Better Insights: How Retail can Benefit from Computer Vision
What is computer vision?
Gather critical in-store KPIs with computer vision
- How many people are in the store?
- How do customers move through the store?
- Which types of customers are shopping in the store?
Computer vision can also help retailers understand how customers move through a store. Configure a rig of cameras (or use existing security cameras) to watch the entire store. Then, apply a machine learning algorithm which can track people across camera frames. As a customer moves around the store, the AI/ML algorithms will track them as an single individual.
In-store tracking is very valuable. Retailers can see which products are examined the most. This can be used to optimize the retail experience.
Reduce shrinkage and improve public safety with computer vision
Computer vision can help reduce theft by monitoring both employees and customers. Products taken off the shelves should match transactions at checkout. Retailers can ensure that customers are paying for the products they took. Stores can also verify that employees are conducing cashier transactions. Computer vision can help stem the over $100 billion lost each year due to shrinkage.
Improving retail operational efficiency in real-time with computer vision
Lay a foundation for new technologies
What is great about technology is that it is always improving. As new opportunities emerge in retail, computer vision can update. That is why it is important for retailers to consider and get to know computer vision now. By the time they developed their system, another critical use case will appear. This way, retailers can position themselves for the next wave of transformative retail.