Ahead of its time, Image Recognition Technology that is trained to provide the most accurate in-store data within a minute.
Up to 5% growth in per-store sales
Reduced Labor & Operational Costs
Real-time & Accurate on-shelf metrics
Significant Increase in Market Share
The Over-the-Counter (OTC) pharmaceutical industry refers to the segment of the healthcare sector that deals with non-prescription medicines, supplements, and other healthcare products that can be sold directly to consumers without the need for a doctor's prescription.
According to a report by ResearchAndMarkets, the global OTC pharmaceutical market was valued at $124.05 billion in 2020 and is expected to reach $177.73 billion by 2028, growing at a CAGR of 4.5% from 2021 to 2028. The report attributes this growth to several factors, including increasing healthcare awareness, rising demand for self-medication, growing prevalence of lifestyle diseases, and rising consumer disposable incomes.
The OTC market is dominated by North America, followed by Europe and Asia-Pacific. According to the same report by ResearchAndMarkets, North America held the largest share of the global OTC pharmaceutical market in 2020, accounting for over 30% of the total revenue. This can be attributed to factors such as a high prevalence of chronic diseases, easy availability of OTC medicines, and a growing elderly population.
The OTC industry is highly competitive, with many players ranging from large pharmaceutical companies to smaller independent brands. The industry is also highly regulated, with strict guidelines and standards for safety, efficacy, and labeling. Moreover, the OTC industry is dynamic, with constant innovation and product development.
But with an increased share of responsibilities, comes the burden of managing and executing a successful retail execution across OTC stores in different geographies under different trade environments.
Image recognition technology has the potential to revolutionize OTC (Over-the-Counter) sales by providing instantaneous reports on what’s happening in the storefront, analyzing months' worth of data, and new ways to interact with customers and improve their shopping experience.
Image recognition can help retailers manage their inventory more effectively by tracking the movement of products on the shelves. By analyzing images of the shelves, sales & marketing leaders can identify the SKUs that are selling well and the ones that are not, and adjust their inventory accordingly.
Image recognition can help reduce fraud in the OTC industry by identifying counterfeit products. By analyzing the images of the products, retailers can detect subtle differences between genuine and counterfeit products and remove them from the shelves.
Managing product placement on the shelves is crucial for OTC retailers. Image recognition can help retailers track inventory levels and ensure that the right products are in the right place at the right time.
Understanding customer behavior is essential for OTC retailers to improve their marketing strategies. Image recognition technology can help retailers analyze customer demographics, shopping behavior, and purchase history.
Over the years of operating and serving some of the biggest OTC brands across the globe, Infilect has created value that speaks not only in terms of increased revenue for our clients but also streamlined the processes for the workforce.