Innovación: Changing the Retail Landscape with AI
Abril 17, 2017
By Kimberly Goldsworth, VP of Marketing, Prism.
Ecommerce sites are undoubtedly changing the retail landscape. Shopping is made so much simpler for the consumer, ultimately prompting them to continue shopping online versus in-store. What does this mean for brick and mortar? This means there’s an immediate need to amplify what your storefront has to offer, differentiating it from online, and providing an experience the customer cannot find online — which can now be done with the help of artificial intelligence (AI) via cameras.
When thinking about AI, people intuitively think robots, Alexa, Siri and Google Home. However, it can do so much more. For example, AI can help with optimizing store operations & design, loss prevention, merchandising, and marketing.
AI is redefining video. Through breakthroughs in video condensation technology, video can be transformed from a dense and clunky medium into a low-bandwidth stream of information that can be efficiently dissected and analyzed. Combining this with neural net technologies allows for smarter search and analysis of video.
This technology is now being added to a vast ecosystem of cameras, including emerging industry advancements like 3D, thermal and other sensors that are arming retailers with a more efficient way to analyze their storefront — making powerful, cutting-edge capabilities accessible to a large number of users. AI software creates advanced tagging that makes searching video as easy as typing in the objects you’re looking for. For example, you can use object tagging to identify female vs. male customers, dig into customer demographics, locate certain fixtures, verify merchandising, and more.
AI is revolutionizing brick and mortar retail through a variety of solutions including:
- Object and motion tagging (items & people) that can help with detecting inventory changes, personnel locations, loss prevention and marketing efforts
- Monitoring compliance & checking inventory levels while on the go
- Providing insights to retain existing customers and acquire new ones
- Shopping tools & location services that can provide answers to customers via mobile device, without needing to track down a sales associate
- Heatmapping to improve flow & understand how customers experience your store
- Visual access via artificially intelligent cameras that bring the full store environment online
- Helping to personalize & target shopping experience from a marketing perspective
- Loss prevention (facial recognition, body language, other biometrics)
Across organizations, there’s a plethora of video content that lacks true value in terms of data and analysis. With AI and computer vision, digging through loads of video data can be made easy and efficient, creating a true force multiplier. These technologies allow you to create object tags and search your video in ways that can benefit many business needs: from security and loss prevention to improving operations, driving ROI and even perfecting your merchandising.
In particular, Prism’s mobile app, Vision, turns endless quantities of video into rich and meaningful content that can be quickly understood, shared, and acted upon. Using AI, Vision pinpoints valuable moments in video that can be customized to any type of business. Through the Prism platform, we’ve eliminated the task of manually searching through hours of video footage in order to find important visual information — ultimately empowering brick and mortar stores to better compete in today’s retail landscape.
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