Image Recognition – Next Gen Technology CPG Leaders Cannot Ignore
Field reps or salesmen must go back to doing what they do best; spend time with their store managers to promote the brand, build sales, and gather intelligence on shopping habits and consumer trends. Image Recognition and AI tools will help empower them to help elevate in-store performance.
Retail Execution Data is Good. But AI Powered Action Plans are Better!
The best way to optimize in-store retail execution is to not just gain instant visibility into on-shelf conditions but to have effective methods to fix inefficiencies before it is too late. Image Recognition is powering many worldwide CPG manufacturers to understand execution & compliance issues, analyse trends and pinpoint untapped sales opportunities in existing stores across categories instantly.
How to get better in terms of understanding the problem, the existing root cause is one facet of the problem. But looking into the future, if Image Recognition and AI needs to be widely adopted and scaled, it should also answer the questions “How to fix issues in time?” and “What must one do to fix issues in time?”.
While data has the power to provide actionable insights to leaders to elevate store performance, Image Recognition technology and AI can also provide intelligent recommendations to immediately take actions which result in improved on-shelf brand visibility and execution compliance.
AI-powered intelligence should enable CPG companies and retailer partners to do the following seamlessly.
- Take immediate and targeted actions to fix measured shelf metrics as against targeted shelf metrics and improve ‘on-shelf availability’
- Ensure 100% compliance to store-level promotions, pricing and planogram compliance in every store
- Personalize & determine pay-outs, sales offer and discounts to each retailer based on competitive insights
- Optimize assortment-mix in each product category in order to respond quickly to changing demands and shopping habits
- Enhance on-field agents productivity with execution insights and action plans delivered in real-time
Working in retail will look very different in the coming decade. Technology adoption won’t just enhance store-level operations or business processes, but will empower every level of your enterprise retail to contribute towards identifying new revenue opportunities and optimizing revenue & margins from existing stores.