Prís is a new Icelandic grocery store concept introduced by Heimkaup, that promises low prices on high-quality products for Icelandic consumers. The concept is a modern and efficient store which uses StrongPoint technology to outcompete the other grocery retailers in Iceland.
Prís opened its doors on August 17, 2024, with much anticipation and excitement, marking a milestone for the company and Iceland’s grocery market. Prís aims to challenge the previously dominant chains by offering lower prices, with both more local and sustainable products and solutions. As the first of its kind in Iceland, Prís operate exclusively with self-checkouts, which made the supplier selection essential. The self-checkouts had to be user-friendly and efficient, while also minimizing the risk of theft.
That’s why they selected the award-winning self-checkout solution from StrongPoint, combined with Focalpay’s POS. By leveraging AI technology, StrongPoint’s solution makes the checkout process easier and faster for customers, while also detecting and reducing theft, benefiting both the retailer and their customers.
The AI item recognition feature allows the solution to automatically detect products even without a barcode. For example, a customer can place a bag of apples on the checkout, and the system will recognize the exact type of apples without any need for manual selection. This feature saves customers time and ensures that both accidental and intentional selection errors are avoided.
“StrongPoint’s AI-powered self-checkout solution is very impressive. The customers find them easy to use and most of the products are already detected automatically through the AI-learning. It has been an essential part of our efficiency and customer journey.”
Greta Maria Gretarsdottir, CEO of Prís.
In addition to self-checkout, Prís has implemented a self-service scan & pay option. This option uses StrongPoint’s AI-powered self-service scales, allowing customers to weigh, scan, and pay for items such as fruits and vegetables. The AI-powered image recognition system automatically identifies the items being weighed, making the process easier for customers and eliminating the risk of accidental or intentional errors.
To support their sustainability goals, Prís has configured the system to operate without any printed paper tags.
A recent price monitoring survey from September 2024 shows that PRIS has lower prices than competitors Bónus and Krónan, which are the two dominant chains in Iceland. The first report showed that of over 200 items, nearly all were cheaper at Prís than at Bónus or Krónan, often by 5-10%.*
In a press release, the company emphasized its mission to make groceries more accessible to Icelandic households by offering a wide range of products, from groceries to fresh produce, all at low prices.
PRIS aims to do things differently and help reverse the trend of rising living costs in Iceland, which is a concern for many families. “We know that many people feel a strong financial strain due to inflation and high interest rates. Our goal is to ease this burden by offering high-quality products at prices that are easy on the wallet,” says Greta Maria Gretarsdottir, CEO of Prís.
Prís’ goal is to open more stores across Iceland, expanding its reach to both urban and rural areas. If the success of the Reykjavik store is any indication, Prís is well on its way to quickly becoming one of the largest chains in Iceland. As one shopper put it, “Prís feels like a store made for Icelanders – it’s affordable, thoughtful, and offers a bit of everything you need”.*
With their expansion, the grocery retailer is eager to integrate more StrongPoint solutions to enhance efficiency and customer satisfaction, such as control scales and the Vensafe Select & Collect solution for high-value and sensitive products.
“Our co-operation with StrongPoint has been terrific and we look forward to growing our concept in Iceland supported by their smart technology. We are really pleased to have found a technology partner that can support us in providing cheap, sustainable and local groceries to everyone in Iceland.”
Greta Maria Gretarsdottir, CEO of Prís.
There is a clear trend toward more checkout options and flexibility in retail today. Retailers look for combinations of regular tills, self-scanning systems and self-checkout to better fit their individual store layouts and concepts. At the same time, there is a growing demand for self-service options among shoppers. With StrongPoint’s self-checkout solution you get a highly fast, highly user-friendly solution with AI item recognition. That means less queues, faster checkout and happier customers.
Learn more*Source: https://www.icelandreview.com/news/economy/new-grocery-store-in-iceland-challenges-big-chains/