Retailers have long relied on legacy systems and processes that can’t keep up with today’s market challenges.
Traditional retailers are facing numerous challenges as they try to compete with today’s vast digital marketplaces. While 85% of consumers still prefer to shop in physical stores, 96% of customers have left stores without making a purchase—citing out of stocks, long lines, and poor customer service. Inventory out-of-stocks are a major factor in customer dissatisfaction, and inventory shrink—including theft —costs the world’s retailers approximately $99.6 billion in one year.
Advances in vision technology make it possible to solve key retail challenges and capture new revenue.
To address these challenges, industry leaders are augmenting legacy systems and processes with next-generation computer vision. Computer vision enables retailers to simplify their operations, capitalize on new opportunities, and drive intelligent decision-making. This transformation can lead to higher revenue, lower operational costs, and better brand reputation. Driving computer vision functionalities within the store “edge”—near in-store devices such as cameras, sensors, and traditional retail technologies—enables retailers to analyze and react to store-generated data in almost real-time. Edge processing can also support performance-hungry tasks at the device and gateway level, such as vision-enabled inventory control, employee performance management, and shopper traffic heatmapping.