Every once in a while, a unique technology application causes a paradigm shift in an entire industry. Take GPS trackers and sensors, which made our commutes more efficient, or cloud technology which changed the very idea of data storage.
In the retail industry, the automation of product inventory checks in physical stores using artificial intelligence (AI) technologies like Computer Vision (CV), Internet of Things (IoT) and Augmented Reality (AR) promises to not only change the way retailers sort and stock products, but also how consumers shop in stores.
Eyes in the store with real-time SKU data
CV technology captures and analyzes actual shelf images to give retailers real-time information around product presence on the shelf, stockouts, planogram compliance and other retail fundamentals. This breakthrough method of store monitoring drives better decisions on everything, from SKU-level replenishment to promotions.
For example, one large supermarket operator found that their stock-outs persisted for 31 hours before corrective action was taken. When they implemented Trax Retail Watch to continuously monitor their shelves using CV, they were able to reduce OOS duration to under nine hours and increase OSA by nearly 14 percent.
Reduce out of stock duration with SKU-level visibility