Infographic An Inside Look at Computer Vision for Retail
By Insight Editor / 10 Apr 2021 / Topics: Analytics Digital transformation Data and AI
Real-time visibility is essential to delivering high quality customer experiences and ensuring the right products are in the right place at the right time. See how computer vision is helping retailers leverage Artificial Intelligence (AI) to drive meaningful decision-making, optimize operations and gain a competitive advantage.
Accessibility note: The infographic is transcribed below the graphic.
What if the right products were always in stock? Discover what’s possible with computer vision for retail.
An Inside Look at Computer Vision for Retail
Between managing inventory, optimizing staffing and delivering an exceptional customer experience, modern retailers face a growing list of challenges in an increasingly competitive landscape.
Real-time visibility is essential for leaders and employees to better understand their operations and drive more effective decision-making.
Shoppers encounter out-of-stocks every 1 in 3 shopping trips, costing retailers an estimated $1 trillion in annual sales.
70% of retail stores report a shrink rate greater than 1%, resulting in industry losses of more than $61 billion.
For every $1 invested in reducing food waste, the average company realizes $14 of financial benefit.
53% of unplanned retail markdown costs are due to misjudged inventory decisions.
Annually, poor customer experiences cost retail and service businesses more than $75 billion.
What if there was a smarter way to overcome these challenges?
Computer vision provides the real-time intelligence to improve customer experiences, optimize inventory management, reduce shrinkage and maximize profitability.
[Store diagram]
“Checkout lines are getting too long.”
“A customer is waiting in the curbside pickup area.”
“The refrigerator case has been left open.”
“Price tag does not match the product scanned.”
“There’s a spill on aisle 4.”
“The display shelf is running low on inventory.”
Complete visibility across your operation
Monitor store conditions to reduce waste, improve safety and support customer service.
Automate cycle counts to streamline operations and reduce human error.
Leverage real-time alerts to keep shelves fully stocked.
Correlate data from cameras and Point-of-Sale (POS) systems to minimize shrinkage.
Free your workforce to focus on more valuable, customer-oriented tasks.
49% of retailers believe the integration of AI into their supply chain will help to reduce costs. 43% believe it will help to increase revenue.
Intelligence at the edge — and at your fingertips
- Images and live video are collected from cameras.
- Data is processed at the edge for lower latency and faster response — or in the cloud for deeper insights and trend analysis.
- Computer vision models are applied to detect, classify and analyze specific objects in images and video.
- Actionable business insights are delivered through mobile applications or other real-time alerts.
With computer vision, modern retailers are optimizing operations, unlocking value and gaining a competitive advantage in their industry.
What can greater visibility do for you?
Sources
Coresight Research. (2019, Feb. 6). U.S. Retailer Survey: Revealing the Hidden Costs of Poor Inventory Management.
Hanson, C., and Mitchel, P. (2017). The Business Case for Reducing Food Loss and Waste. Champions 12.3.
Howland, D. (2018, June 22). Out-of-Stocks Could Be Costing Retailers $1T. Retail Dive.
Jacobs, H. (2014, Oct. 15). Why Grocery Stores Like Trader Joe’s Throw Out So Much Perfectly Good Food. Business Insider.
National Retail Federation. (2020, Jul. 13). National Retail Security Survey.
NewVoiceMedia. (2018). NewVoiceMedia 2018 Serial Switchers Report.
Statista. (January 2018). Benefits of Artificial Intelligence (AI) for Retail Business Worldwide 2018.
