With the advent of e-commerce giants, the retail industries have been on a decline, forcing a lot of them to close their unprofitable stores and seek for a change in strategy. The over reliance of customers on e-commerce has implied shoppers to see more choices, detailed information, customer reviews and customized selections of things that are remarkably picked for them when they shop on the web.
While it is very easy to capture rich relevant information about customer behavior and preferences on an online store, it is extremely difficult to do so for a brick and mortar store. Fortunately, when retail is seeing some dark days, another area of technology has appeared that will empower these retail stores to give unique experiences to their buyer. These innovations are powered by Computer Vision.
Just Analytics’ Retail Genome empowers any retail store to use off the shelf cameras to capture rich and actionable information about customer behavior and preferences. It can help a store give personalized experience to its customers while bringing down costs associated with stock outs and inventory monitoring. The offerings covered under Retail Genome are:
Using computer vision, we can detect what products customers are looking at and putting into the basket. You can even break down the analysis to see demographic trends (age, gender, and ethnicity), psycho-graphic insights (brand affinity, consumer trends), and behavioral (research offline buy online, impulse buying) patterns of your customers.
If a customer looks unhappy or confused, our model sends a notification to the Store Executive to assist the customer.
Computer vision can also assist with retail inventory management. On-shelf availability is a key factor affecting sales. Retail Genome uses computer vision to notice when items are running low on the shelf and sends notifications to the Store Executives with the exact restocking action. This helps reduce overhead in refilling and drives profitability by preventing lost sales.
Using Association rules mining, Retail Genome gives the most optimal product placement and bundling recommendations.
Retail Genome uses facial recognition to identify loyal members and helps personalize their experience by giving up-sell and cross-sell recommendations based on their past online and offline transaction and behavior history. By treating them as individuals – and more importantly, as VIPs – the system instills brand loyalty, and converts occasional shoppers into regular customers, both of which are good for business.
The ability to identify poor sales performers and causes of poor sales experience can help build a high performing sales team. By detecting customer emotions, Retail Genome can measure sales performance. It can also track how much time it takes for a salesperson to serve a customer.
$35 Million is lost per day because of shoplifting. Retail Genome keeps an unblinking eye for these scenarios and in real time sends notifications to the store manager with the image/s of the scene.
Retail Genome in totality is a highly advanced AI powered solution, promising to reap high benefits and business performances for retail customers who are looking to re-strategize and improve their businesses. Do get in touch with us today to help us craft a customized path for you to move forward in your transformation journey!