The retail sphere is humongous for all the known reasons. Everything that we use in our daily life comes from a retail store. Therefore, the footfall and the number of transactions that take place at any retail store in a day are huge. While there is so much happening at a place, challenges are more likely to occur. A few of them are,
- stock management
- package quality of the product
- customer experience and behavior
- demand and supply management
- store management
There are chances that the human eye can miss a few of the scenarios that may lead to unorganized retail operations. The good news is a lot is happening with technology in retail. The technology, Computer Vision, is a field of AI that is sweeping through the retail sector.
Computer Vision is emerging as one of the powerful technologies with the capabilities to capture, recognize and analyze objects in the real world. The algorithms at the backend make it smarter to process the data captured and provide businesses with meaningful information. With this overview, let us see how this technology can automate routine tasks and resolve unseen challenges increasing operational efficiencies.
Inventory Management – The availability of products in the store is crucial. When the customer visits the store and notices that the product is not on the shelf, the customer is disappointed. With so many products in the store, the staff may not notice that one item missing or sold out. Keeping count of each item on the shelf and quickly refilling can be a tedious job for the staff.
With Computer Vision, this can be entirely automated. The system can alert the staff about missing or misplaced items. It can even inform about the items that are damaged or out-of-stock.
Squirrel has gone one step ahead. It not only informs the staff in the store but triggers an alert at the warehouse to quickly refill the items.
Enhance Customer Experience – Customer looks for the availability and quality of the product at the store. A tone packet can disappoint the customer or even an unorganized shelf can irritate them. With Computer Vision, these issues can be resolved completely.
Not only this technology helps you capture the condition of the product but the customer’s expression while buying a specific product. This helps you draw some useful information about customer behavior. The store can quickly rearrange or change the layout to make sure the products which are frequently bought are placed at the entrance of the store. Next time customers visit the store, they find it convenient to shop.
Demand Forecast – With every small piece of information captured through Computer Vision, it is possible to draw insights that can revolutionize the entire shopping experience for a customer and improve sales for the store. The system is intelligent enough to provide the store with demand analysis, quality analysis, and trend analysis based on the season, month, or time.
In a nutshell, Computer Vision technology is influencing the retail industry to adopt autonomous solutions for efficient store operation, enhance customer experience and boost sales.