A significant challenge in the retail industry, whether you’re looking at online retailers or in-store, there is no efficient way for retailers and brands to understand what their customers look like at scale.
Advancements in Smarter Technologies
Today Artificial Intelligence is such a massive topic in nearly all industries, including retail. Also, it offers endless possibilities and will have a significant impact on multiple dimensions of their business model. Artificial intelligence algorithms have opened whole new scopes of data analysis and understanding of customer behaviors. With the advancement of smarter technologies and excessive usage age, organizations have reached a high level of customer profile and have gotten more profound insights into their lives.
The customer and product information collected is a high-level precision. Artificial intelligence is designed to work like human brains, and it is taught to simplify the process. Also, enables retailers to enlarge the possibilities of any system and formulate strategic decisions based on perceptions of the problem. Artificial intelligence-based solutions assist retailers to protect margins, unlock sales, and cut costs.
A decade ago retailers had a different perspective on customer behaviour and preferences. Artificial Intelligence powered by 3D sensor detectors empowers retailers to detect customers’ action step by step. Retailers can record customers’ preferences as and when they grab an item from the shelf. As a result, the products are then detected, and the information is collected even when put back.
People Counting Solutions
Artificial intelligence algorithms have disabled the way software systems work today. In addition, it will dynamically distinguish which rules should retailers apply in a situation of crisis. Furthermore, Artificial Intelligence enhances the people counting solutions as the retailer has accurate footfalls in-store. Also, it minimizes the error to perfect customer detection and track entire customer journeys.
Artificial intelligence algorithms help people counting systems to spot close to the perfect accuracy of the customer journey even in the absence of continuous visibility. Both the retailer and the customer will benefit from this new dimension of in-store analytics.
Artificial Intelligence Insights
Artificial Intelligence is crucial to customer intelligence in the retail industry as it boosts the quality of data collected and measures the KPIs. The retailer is constantly looking for solutions that will increase their profit, at this time algorithms rely on predefined customer characteristics. With the advancement of 3D sensors, retailers are able to determine the height and shape of a person as it may vary significantly from person to person. 3D sensors allow a wide range of customer characteristics to track the route within a store.
The retailer has an unprecedented insight into artificial intelligence as AI-powered 3D sensors can track an individual’s journey within a building, store, and floor, enabling complete customer track even in the absence of visibility. The data assembled with the help of 3D sensors are precise and meaningful as it tracks uninterrupted customer journeys in-store.
Moreover, AI facilitates customer behavior analysis. With the technological advancement in the store, self-checkout technology and AI-powered 3D sensors help the retailer to detect when an item is grabbed from the shelf.
Here are a few reasons why retailers should implement AI-powered 3D sensors for new dimensions of in-store analytics:
1. Retail analytics provides brick-and-mortar stores with a competitive edge
2. Artificial intelligence powered by 3D sensors gathered more sophisticated in-store analytics to count and track people continuously
3. AI powered by 3D sensors doesn’t rely on predefined attributes unlike the existing people-counting solutions
4. Despite the challenging yet crowded situation AI powered by 3D always provides the retailer with accurate insights.
5. The ability to define customer characteristics with the help of 3D sensors to boost accurate customer data.
6. Enabling retailers with accurate customer journey analytics.
7. Artificial intelligence is the key to making cashier-free checkout stores.
The 3D Sensor and software solutions empower retailers to perform full area tracking, direct image processing, and embedded attributes allowing the retailer to have a greater picture of the customer journey. Artificial intelligence powered by 3D is called the retail store of the future, wherein there will be no lines and cashiers.
Written By: Rajiv Prasad
CIO – Xpandretail