Retailers in Europe will make wide use of Computer Vision
2022 presents new challenges. These challenges may be addressed by introducing new automation services.
Within the next few years, the trend associated with the use of computer vision in stores will experience rapid growth in Europe. These new technologies will allow retailers to reduce market movements and increase their margins. This will also help them better understand customer needs, especially in the midst of economic hard times. For example, now the purchasing power and, accordingly, the average spend has decreased due to high inflation, which in some countries exceeded 10% already in April.
Over the past two years, the market has made traditional retailers more efficient, sustainable and innovative. 2022 presents new challenges: rising prices for fast-moving consumer goods, the development of e-commerce, rapidly changing consumer preferences, and a volatile global political environment. These challenges may be addressed by introducing new automation services.
Retailers need to make bold decisions and continue to invest in areas such as digitalization, analytics, and artificial intelligence”— Automation experts from the IBA Group.
In 2021, analysts made a study that showed that 58% of retailers want to implement computer vision in the near future. Experts highlight that most retailers are already using computer vision to address some tasks: correct storage of products and proper shelf display in stores.
Computer vision plays an important role in the business processes of retailers, experts in retail automation from the IBA Group IT company say. IT solutions help manufacturers of goods to improve and streamline processes, and avoid human errors while optimizing costs. Computer vision and other state-of-the-art technologies will allow them to generate more revenue, better understand customers and establish an image of an innovative company. All this helps to quickly adapt to the changing market and the economic backdrop of the retail business.
Today, retailers have access to a variety of computer vision-based automation tools. For example, the Goods Checker cloud service is powered by neural networks, machine learning models and computer vision. It recognizes products with 95% accuracy and helps manufacturers get prompt and accurate information about the moves of competitors and their own market position against their background. The service can recognize products, create planograms, and generate tasks and routes for merchandisers. With the help of Goods Checker, one can quickly create a planogram, activate it and monitor the display of goods on-line.
“Retailers need to make bold decisions and continue to invest in areas such as digitalization, analytics, and artificial intelligence. This will allow us to achieve sustainable development in the current volatile situation,” say automation experts from the IBA Group.