Turning Image Recognition and AI into Revenue

Designed for retail leaders and lovers alike, Retail Refined explores the in-store technology of the future, challenges the industry’s preconceived notions, and brings together retail’s biggest names to understand the brand strategies that will define the next decade in retail.

 

While the shelves at stores look appealing to shoppers, they encompass lots of data from retailers and manufacturers. Collecting and analyzing data is critical for the future of retail. Talking about shelf data, host Melissa Gonzalez welcomed David Gottlieb, the Managing Director, Americas at Trax. Trax uses technology solutions to enable stores and brands to obtain intelligence that creates delight at the shelf.

Gottlieb explained that through image recognition and AI, they ultimately help their customers sell more and better, based on what’s going on on the shelf. That includes metrics called “shelf pulse.” He said, “It’s taking photographs from the store and turning unstructured data to structured, which generates interesting metrics.”

“The change of space in grocery stores will occur, and we could see a more experiential shopping journey with more kiosks and a restaurant feel” – David Gottlieb

Those metrics can be basic, like is the item available to much more granular like a store’s private label versus national brand coverage.

The shelves in grocery stores look different now, forcing pivots by the industry. “Retailers are doing what they can with the constraints of availability while manufacturers are learning about opportunities and product needs,” Gottlieb noted.

With powerful data, manufacturers can make better allocation decisions of products to meet most consumer demands. Retailers are discovering how to support as much consumer need as possible, trimming categories to focus on must-have items.

Trax is also using augmented reality (AR) to streamline data collection. Manufacturers and retailers can use the tools, which eliminates human error and offers near real-time information.

Other advanced technologies they’re implementing include automation and robotics. These tools add value and don’t take away jobs. They enable associates to focus more on customer experience, which Gottlieb believes will be a big trend moving forward. “The change of space in grocery stores will occur, and we could see a more experiential shopping journey with more kiosks and a restaurant feel,” he said.

Listen to Previous Episodes of Retail Refined Right Here!

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

sustainable building practices
Galvanized Steel Leads the Way in Sustainable Building Practices From Cost Savings to Environmental Benefits
April 22, 2024

As the construction industry navigates the complexities of sustainability and economic pressures, the role of galvanized steel has become increasingly pertinent in sustainable architecture. This material, celebrated for its durability and low environmental impact, is gaining attention amid global steel market fluctuations and rising demands for sustainable building practices. With significant shifts in manufacturing […]

Read More
Edge AI
The Winning Combination in Edge AI is Combining Cutting-Edge Hardware with Smart Software
April 22, 2024

As the world heads towards a technology-driven future, the integration of AI and edge computing is proving to be a game changer, particularly in the realm of IoT. These innovations are making it possible to process and analyze data where it’s collected, drastically reducing latency and enhancing real-time decision-making capabilities. The burgeoning field of […]

Read More
cloud environments
Rethink Everything: Modern Cloud Environments Demand a Fusion of New Security Architectures, Continuous Education and Educated Partnerships
April 22, 2024

As businesses increasingly transition to cloud environments, the conversation around cybersecurity has become more crucial. The shift from on-premise to cloud-based infrastructures offers notable benefits like scalability and cost savings, yet it introduces unique challenges and complexities in security management. The stakes are high, with a significant rise in cyber threats exploiting the vulnerabilities […]

Read More
Bullying, Suicide, and Society The Unseen Crisis in K-12 Education
April 22, 2024

In a recent episode of the Secured podcast hosted by Mike Matranga and Mike Monsive of ASAP Security Services, the tragic case of a transgender student named Nicks Benedict from Oklahoma grabbed national attention. Benedict, a 16-year-old who identified with he and they pronouns, died by suicide after a bullying incident at school. The […]

Read More