How Does StayinFront Digital’s Video Recognition Technology Increase Retail Sales Volumes?Written by Krzysztof Łątkowski
How Does StayinFront Digital’s Video Recognition Technology Increase Retail Sales Volumes?
Did you know that image recognition is developing rapidly? The high quality of services and advanced technology, developments in machine learning, and the introduction of high-speed data transmission services, creates a huge increase in demand for image recognition itself and analyzes obtain as a result of using this technology from that in the retail industry.
Estimates suggest that the image recognition market will double in just five years from 15.95 Billion USD in 2016, to 38.92 Billion USD by 2021.Image Recognition Technology is used for processing, analyzing data and understanding images. It is often used to interpret images obtained from digital cameras and cameras located in retail stores, and to generate a lot of feedback and live alerts for managers of stores.
Is image recognition technology better or worse than the human eye?
Advanced image recognition technology is extremely precise and approaches the level of 98%, which is comparable to the ability of the human eye to recognize images. This means that what people see and recognize is in the neural network, and in some cases the technology outweighs the human eye in this aspect.
The human eye perceives the image as a set of signals processed by the brain. It associates what the human eye sees with concepts and objects stored in memory. Image recognition technology mimics this process.
The main stages of the image recognition process are collecting and organizing data, building a predictive model, and using it to recognize images.
How does video recognition technology used by StayinFront Digital increase sales volumes?
StayinFront Digital’s image recognition technology, based on artificial intelligence (AI) and machine learning, effectively recognizes images generated by cameras and motion detection technology.
• Tracking how many people pass, enter or exit your store
• Knowing the effectiveness of displays and promotions and changes through real-time feedback
• Understanding how long customers dwell at endcaps, display walls and tables
• Monitoring how customers move through the store
• Knowing the average length and wait time for checkout
• Assessing which promotions and displays draw shoppers into your store
Interestingly, the technology can inform store managers in real time about situations requiring an immediate response. The combination of data obtained from the analysis of customer behavior in the store with sales includes: the number of transactions, promotion effectiveness, store layout, organization of shelves or additional exhibitions, and the number of staff (including cashiers), gives broad analytical possibilities (finding correlations), aimed at improving operational efficiency, and thus maximizing sales and increasing the profitability of the store.
Krzysztof Łątkowski Sales Manager EMEA, for StayinFront Digital, has a passion for supporting those with a Sales position in the FMCG and Retail sectors. He helps them in reaching new heights using the latest StayinFront Digital technologies. Krzysztof has over two decades of experience working in Sales, starting as a Sales Representative for Johnson & Johnson Health and Wellness Solutions, Inc. He has also been employed as a Sales Manager, Sales Director and National Key Account Manager for international corporations such as Henkel & Schwarzkopf Cosmetics, Raisio, Play, Universal Studios Hollywood and Citi Bank.
His combined experience from several sectors (FMCG, Finance, and Telecommunication) and perspectives from working together with various Sales teams, has provided him with the knowledge to direct clients to the best solutions to meet their needs for a competitive advantage in a constantly changing market.
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