Are you concerned about inventory theft, loss, and waste? You’re not alone. According to the National Retail Federation, retailers worldwide lose over $100 billion each year to “shrinkage,” with more than half occurring in North America. But there’s good news: retailers are fighting back with intelligent video analytics (IVA) technologies that can accurately and efficiently reduce shrinkage. And leading the charge is Everseen, an international software company based in Ireland.
Everseen has developed computer vision AI systems that help retailers see and solve shrinkage problems in real-time. By using AI at the edge, Everseen transforms an entire physical retail space into actionable data that can drive better decisions. The solution modules integrate with a retailer’s existing cameras, point-of-sale, computers, and other business systems, providing an end-to-end view across their entire supply chain. The AI then recommends a “next best” action, all in real-time.
Everseen’s point of sale (POS) solution, Evercheck, instantly detects and corrects both deliberate and unintentional errors at staffed and self-checkout lanes. For the latter, an instantaneous “nudge” prompts shoppers to correct mistakes such as an unscanned item, reducing the need for staff intervention and potential conflict down to 2%, from 20%. Another AI-powered product, Everdoor, reduces loss and improves process compliance in the stockroom.
All told, Everseen each day analyzes in real-time a staggering 275 years of diverse and labeled video data. The company monitors unstructured data from 22 million customer interactions with 220 million products. Everseen’s AI-based loss prevention systems have been adopted by more than half of the world’s top 15 retailers, a total of 6,000 stores and 80,000 checkout lanes.
But Everseen is just one example of how AI is transforming the retail industry. Leading firms are exploring how digital twins and simulation can create smoother experiences for customers and employees. Intelligent targeting delivers live shopping suggestions that can expand cart size through opportunities for upselling and cross-selling. Dynamic digital signage automatically updates to offer promotions tailored for every shopper and creates additional revenue opportunities tied to dynamic in-store displays.
Don’t let inventory theft, loss, and waste eat into your bottom line. Embrace AI and start seeing results today.Are you tired of waiting in long lines at the grocery store? Autonomous shopping is the solution you’ve been waiting for! With smart “grab-and-go” stores, customers can use their mobile phones to check out and avoid the hassle of traditional shopping. And now, with AI-enabled shopping carts, nano stores, smart cabinets, and fully autonomous stores, the shopping experience is becoming even more frictionless and faster. Companies like AiFi and AWM are leading the charge to give customers the ultimate shopping experience while boosting retailers’ revenues and margins.
But that’s not all. Generative AI is also revolutionizing the fashion industry. With tools like DALL·E and ChatGPT, retailers can create new designs for products based on customer feedback, sales, market trends, and other data. And with startups like Fashable pioneering the use of generative AI to create sustainable fashion designs without the need for fabric, the possibilities are endless.
Fashable’s AI algorithm, powered by Azure AI Infrastructure, NVIDIA A100 Tensor Core GPUs, Azure Machine Learning, and PyTorch, allows designers to quickly generate endless digital options for fashion in the metaverse or the real world. And with the ability to create an entire collection in just one click, designers can take their pieces to social media to A/B test directly with customers to gauge interest and forecast demand before going into production. With Fashable, it now takes minutes to get a new collection from design to department store, with far less labor and no guesswork.
Generative AI is also helping retailers in other important ways, such as merchandising and product onboarding, and service chatbots and conversational AI. But with these plentiful opportunities for transformational use of AI comes new challenges. That’s why having the right infrastructure is crucial for retail AI. Are you ready to embrace the power of AI and take your retail business to the next level?Are you ready for the AI revolution? Many companies are discovering that their current infrastructure isn’t up to the task of developing and deploying AI-enabled applications. The demands of AI are far greater than those of conventional computing, requiring optimized and accelerated environments that are purpose-built for AI. Retail experts agree that success in AI requires versatility, high performance, scalability, and a uniform stack to train in the cloud and deploy at the edge.
But getting the infrastructure right is crucial, as Everseen’s O’Herlihy can attest. A high-performing cloud environment has been crucial for his company’s AI success, enabling scaling across thousands of locations and delivering high performance that lets AI models understand a moving scene in real-time.
Fashable’s Fernandes also emphasizes the importance of on-demand cloud infrastructure and services to accelerate product innovation and build competitive advantage. And while building your own datasets can give you complete control over your innovation, the risks and costs can be prohibitive. That’s why business leaders should consider using existing environments and tools to minimize those risks and costs.
Laggards in the retail industry risk missing out on the $1.7 trillion in business value that AI and analytics could generate. Retail is an important canary in the coal mine for the overall economy, and the surging embrace of AI for innovation and transformation bodes well beyond store walls.Artificial intelligence (AI) has been a booming technology for retailers across the globe in recent years. AI has enabled stores to enhance their customer experience, create innovative products, and optimize their operation. AI is transforming retail operations, from inventory management to e-commerce customer service.
Inventory management is one key area of operations that is being impacted by AI. AI can help retailers more accurately predict when items will sell, based on diverse data points like customer feedback and expected sales. This can help maximize profits and minimize stock outs. AI is also being used by leading e-commerce companies to improve product placement and categorization, helping to increase sales by presenting the right items in the right places.
AI is also used to create more engaging customer experiences. Some stores are utilizing AI chatbots to provide shoppers with personalized advice and product recommendations. Our natural language processing (NLP) is also being used to automate customer service tasks, such as addressing customer questions and complaints. AI can help provide customers with the right information in a fraction of the time.
In the product design and development process, AI is beginning to have a more significant role. AI can help companies better understand customer preferences based on factors such as demographics, lifestyle, and buying habits, allowing product designers to create products that are better tailored to their customer base. AI-driven analytics can also be used to inform product development decisions, helping companies identify areas for improvement and launch innovative products faster.
Overall, AI is revolutionizing the way retailers operate. It is enabling stores to enhance customer experience, optimize operations, and generate innovative products quickly and efficiently. As AI technology evolves, it is likely that the retail industry will continue to benefit from its capabilities.
