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. 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.