The retail industry has been working on traditional principles for a long while now, and is in need of modern upgrades that can bring it more in line with modern implements. In modern technology, artificial intelligence is right at the forefront, leading in the field of development. The retail industry can make use of artificial intelligence to upgrade its existing processes and infrastructure. Visual-AI technologies are now at the forefront of technology, enabling the implementation of new innovations and breakthroughs. Physical retailers are getting outdated, necessitating the need for a transformation into the digital world, which requires that they keep up play to their actual strengths in order to stay relevant.
Retail is an ideal industry to deploy computer vision solutions given that the industry usually already has a camera network deployed - however it is almost always under-utilized. With computer vision technology, retail outlets should be able to: reduce theft, understand their customer base better, manage inventory, and monitor employees in a more effective manner.
Computer Vision Applications in Retail Industry
Computer vision-based solutions can be applied effectively into physical retail stores in order to improve their functioning, such as sensors to detect customers, analyze footfall and measure dwell times. However, sensors are limited to specific tasks and usually require new purchases and setup at a certain height or distance. Modern deep-learning technologies allow the application of ML algorithms to almost any video stream, using the existing video feeds to apply AI-based Video analysis.
Some cameras already provide advanced features, but those features or the hardware itself is often limited and not flexible or powerful enough. On the other hand, Prisma AI has been innovating, in order to develop multiple advanced solutions tailored for the Retail industry, which can greatly enhance the functioning of retail processes. Some of these Computer Vision applications are:
Monitor product movement
Using object detection algorithms to detect and track products that are being moved, to secure against pilferage.
Body Behavior Analysis
Using body behavioral analysis engines to report suspicious behavior, or someone trying to steal items, utilizing computer vision to immediately report any suspicious activity. This additionally helps in tracking employee performance by monitoring their day-to-day movements.
Inventory Management
Uses efficient scan of multiple product labels at the same time in a real-time environment, checking shelfs whether they are stocked or not, and send an alert to managers to restock asap. This system helps for faster processing and storage of items.
Sentiment Analysis
Which can help in understanding customer feedback visually and observe shopping patterns which can help in developing more effective advertisements that are tailored to certain demographics.
Crowd Analytics
To gain metrics of how many people are present in the store at a time, and gauge peak hours of customer in-flow.
Optical Character Recognition
Which trivializes finding any specific product and the time it takes to add products to inventory, as well as automating the payment methods, and register those records in the database for any future reference.
These are just a few of the solutions that can help in augmenting the quality of retail, both online and offline, adding convenience and improvements upon existing systems.
Artificial intelligence and Retail can go hand in hand to enable the retail industry to raise efficiency, boost sales, and improve inventory management and customer service. Prisma AI continues to develop solutions for many more sectors, aiming to create greater awareness of the benefits of Computer Vision solutions.
The Future of Visual-AI in Retail
Computer vision and Visual-AI based technologies have modified various aspects about the retail industry. As time passes, the revolution that technology brings to retail will be more evident, and more people will start adopting artificial intelligence-based technologies in their business. It saves a ton of time and money and streamline business operations.
Artificial intelligence and Retail can go hand in hand to enable the retail industry to raise efficiency, boost sales, and improve inventory management and customer service. Prisma AI continues to develop solutions for many more sectors, aiming to create greater awareness of the benefits of Computer Vision solutions.
The Retail Industry can benefit greatly from these solutions.