Due to the ever-growing number of brands, products retailers currently face major problems in managing the outflow of products and inflow of finance. Computer vision solutions are a new area of interest for its use in retail and sales functions.
Problems and implications:
Some of the major problems faced by retailers are as follows:
Out-of-stocks: Due to mismanagement of inventory and lack of proper stock measurement units, out-of-stocks are one of the frequently occurring problems in retail. This also reduces the basket size in return.
Time consumption: Time taken to analyze the problems for a small-medium shop is more due to the lack of resources. Moreover, replenishment of stocks takes time due to the existing competition for suppliers and transportation facilities.
Identification of threats: Lack of proper inventory management, lack of skills among employees in the analysis of past data, lack of time for looking through each and every detail has made the retailer vulnerable to threats.
Customer experience: Due to inefficiencies of store staffs in finding suitable products, lack of amenities for a comfortable shopping experience, out-of-stocks, lack of suitable alternatives etc., customers are dissatisfied throughout their whole journey. Most customers shift brands and in a worst-case scenario shift shops.
Safety: Shop-lifting has become one of the most promiments problems fro retailers. Lack of proper resources and on-time monitoring through staffs has led the problem under the rag.
Companies like IQ Lattice, Trax provide the following solutions to deal with the above problems:
Video feeds into actionable insights in real-life: Features like the conversion of video feeds from shop cameras into real-time insights such as high-value customers, identification of empty parking slots, unattended baggage, and left-over carts help keep the store safe and comfortable for the customers. By leveraging IoT real-time alerts would be sent to store staffs on risk measures etc.
Advanced facial recognition systems: Facial recognition systems provide advanced surveillance for the shop. Features like easy detection of criminal activities, shop-lifting, identifying missing children, identifying very important VIPs and criminals are some of the features of such a system.
Digital assistants: Through features like smart shelf labels, retailers can maintain total price integrity, display real-time stock levels etc.
Task-based reward system: Through features like gamification of store execution, the staffs can track and monitor individual performance, compare scores with other team members and gain motivation to succeed.
Optimize shelf operations: Through features like automated in-store execution, store sales and replenishment would be improved and out-of-stocks would be reduced.
Better decisions: Solutions like comparative studies on supplier shelf execution data helps the retailer find the best and the worst performing suppliers with the help of which retailers can choose the best ones.