onto existing shopping carts to turn them into smart carts.
The New Round of Funding
The new round was co-led by Foothill Ventures and Creative Ventures and included XRC Labs, Food Retail Ventures, and existing investor FlyingFish Ventures. In total, the company raised $8.9 million, which includes the previous funding rounds. The additional capital will be used to expand Veeve’s product line and enhance its technology.
The Competition
Veeve is not alone in the smart shopping cart market. Shopic has also received significant funding for its item-scanning "smart cart" technology. However, Siddiqui believes that Veeve’s focus on personalization and convenience will set it apart from the competition.
The Future of Shopping
Siddiqui sees a future where shopping is no longer just about buying products but also about creating an engaging experience for customers. "We’re not just building smart carts," he said. "We’re building a platform that can help retailers create a more personalized and convenient experience for their customers."
Conclusion
Veeve’s innovative approach to smart shopping carts is changing the way retailers think about customer experience. With its focus on personalization and convenience, Veeve is poised to revolutionize the shopping experience in the years to come.
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