Deep dive into how retail store analytics can help CPG brands instantly optimize their retail execution and out perform their sales goals in every store. This four part series helps you understand how AI and image recognition can go beyond just providing real time visibility, but also open new channels of revenue growth in the future.
Digital transformation in retail is not just about the technology that’s available today – it’s about how well can it align with your vision for the future. Be it Image Recognition or AI, the physical retail business should brace against an inevitable 'digital wave'.
Over a few decades, Retail manufacturers relied on legacy approaches to audit their store merchandise and gain insights on how their products are stocked and displayed on store shelves. Manual auditing creates roadblocks in the ability to fix in-store execution issues in time, capture store sales, and critical revenue-driving opportunities.
With every increasing product assortments and stores, CPG manufacturers need a more accurate and scalable solution that helps them streamline their sales execution efforts in every store.
Retail execution is notoriously complex. A store is a leveling ground for CPG companies where anything that can go wrong will go wrong.
While depending heavily on the accurate deployment of product, pricing, and promotional activities, retail audits have been subjected to proof-of-performance information collection through a manual audit process that fails to give a 'real picture' of your store conditions.
Real-time in-store visibility can empower CPG manufacturers with the knowledge of how their execution strategies are executed in reality.
Real-time store analytics enables them to ultimately make smart retail decisions to,
We have a more comprehensive blog on how image recognition can help optimize your in-store retail execution. For the sake of simplicity and elaborate on the working of image recognition in retail stores, we will explore it below.
Image Recognition and In-store automation can be achieved with two methods:
With the willingness to adopt AI & Image Recognition, manufacturers can solely concentrate on improving sales at every store rather than battling inexecution efficiencies every single time. This can enable your team to better manage their field force, empower them to do more at every store they visit and improve on-shelf SKU visibility on-the-go.
With retail execution, the goal is simple - To increase same-store sales.
But, retail companies are under constant pressure to diversify, discover and tap into new channels of revenue generation. This can prove beneficial in leading the future market in product segments catering to niche markets.
The future of retail business growth will depend on the AI system's ability to adapt and scale with growing demand, identifying and proactively recommending growth opportunities.
In this 4 part blog, we answer how Image Recognition and AI can answer critical business questions that can transform your in-store retailing. We will also present interesting and suitable business use cases to explore the possibilities of AI.
Here is a snapshot of what we will answer,
Have a specific question or use case in mind that only AI or Image Recognition can resolve? Reach out us using the below form or leave a comment. You can also discover more about our image recognition solution - InfiViz.