IMAGE RECOGNITION – IS THIS THE RIGHT CHOICE FOR ME?
Image Recognition Technology gives Consumer Packaged Goods (CPG) companies the power to turn images into insight, and those insights into action. In 2021, POI’s Vendor Panorama for Retail Execution and Monitoring in Consumer Goods, reported cost and speed as key issues in a retail execution solution; 57% of these companies did not integrate image intelligence solutions as a capability within their retail execution platform.
How can you benefit from using Image Recognition Technology?
As digitalization disrupts the retail world, it is vital that CPG manufacturers integrate image recognition into their retail execution strategy in order to deliver outstanding results. Not only does Image Recognition save you time, which decreases the cost of the visit, but it also adds additional value to the outcomes of sales reps’ activities. Image Recognition also allows the field reps to track on-shelf performance metrics such as presence, position and compliance. These metrics can be used to explain, among others, sales conversion effects of trade promotion.
Our Image Recognition solution uses self-learning algorithms to identify, extract and analyze product data and the in-store situation, and within minutes, the results are returned to the rep, KPIs are updated, and next best action tasks are generated.
Apart from interactions with a field-force, Image Recognition brings value to back-office users and allows managers to use analytics and reporting tools to gain more insight into the situation at the shelf and drive actions to increase effectiveness at the SKU, brand and category levels.
Field reps have many audits within a day, and they must ensure they have enough time remaining with each store to complete their shelf audit and other merchandising activities. Such time constraints put on them can lead to human error causing inaccuracy in data collection. Image Recognition can deliver accuracy levels of up to 96%. The solution will allow you to access the highest level of recognition precision and verify product presence, placement, promotion, pricing, and planogram compliance.
In a world where we have a vast choice of products on a shelf, it is problematic to track OOS (Out of Stocks, SOS (Share-of-Shelf) and OSA (On-shelf Availability) from both primary shelves and additional expositions, all within the same visit as well as correcting any issues the field rep may face. With Image Recognition for Consumer Goods, a rep can access information such as real-time visibility into shelf conditions and a greater breadth of KPIs and metrics. They will be able to put in place corrective measures to rectify any issues they have detected all within the same store visit. The solution has allowed the field rep to gain a 360° view of your products as well as your competitors which will ensure you are always in an advantageous position.
When switching to digital audits, field reps will have more time for high value store activities. Field reps will be able to access timely feedback on the performance of new products on the shelf and increase same store/product revenues with a better understanding of trade channels and competition.
StayinFront Digital provides a solution that helps consumer goods companies win at the shelf with the ability to assess on-shelf availability and placement, perform competitive comparisons, and analyze trends through highly efficient and accurate image recognition software that easily integrates with your existing sales force automation or CRM solution.
Be sure to check out our next blog that will focus on the future of image recognition technology.