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.
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