Thursday, 2 July 2020

Reshaping The Retail Industry Paradigm Through AI

- Apoorva Verma

Data, artificial intelligence, automation, IoT, bots, machines, and digital transformation. The buzz words. Except, these are not just buzz words, these are a reflection of a change that’s happening around us and the growing opportunity for innovation. 


Retailers across the globe are facing unprecedented changes in their fundamental business model and operations. Factors such as high competition, changing consumer behaviour, government regulations, tenacious technological development and most recently, the COVID-19 pandemic, are affecting almost all facets of the retail business. 


It has become critical to respond to these changes to sustain and remain relevant. With such diverse factors affecting the retail industry, conventional methods are not going to help differentiate. This perpetually changing landscape can be navigated through data and artificial intelligence (AI) could be the road map for this.


According to research by Accenture, 86% of retailers are experimenting with AI to forge new growth as they agree that it is transforming the industry. There is, therefore, a surge in the adoption of AI.


However, AI is uncharted territory for most businesses. In this scenario, partnering with AI players can provide significant momentum to enterprises - whether they are in the exploratory or advanced stages of their AI adoption journey. We can do this together, without having to build from ground zero.


Transformation with IRIS AI


According to a study by NASSCOM, the retail industry in India is one of the top-five retail markets in the world by economic value and is poised to double by 2024. 


Most retail outlets are equipped with CCTV Cameras. Our AI-powered computer vision product – IRIS syncs with this existing infrastructure to provide actionable insights about shopper, employee, assets, and activity within the store premises. 


It generates detailed insights and reports that cannot easily be generated manually. Analysing live feeds from multiple cameras, IRIS gives insights on various factors such as the overall footfall in the store, demographic details of customers such as male vs female or their age range, the percentage of customers walking out without shopping, heat maps on areas most visited by customers, peak time walk-ins, the average time spent by shoppers, as well as other insights such as identifying stock-outs in real-time and alerting the manager, observing staff behaviour, sentiment analysis and more. 

The analytical information lets retailers optimize their operations to ensure customer satisfaction, manage inventories, store layouts, and much more.


In the light of COVID-19, we have trained our model to identify face mask and social distancing compliance too. 

It sends out real-time alerts to the relevant person in case of non-compliance via WhatsApp, SMS, Push notifications, etc. along with the details and image. Organisations can look at overall analytics for these violations and take precautions.


Incorporating artificial intelligence into your business may seem daunting, but a focused, incremental approach will help deliver value and mobilize your company in a new direction. 


How do we make this easy for you?


The first step on this journey is to define your expectations from the technology. Most of our clients started small and scaled fast. This helped us figure out the pain points and deliver clear and immediate value. 


We train our AI platform IRIS using deep neural networks and machine learning models to generate insights across the big data sets, using live feeds from multiple cameras. As this type of analysis is almost impossible manually, it amplifies key performance indicators for the business. 


Once the use case has been optimized according to your requirements, it can be swiftly rolled out across the organization to maximize the value. 


Start your AI journey with us now to build a long-term advantage over the competition.

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