With the e-commerce boom, entrepreneurs have learned that conventional strategies of visual merchandising or sales promotions won’t be able to sustain profits in the cutthroat CPG industry. Many retailers are already implementing AI and image recognition to deliver the next level of customer experience, bringing the dawn of a new era for the retail industry. According to Gartner, by 2020, 85% of customer interactions in the retail industry will be managed by AI. Product discovery, product recommendations, and trend analysis are some areas for implementation of computer vision and image recognition. This article elaborates on how image recognition can be implemented by retail and CPG companies.
1. Auditing Product Placement
Customers are making key buying decisions at store shelves and companies have to use technology to stay ahead of the fierce competition or face extinction. Gathering key consumer information helps companies understand their needs better. Shelf recognition using computer vision digitizes store checks and is important in gathering key consumer information through AI.
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