Many retailers face today’s most complex challenges, including competition, profit margins, and establishing the right company culture. Some of the most forward-looking retailers are looking to both AI and machine vision to help them improve revenues. In contrast, other retailers might be more focused on collecting data, establishing brand loyalty, or automating tasks so that their employees can complete more high-level projects.
There are already massive opportunities for AI in the retail market - whether AI is used for forecasting, pricing decisions, or optimizing where products are located. Let’s take a closer look at how retailers can use both AI and machine vision to improve customer experience and boost revenue.
What Is AI?
AI refers to “artificial intelligence.” AI is a wide-ranging sector of computer science that is meant to teach computers how to think like humans. The goal of AI is to enable computers to mimic human cognitive ability, and AI is currently being tested and utilized in every possible business sector worldwide.
What Is Machine Vision?
Machine vision refers to the fact that computers can now “recognize” objects thanks to AI technology. Machine vision can help customers conveniently check out by themselves, but it can also collect data concerning in-store purchasing patterns.
Machine vision allows computers to recognize objects and faces, proving incredibly valuable in the retail sector.
How Retailers Use AI And Machine Vision
Many retailers are already using AI to figure out how to forecast demand, manage inventory, and aid the self-checkout process. AI can optimize the supply chain, enhance customer personalization, and improve the way that demand is forecasted.
Machine Vision has many use cases that can help the retail sector. For example, video cameras can use machine vision technology to identify employees when products are placed improperly. A robot could also use machine vision to figure out when more products need to be stocked.
Many retailers are already benefiting from AI and machine vision technology, while others are waiting to adopt them. The retailers investing in these technologies are increasing profit margins, collecting more data, and offering a superior customer experience. These technologies can also help with product placement, establishing customer personas, and inventory management (which can prove more useful during busier holidays). Because of these significant advantages, more retailers will likely adopt these technologies over the next several years.
Phase 1 machine vision cameras are an integral part of machine vision technology and can help retailers solve some of retail’s most complicated challenges.