HOW DOES STAYINFRONT DIGITAL’S VIDEO RECOGNITION TECHNOLOGY INCREASE RETAIL SALES VOLUMES?
Did you know that image recognition is developing rapidly? As this technology is evolving, more CPG companies are recognizing the applications of image recognition in mobile CRM solutions. The high quality of services and advanced technology, developments in machine learning, and the introduction of high-speed data transmission services has increased demand for CPG solutions with image and video recognition technology in the retail industry.
The market size of image recognition technology was 23.82 Billion USD in 2019, and estimates suggest that the market will be valued at 86.32 Billion USD by 2027. Image Recognition Technology is used for processing, analyzing data and understanding images. Consumer goods companies often use this technology to interpret images obtained from digital cameras located in retail stores as well as generate feedback and live alerts for store managers.
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 much of 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 machine learning artificial intelligence (AI), effectively recognizes images generated by cameras and motion detection technology.
Data analysis, based on the camera image, provides a 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, this 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), giving broad analytical possibilities (finding correlations) aimed at improving operational efficiency to maximize sales and increase the profitability of the store.