CPG suppliers, manufacturers, and retailers have access to more shelf data than ever before. Thanks to shelf monitoring tools, we can see a lot about display performance in stores. However, the sheer volume of data means it takes a lot of time for the data to travel up from the stores to the incentive teams – typically, promotion execution is limited with the amount of time available in a weekly meeting.
AI-based deep learning is applied for retail promotion analytics, which can also be used for different promotional activities. The idea is, no matter how big a store and the number of field forces are, they will have limited human power and time to complete a perfect promotion plan considering the huge manually collected data pool. While getting trained by real-world examples for some time period, AI technology will help grocery retail to do promotion activities better by enhancing the promotion plan with more accurate information. Here is how:
Track the Performance of Trade Promotion Activities Store Consolidating Shelf and Sales Data
Grocery retail is a form of business that comes with its own set of challenges and obstacles. You need to be constantly aware of where your products are being sold, how much profit you make, and who your competition is. This can sometimes prove difficult in situations that traditional systems cannot help with. If a retailer could analyze the shelf information and images automatically, what would be possible?
Retailers have many tools and techniques to make the most of shelf space, purchase decision-making, and other elements of a real-time environment. And they are using data to create personalized promotions at the shelf level in the grocery channel. This next-generation solution enables the retail industry to monitor promotions and understand the full-shelf impact in real-time. Every retailer and CPG brand deserves the ability to understand their market better and make smarter decisions fast. It is possible to know when the next pantry or store promotion will start based on real-time data analysis. Tap into new AI promotion discovery and stay in front of the competition!
Vispera’s AI-enabled solution will thoroughly analyze the data to find the most lucrative retail promotions that will help CPG brands correctly position and price their products, check how the promotion is going in a selected store; help retailers control store inventory levels, and optimize store staff for both floor and checkout operations. This AI-based image recognition and instant data visualizations help businesses exploit helpful information from their existing retail POS systems, improving their marketing strategy.
With instant API implementation, CPG brands and retailers can have the ability to analyze each store and learn more about what drives consumers to buy. Vispera enables them to visualize how consumers interact with a brand on the shelves of retail stores, figures out where the products are and who the real competition is! The AI-backed platform enables the retail industry to monitor all these instantaneously and make improvements to way promoting.
Understand Promotional Efforts, But Also Aim for Reducing Marketing Spends
We’ve already shown how image recognition can help CPG brands improve their product branding, but recently we set out to do the same for promotions. Faced with a sea of healthy products and a shrinking shopper, how can you sort out what to promote?
With the growth of e-commerce, brands have more control over how their products are placed throughout the supply chain. However, sectors such as grocery retail still need quite a bit more transparency to consumers. To achieve it, every brand should use image recognition technologies to improve the availability of their products on shelves. Exploring how this technology could help brands improve promotions, grocery retail needs to bring together thousands of data points in a straightforward visual representation to confidently target promotions.
To help grocery retailers and CPG brands understand how promotional efforts can boost sales, there is a need for image recognition models to analyze CPG’s promotions as well as competitor’s promotions and real-world store displays. In particular, the aim is to understand how physical store displays affect shoppers' motivation to buy. Vispera created algorithms that analyzed high-resolution images (from thousands of competitor promotions) held by supermarkets’ digital shelves using corporeal intelligence techniques such as deep learning to build these models. These panoramic images are analyzed using deep learning techniques, and the output is meta-data about promotions and the share of shelves. This meta-data is then used as input to other machine learning algorithms to generate forecasts for a range of outputs, augmenting traditional forecasting approaches.
The aim is to make sense of merchandiser campaigns and promotional efforts using visual understanding so that they can reduce marketing spend. Visual AI helps to understand the impact of shelf layout on the conversion rate of all major grocery retailers by enabling them to analyze and optimize promotions by analyzing shelf data. Visually, the impact of shelf layouts on conversion rate is measured and thus reduces marketing costs significantly. The result? Increased sales and profits by building better, more profitable merchandising campaigns!
Define the Distribution Opportunities and Execution Gaps of Promotions
It would not be wrong to say that the grocery business is all about running perfect stores. It’s about putting out the best quality products at the ideal price and being visible all the time to shoppers. Shopping is a fun activity that people enjoy doing, and CPG brands want to make it better for customers, so they return to shop again with high loyalty.
There are many companies now specializing in bringing AI to the stores through promotions. This means that CPG brands can integrate promotions management with the benefits of AI and see a significant ROI on grocery promotion. Grocery retailers use AI to understand shopper preferences and run promotions to improve sales. Using advanced image recognition technology, the new approach improves people’s shopping experiences by offering wowing in-store moments.
Deploying Artificial Intelligence into retail strategy enables them to save time and money, make better decisions, and create a positive shopping experience for the customers; because after they can better analyze the opportunities and detect the execution gaps.
Moreover, using Artificial Intelligence lets CPG brands analyze competitors’ prices, gain more insights from data already had, and come up with the best promotional strategies to stay on top by eliminating failing execution gaps. By analyzing the data generated by image recognition, grocery retail can identify new product categories and advertise products at lower prices.
To better grasp and handle the promotions, start using Vispera’s Promotion and Launch Tracking solution as an in-store data source. Make sure promotions run smoothly and get a chance through all platforms to improve brand efficiency. Look at your promotion's compatibility with real in-store images and reach the performance you expect with Vispera. Increase sales by repairing incompatible during seasonal promotions!
To learn more and start your new era with Image Recognition, talk to us NOW!