In the current retail landscape, brands and retailers who master the art of integrating technology trends into their standardised business processes have the best chance of survival amongst the vast sea of competitors. Staying ahead of the competition requires rapid advancement and the quick deployment of certain technologies that can help push businesses forward, expanding their capabilities and keeping them modern and relevant in this fast-paced sector.
With many notable developments in the AI and image recognition field, it’s clear that this is an area of focus for many businesses. It was recently reported that the market size of retail image recognition is forecasted to grow to 46.7 billion USD by the end of 2024, which is a staggering difference from its 1.4 billion USD value in 2020.
Image recognition is one such technology that has transformed how retailers operate, offering a versatile solution for enhancing store performance, compliance, and customer engagement. This technology has been welcomed with open arms, thanks to the fact that it has enabled businesses to gather and analyse large quantities of data (usually through AI and machine learning), helping brands and retailers make informed business decisions.
In this blog, we’ll delve into the various ways that image recognition is revolutionising retail services, with a special focus on how Reapp Vision is leading the charge.
Read All About It: Retail Image Recognition Technology
Although it all sounds very technical and complicated, most of us use some aspect of image recognition tech in our everyday lives! If you’re someone who uses their face to unlock their phone or you’re a repeat offender of face filters on your favourite social platform, you’ve definitely used image recognition technology before…
Retail image recognition technology is a game-changer for both brands and retailers. By utilising the art of advanced algorithms and machine learning, this technology can help businesses to execute their tasks faster than ever before. Thanks to this transformative shift, brands and retailers can now analyse their shelf images to provide detailed insights into product placement, track stock levels, and also ensure compliance with planograms at the capture of a quick snap.
This heightened ability to automatically detect and identify products, stock shortage situations, and even competitor items allows retailers to make informed decisions quickly and efficiently, significantly improving operational efficiency and sales performance.
Statistics show that 86% of customers say they’re willing to pay more money for a better customer experience. Additionally, research has shown us that shoppers’ preference for in-person shopping remains preferable. This information highlights the importance of creating a seamless shopping experience, suggesting that businesses need to equip themselves with the right tools to ensure that this happens.
It’s true that store and field teams play a crucial role in the success of any retail operation – with the right tools (should any challenges arise), they can quickly act. Image recognition provides retailers and brands the security to ensure product availability, maintain appealing displays, and provide an optimal customer experience for all.
Image Recognition in Real Time
With the recent rise of retail theft and crime, some retailers are now leveraging the use of technological innovation to help combat theft. Some retailers have deployed the use of CCTV enhanced with software trained to recognise suspicious behaviour in a retail store to help detect shoplifters. More recently, Target recently collaborated with technology company TruScan to deploy a new system for their self-checkouts, which uses cameras and sensors to detect items that shoppers fail to scan and will notify them with audio and visual cues.
Additionally, Microsoft were also working on implementing their Retail Self-checkout Object Detection solution using their Azure Percept software. This project aimed to automatically detect objects and the number of items to quicken the process of ‘checking out’, increasing safer iteration as fewer people need to touch the products.
The Reapp Way: How Do We Implement Image Recognition into Our Solutions?
Here at Reapp, we harness the power of image recognition through our Reapp Vision platform, which seamlessly integrates with our broader suite of retail products. This integration allows us to provide comprehensive and actionable insights to our clients, ensuring they can optimise their in-store performance like never before.
Reapp Vision captures detailed data from in-store images, which is then analysed to produce actionable insights. This data helps retailers understand product placement effectiveness, shelf compliance, and the overall health of their visual and retail merchandising strategies. By leveraging these insights, retailers can make data-driven decisions that enhance their product visibility and drive sales.
Our technology empowers field teams by providing them with real-time data and insights. With Reapp Vision, field representatives can quickly identify issues such as misplacements or out-of-stocks and take immediate corrective actions. This not only improves efficiency, but also ensures that shelves are always optimally stocked and compliant with brand standards.
Revamp Your Rewards with Powerful Image Recognition Technology
Did you know that you can transform your current loyalty scheme with the use of image technology?
You heard us right!
Implementing a QR code-based loyalty scheme is a great way to add a dynamic element to your strategy. By embedding QR codes in products, retailers and brands can track customer interactions and reward loyal shoppers, thereby increasing shopper engagement and encouraging repeat purchases.
A great example of a retailer who used this strategy is Selfridges, who recently launched a loyalty program powered by a QR code alongside an app. Titled as their ‘Selfridges Unlocked program’, this platform gave members early access to product launches, events, news and free shipping. It also donates money to charity each time the customer shops and uses the code.
These loyalty schemes provide valuable data on consumer preferences and buying behaviours, which can be used to tailor marketing strategies, create captivating consumer rewards schemes, and improve customer retention. The beauty of this system lies in its simplicity and convenience – to both companies and loyal customers.
Boost Your Performance in No Time
Businesses that utilise image recognition technology will have the ability to quickly and accurately monitor in-store conditions.
This rapid feedback loop helps retailers to address issues promptly, ensuring optimal product availability and presentation. This is important when 69% of shoppers said a negative experience due to the presentation of the store led them to shop at a competitor’s store instead.
By leveraging the use of image recognition technology, you can ensure an enhanced shopping experience for customers and improved sales performance for retailers.
Maximise Your Order Potential
Effective inventory management is crucial when it comes to meeting customer demands. By utilising image recognition technology, brands and retailers can gain accurate and up-to-date information in real-time on stock levels, allowing retailers to optimise their inventory and reduce waste. It also provides the ability to help businesses predict when products might run out, ensuring that popular items can be restocked early so sales opportunities are seized. Ultimately, this approach ensures that the right products are available at the right time, maximising both sales potential and customer satisfaction.
A great example of this in action is with retailer Morrisons, who recently became Britain’s first supermarket chain to install thousands of AI-powered cameras across its stores in an attempt to help staff fill shelves faster.
Additionally, proper resource allocation is essential for efficient retail operations. Image recognition technology can help retailers allocate their resources more effectively by providing detailed insights into store performance and product placement. This allows for better planning and execution of field marketing strategies, ensuring that resources are directed where they are needed most.
Our Retail Image Recognition Technology Has Never Been More Important
In today’s competitive retail environment, the ability to quickly and accurately analyse in-store conditions is invaluable when it comes to remaining a key player in the sector. Even though AI, machine learning, and image recognition technology are no longer taboo topics, it’s clear that with the right team and relevant software, you can use these data & tech tools to your advantage.
Image recognition can be useful in transforming the way brands and retailers operate, enabling improvements to help increase efficiency, accuracy, and customer satisfaction across the board. Thanks to its valuable feature of gathering valuable data, brands and retailers are provided with the ability to see actionable insights and growth opportunities.
Here at Reapp, we are committed to helping our clients harness the power of this technology to achieve their business goals and thrive in the dynamic retail landscape. Our Reapp Vision software leverages cutting-edge image recognition technology to provide retailers with the retail data insights they need to stay ahead of the curve. By integrating this technology into your business operations, you can ensure optimal product placement, improve compliance, and enhance customer engagement, ultimately driving sales and fostering brand loyalty.
If you’re interested in seeing how Reapp Vision can work for you, get in touch today and book a demo!