When it comes to retail execution, CPG companies are still struggling at the shelf. To rise above the competition, companies must invest in technologies that enable their sales team to “sell more.” CPG brands are now adopting smart solutions equipped with Image recognition technologies for tracking and maintaining store compliance and brand health. Image Recognition is a part of a broader strategy of retail execution that relies on smart technology. ParallelDots uses Image Recognition and Computer Vision for better and efficient planogram compliance at the stores.
Image recognition for retail
Using image recognition for retail execution has gained traction in the last few years. A report by MarketsandMarkets states that image recognition in retail market will be worth $3.7 billion by 2025.
Using algorithms and artificial intelligence, image recognition technology helps analyze the visual layout of the stores to determine which products are out-of-stock. It analyzes the visual display to ensure the store is in compliance with the planogram for your consumer goods. Many other Key Performance Indicators (KPIs) based on Unilever's 5Ps of marketing can be calculated. For example : on shelf availability (OSA), price detection, share of shelf (SoS).
With smart solutions and tools, these KPIs can be updated in real-time so that proper corrective measures can be taken swiftly by the sales rep.
As simple as taking pictures
To use image recognition technology for retail execution, the sales rep simply takes a picture of the shelves with the products displayed. After the rep captures the picture, the images are sent to the cloud for analysis through the mobile app. The tool then processes the images and detects the objects on the shelves according to the image classifier which is programmed to understand the company’s planogram.
The solution then sends its completed analysis back to the mobile app where the reps get real-time feedback regarding the items that are missing, not placed properly or are out of stock. Based on these KPI measurements, the sales rep arrange the shelves in accordance with their perfect store guidelines.
How Image Recognition Benefits CPG Manufacturers
Buy quickly pointing out the redundancies, image recognition technology can save CPG manufacturers a tremendous amount of time .
- It allows the field reps to spend more time on sales and less time with tedious paperwork and analysis.
- It helps them create visual consistency between stores.
- Manufacturers become more agile in tracking performance and brand distribution. This allows them to meet customer demand in a time bound manner.
- It can also effectively monitor the freshness of products.
- It gives insights into how brands can improve product placement and make visual display more appealing and effective.
In a nutshell, image recognition allows you to gather valuable data to optimize the merchandising layout on the shelves.
Perfect Retail Execution: How ShelfWatch helps you achieve the "Picture of Success"
In the larger context, it all comes down to perfect retail execution. ParallelDots's intelligent retail execution solution, ShelfWatch, not only gives you powerful image recognition technology to help you execute your planogram, but it also streamlines sales, merchandising, and marketing organizations. It’s engineered to maximize sales and efficiency by using intelligent, fine-tuned automation in every process of your business.
ShelfWatch through its dashboard, also helps managers manage daily tasks of the sales reps such as managing accounts, processing orders, completing surveys, gathering and reviewing competitive intelligence, and planning their visits.
ShelfWatch specializes in AI based smart retail execution technologies using image recognition. We help you find your "Picture of Success" in every store as you benefit from the accuracy of latest advances in consumer goods tech.
Request a demo today to learn more about how ShelfWatch can assist your business.