In a digital world where data is ubiquitous and paramount, numerous industries start to rely on data analytics to render numerous business processes more efficient and effective. ”Data is the new oil” is the new credo of business no matter what the sector is, and Retail Execution is no exception. But then where does the data come from? How do we acquire data? When it comes to retail execution, which aims to put the right product on the right shelf at the right time, Image Recognition is the answer. Let's see how...
What is Retail IR Technology, How Does it Serve Data Analytics?
IR technology provides a collection of AI-based software used to detect, identify, and count objects as well as their arrangement in a visual scene captured by digital cameras. In Retail Execution, it is fast becoming the only fast and reliable approach to extract key retail execution metrics such as product availability, shelf share, promotion, price, and planogram compliance in the store. Equipped with IR-based software tools, retail execution teams can acquire previously unimaginable amount of in-store data at previously unimaginable speed and quality, considering the outdated alternative of manual, human-based data collection. In a nutshell, with IR, data collection gets reduced to picture taking via either mobile or fixed cameras, and the rest is handled by IR. Once the key in-store metrics are made available through a modern reporting platform or via APIs, retail organizations can start leveraging further data analytics to:
- Track, visualize and descriptively explore product availability at all retail channels and outlets from one place,
- Quickly consolidate out-of-stock or low-stock instances in time and space,
- With advanced tools, predict shelf out-of-stock before it occurs,
- Compare their brand's visibility and shelf share trends against competitors,
- See whether their promotion campaigns are adequately implemented,
- Combining promotion efficiency with associated sales data, assess promotion effectiveness in terms of additional revenue,
- Track shelf price at SKU-level against competitors,
- Understand the effect of available product mix and planogram compliance to sales performance.
How Can Vispera Help in Your Data-Driven Retail Execution Journey?
Obviously, if you go down that path, all data-driven retail execution insights you draw from in-store data are as good as the underlying IR data. That is where you need a trusted IR partner, which can provide fast and accurate results in terms of availability, visibility, and compliance out of the collected pictures. Vispera, with its mobile and fixed camera-based Retail IR products, Storesense and Shelfsight, is that partner you need because:
1) We provide the best-in-class IR technology & solutions supporting all sorts of display equipment in all trade channels. This is the most detailed and the most accurate IR solution on the market,
2) We optimize our diverse recognition engines quickly, perform relentless quality control and always keep accuracy and speed at its best,
3) We provide flexible shelf KPIs and advanced PowerBI dashboards so that you can quickly draw retail execution insights and take action,
4) Our business approach is fully customer-centered. Our customer success experts are dedicated to your IR projects on a proactive support model so that the journey becomes a joy.
Request an online demo now to learn more about Vispera and how we can help you enhance your performance in your retail stores with IR-driven data analytics!