With retailers expected to invest more than $12 billion in machine learning by 2023, artificial intelligence and computer vision are ready to transform how retailers function. From decreasing fraud to creating immersive consumer experiences, there are several ways computer vision is transforming the retail industry.
The fourth industrial revolution has begun in earnest. Business executives across various sectors have accepted the power of artificial intelligence and computer vision to boost operational efficiency and give more value to their consumers. Spending on AI-specific use cases is predicted to increase by 230 % in the retail industry by 2023.
Retailers want to achieve an early-mover advantage by investing in cutting-edge technology and offering distinctive, technology-driven customer experiences ahead of their competition.
The same level of personalization and convenience is expected in retail establishments. Unbelievable customization is possible with computer vision cameras and virtual mirrors. In addition, routine chores may be automated, allowing personnel to focus on customer service.
Virtual mirrors could be the next step in retail customization and consumer experience. A virtual mirror is a regular mirror with a screen behind it. Virtual mirrors with AR and computer vision cameras can offer consumers contextual information that helps them engage with the company.
Contents
- Ways to Transform Retail Industry
- Increase the visibility of your inventory
- Create a Self-Contained Retail Environment
- Customer Experiences Can Be Tailored Using Product Recognition
- Recognize and Respond to Changing Business Environments
- Inventory management
- Improving the Store Layout
- How to Leverage the Power of Computer Vision for Your Retail Business
Ways to Transform Retail Industry
Business leaders who have already begun their transition have recognized the numerous ways computer vision may add value. Here are seven ways that computer vision is transforming the retail industry.
Increase the visibility of your inventory
Managing inventory with out-of-date systems may be a significant source of frustration for merchants. The store’s requirements may have changed when inventory inspections and purchase orders are completed. This results in inconsistent stock levels or insufficient response time to product shortages. Computer vision and artificial intelligence may help managers evaluate their inventory in real-time, allowing them to adapt quickly to changing client needs.
Create a Self-Contained Retail Environment
With e-commerce gaining popularity at a breakneck pace, physical retailers may leverage computer vision to provide accessible consumer experiences on par with their online counterparts.
Contrary to common assumptions, businesses that have historically depended on legacy systems do not have to start from scratch to provide their consumers with an autonomous retail experience.
AiFi’s unique all-in-one automation platform, which integrates cameras, sensors, and intelligent software, enables such installations to be added to existing stores.
Customer Experiences Can Be Tailored Using Product Recognition
As the retail environment grows more competitive, firms must develop distinctive strategies for differentiating themselves and remaining appealing to the modern client. According to a recent poll, business executives believe that the customer experience is the most critical corporate objective for the foreseeable future. As a result, business leaders may provide tailored customer experiences through technology by identifying goods that interest customers in-store and communicating personalized offers.
Recognize and Respond to Changing Business Environments
The outbreak of the COVID pandemic underscored the critical need to respond swiftly and effectively to unanticipated obstacles. Retailers may leverage AI and computer vision’s predictive capabilities to monitor quick shifts in demand and associated stock levels. This enables merchants to save money and maintain company continuity by proactively anticipating and responding to product shortages or surplus inventory.
Inventory management
Computer vision is being used to control store inventories. According to RIS’s 30th Annual Retail Technology Study, 64% of retailers plan to implement data-driven technologies, including computer vision, to improve inventories in the next two years.
Tally, a Simbe Robotics mobile robot, collects visual data from over 12 high-resolution cameras to identify broken packing and incorrect pricing. Tally does not need any infrastructure upgrades. Simbe improved Tally with new optical technology in late 2020, claiming near-perfect identification accuracy. Reducing out-of-stock products by 20% and guaranteeing optimum product arrangement may recoup investments in one month.
Improving the Store Layout
Retailers may use computer vision cameras to monitor shoppers’ movements throughout the shop to detect purchasing trends, ‘hot areas,’ and product preferences. As a result, merchants may make informed judgments regarding product placement, shop layout, and personnel.
Legend World Wide and Deloitte built a ‘connected store.’ The firm added computer vision-enabled cameras and sensors across its physical shop to better monitor consumer journeys, product movement, and overall product analytics.
Legend uncovered their main bottleneck by studying client movement heatmaps. The majority of guys glanced at the left-hand section upon arriving, recognizing they were perusing women’s clothing. Most male clients turned around and left. Legend just installed signage stating that the men’s portion is upstairs. While a skilled retail analyst could probably identify this barrier manually, computer vision tools can do more quickly and accurately.
How to Leverage the Power of Computer Vision for Your Retail Business
Computer vision can revolutionize the way shops provide value to their consumers while also enhancing back-end processes. However, to properly implement and employ such technology, you might need guidance from experts in AI who have worked globally with big retail giants on this technology.
Fortunately, our development team at Cloud Primero has deep expertise in AI, especially in computer vision, which can give your company a headstart on the AI adoption journey over your competitors.
