The Future of Retail Lies in Computer Vision
You may have recently seen us discussing the Internet of Things (look for our recent article on it here, where we explain what it is and how it’s useful in business). Part of this connected world of devices includes computer vision; imagery captured by standard cameras today can be uploaded to the cloud and processed by machine learning and AI.
Through this method, patterns and trends can be identified, leading to better business decisions and a better overall experience for shoppers when it comes to retail. Read on to discover how computer vision is transforming the retail landscape for the better.
Through this method, patterns and trends can be identified, leading to better business decisions and a better overall experience for shoppers when it comes to retail. Read on to discover how computer vision is transforming the retail landscape for the better.
A Better Customer Experience
Retail is a competitive market. Annoy or dissatisfy customers, and they’ll simply shop elsewhere. Brick and mortar businesses know this all too well, as more and more shoppers choose the convenience of purchasing goods online. In order to remain relevant in the modern, fast-paced environments of today, retail businesses must take every advantage they can, one of which is computer vision. With computer vision and AI analyses, retail businesses can solve many of the following challenges:- Reduce long queues at the checkouts
- Quickly identify and stock empty shelves, and identify common stock shortages
- Enhance the store layout to improve the customer experience, and identify outstanding weaknesses
- Manage staff, directing them towards the most demanding areas of the store, and minimising inefficiencies in team organisation.
Stock Stays on Shelves: Shrinkage Reduction
Inventory shrinkage is when stock goes missing before the point-of-sale; it could be items being damaged in transit, or stock being stolen inside the store. However items are being lost, it’s a considerable problem for the retail sector. According to a 2019 study conducted by the National Retail Federation, $48 billion worth of stock was marked as shrinkage. However, with the aid of computer vision, businesses can identify where stock is going missing or being damaged; cameras are already installed in shop floors, stockrooms, and the like. Combining surveillance systems with computer vision will help to minimise stock being thrown out or stolen.Learning More About Your Business
Managers and business decision-makers don’t have all day to watch cameras throughout their stores. If they did, they’d learn which products most customers are attracted to, the busiest departments, and where the best opportunities for product sales, promotions, and customer engagements take place. Computer vision can take the place of people in this regard, monitoring retail stores and identifying many of the following attributes:- Heat maps showing where most customer footfall can be found
- Analysing stock and inventory, as well as aiding in its management
- Missed opportunities and under-utilised areas of the store
- Opportunities for cashier-less checkouts
