![]() ![]() On average, consumers can’t find the product they are looking for between 10-30% of the time. Those methods have failed – spectacularly so. Why does this problem exist? Because to keep shelves stocked, the industry largely relies on either woefully inaccurate algorithmic approaches to understanding shelf inventory based on perpetual inventory and point of sale data, or similarly inaccurate, time-consuming, and cumbersome manual spot checks or legacy inventory solutions based on image matching or reference. ![]() As we’ve noted many times, in-store stockouts alone cost brands and retailers upwards of $2T every single year. It’s a much-needed development, especially at the retail shelf. ![]() From improving demand forecasting to online product recommendations to in-store shelf management and much more, these powerful new technologies are driving a digital transformation at retail. Grocery retailers and CPG manufacturers are increasingly evaluating new solutions based on Computer Vision (CV) and Artificial Intelligence (AI) technologies – the former being a subcategory of AI that enables computers to process, analyze and interpret visual data – to help staff better manage various aspects of retail operations.
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