Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Computer vision
Tech and Marketing

Computer vision: using technology for retail

05.09.2022
2 min read

Why computer vision is needed: the retailer’s experience

Innovative technology is showing its usefulness in almost all areas of business, including retail. Companies around the world are now actively adopting computer vision, and while it used to be used to sell clothing and furniture, it now includes a broader range of products. With the help of this technology, it is possible to significantly increase sales and satisfy the desires of customers.
Computer vision is a system based on artificial intelligence, which analyzes images during video broadcasts. The technology allows the processing of information on the video in real time. In addition, the finished recording can be uploaded to the system and further analyzed. Computer vision is also suitable for Indoor advertising.
The Chooch platform conducted research among U.S. retailers that use the technology. The main goal of such companies is to increase trade volumes and accelerate return on investment. As of last year, 43% of respondents planned to launch computer vision projects.Computer vision: benefits for retail stores Analysts note that over time, the number of those willing to use modern technology to increase sales will only grow. This is evidenced by the figures: in 2018, spending on artificial intelligence systems for retail was $2 billion. By the end of 2022, the figure should reach $7.3 billion.
One of the conditions for a high level of service in retail stores is that the shelves are filled with a variety of products. According to research, not having the right product reduces customer loyalty and leads to lower sales. As noted in a Harvard Business Review report, 21-43% of shoppers will look for another store instead of an alternative product if the right one is not available. This can result in a retailer’s loss of about 4% per year. One solution to the problem is computer vision. It can be used to monitor the availability of products on the shelves and react in a timely manner to the absence of a particular category. The technology warns store employees that products should be restocked, rearranging goods on the shelves so that they become more visible to consumers.
The American retail chain Walmart made excellent progress using computer vision. Artificial intelligence monitored product delivery processes and signaled irregularities. Thus, the robot took over time-consuming operations, simplifying activities for employees.
Another advantage of computer vision for stores is the prevention of the number of thefts, including by employees. The system identifies thieves and prevents repeated thefts.

Tags: Tech and Marketing
0
Previous Post The U.S. energy sector has grown, unlike other sectors of the global market Next Post Indices are falling in the global market

You Might Also Like

the model of live shopping
Tech and Marketing
How live shopping is changing the way we approach promotion
25.11.2022
Digital currencies of central banks
Tech and Marketing
Digital currencies of central banks: prospects for the development of a new instrument
04.04.2022
Google Wallet-2
Tech and Marketing
Google Wallet: the new name of the old service
20.01.2023
Visa automatic payments
Tech and Marketing
Visa wants to launch automatic payments with cryptocurrency
25.03.2023
Kubernetes
Tech and Marketing
What tasks the Kubernetes platform developed by Google solves
04.05.2022
Digital luxury
Tech and Marketing
Digital luxury: perspectives for luxury goods in virtual space
23.06.2022

Recent Posts

  • 1Noventiq
    Noventiq plans to float on the Nasdaq exchange
    29.05.2023
  • 2AI impact on transformation of the economy
    Is the world facing an imminent economic transformation?
    28.05.2023
  • 3Siemens digital bond
    Siemens digital bond: industrial giant offers to invest in blockchain-based securities
    27.05.2023
  • 4credit rating
    The Fitch agency left Latvia’s credit rating unchanged
    26.05.2023
  • 5Ernest Rady
    Ernest Rady: talented financier and successful businessman
    25.05.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Fred Smith: the man who gave the world express delivery

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

Noventiq
Noventiq plans to float on the Nasdaq exchange
29.05.2023
AI impact on transformation of the economy
Is the world facing an imminent economic transformation?
28.05.2023
Siemens digital bond
Siemens digital bond: industrial giant offers to invest in blockchain-based securities
27.05.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Fred Smith: the man who gave the world express delivery
  • What factors influence the development of the Russian money market
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics