At a recent conference for StayinFront customers, Dale Hagemeyer, Partner at POI and former Gartner VP Research, discussed game-changing technologies that are transforming the face of retail execution and unleashing a new era of competition, exposing companies to new competitive opportunities and threats. Among these new technologies was image recognition.
To learn more about this technology, StayinFront CEO, Tom Buckley sat down with Wojciech Stramski, Co-Founder of Lab4motion Solutions, an image and video recognition technology company. Stramski offered some key insight into how consumer goods companies were leveraging the combination of product recognition and customer behavior analytics to understand the effect of product placement on consumer behavior.
Stramski pointed out that the future of retail and consumer goods lies within technology, stressing how much more effective merchandising visits can be when merchandisers are able to enter a given store and have immediate access to full conversion metrics. Data, such as the number of consumers who visited the location since their last visit, as well as demographic information such as gender and age group, lets them compare this information with the number of products that were sold during this period and establish the consumer conversion rate. This technology is enabling companies to bridge the information gap they currently face in terms of the omnichannel customer perspective.
Lab4motion’s primary focus is getting its customers - the consumer goods companies and retailers - closer to the consumer by creating an ecosystem in which customers observe, analyze, and understand the offline shopping journey through the eyes of the consumer and link this information to the online shopping journey
Stramski mentioned just some of the benefits companies could obtain through this analysis, including the ability to:
- Identify their share of shelf versus their competitors.
- Eliminate bias, subjectivity and error in assessing whether or not the product is on the shelf and its proper facing on the shelf.
- Access information and feedback on planogram compliance.
- Understand the effect of product placement, facing, and new packaging on consumer behavior
With an appropriate approach to the utilization of the available technology solutions, companies can address the needs of their customers. Companies that are quicker to adapt to evolving technology ultimately end up ahead of their competitors and closer to their end customers.
To learn more about Lab4motion Solutions technology perspectives and key tips for leveraging image and video recognition technology in the consumer goods retail space, read the full interview with Stramski in our Leadership Perspectives series.