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How Does StayinFront Digital's Video Recognition Technology Increase Retail Sales Volumes?

How Does StayinFront Digital’s Video Recognition Technology Increase Retail Sales Volumes?

Posted on : Tuesday, October 20, 2020 by : StayinFront

Did you know that video recognition is developing rapidly? Is your Consumer Goods company missing out on the benefits of video recognition?

How Does StayinFront Digital’s Video Recognition Technology Increase Retail Sales Volumes?

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.

Data analysis, based on the camera image, provides plethora of information, such as:

• 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.

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