Artificial Intelligence (AI) in the Retail Market offers an in-depth analysis of the market. It further provides a detailed description of the adoption of different products across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help stakeholders to gain valuable insights into the market.
Understanding foot traffic is very important in retail to organize merchandise in aisles, optimize store layout, understand peak times, and potentially even protect against theft. You can now put a camera in your store and connect it to the AI platform and get real-time data that can be ingested and analyzed.
Facial recognition is the process of identifying or verifying the identity of a person using their face. It captures, analyzes, and compares patterns based on the person’s facial details.
1. The face detection process is an essential step as it detects and locates human faces in images and videos.
2. The face capture process transforms analog information (a face) into a set of digital information (data) based on the person’s facial features.
3. The face match process verifies if two faces belong to the same person.
Enables precision tracking and detection of any combination of shape and movement. It allows users to interact naturally with any device or application.
Gesture recognition is done in two ways: data glove sensor devices that transform hand and finger motions into digital data, and computer vision which uses a camera. The second method may let humans interact more naturally with machines because it leaves their hands free to move.
According to a survey of 400 retail executives by Capgemini, AI could help retailers save USD 340 billion annually by the year 2022 by enabling efficiency in several processes and operations.
According to an IBM report, which surveyed 1900 retail and consumer product companies across 23 countries, 85 percent of the retail companies plan to implement intelligent automation for supply chain planning by the year 2021, and retailers believe that the introduction of AI will result in 10 percent annual growth.
AI is going to change the face of the retail industry in so many ways. Artificial embodies the future of modern brick and mortar store. For retailers to stay in the competition it’s time to change.