Our new product, Interactive Shelf, is difficult to explain – because it’s the first of its kind. It’s so much easier to use a familiar point of reference for comparison – but where there is nothing in the same category it is difficult to convey just how much of a leap forward Interactive Shelf is in Retail Execution. Here we go through a short Q&A to help explain how we are revolutionizing Retail Execution.
As many as 81 percent of companies reported that they are unsatisfied with their ability to execute at retail. Another 86 percent said they are not satisfied with their trade promotion efforts, POI found.*
Image Recognition Technology gives Consumer Packaged Goods (CPG) companies the power to turn images, into insight, into action. In POI’s 2019 Vendor Panorama for Retail Execution and Monitoring in Consumer Goods, it was reported that cost and speed are key issues in a retail execution solution; 69.4% of these companies did not integrate image recognition as a capability within their retail execution solution.
Undoubtedly, it is price tags. Price tags play a very important role. They inform the customer about the price of an item in such a way that it does not raise any doubts for the customer. Price tags contain a number of items about the product, such as: product name, name of the producer, weight or capacity, barcode/EAN, and finally, information about whether a given product is on the shelf at a regular or promotional price.
We have many years of experience in sales at global production companies in the CPG sector, through all the levels within the sales structures of the Traditional Trade (TT) and Modern Trade (MT) sectors. One thing is certain, a lot has changed over the past 25 years.
FMCG manufacturers and retail chains are currently working intensively and are preparing to introduce new technologies based on artificial intelligence (AI), including image recognition in retail sales.
Nearly two-thirds (62%) of small and midsize retailers say digital transformation is critical to their organization’s survival today, and 84% say it will be in five years’ time, according to an Oxford Economics analysis. Yet many still have not prioritized transformation as a strategic plan.
We live in the era where smartphones, smart homes, and even smart cities are created. The solutions are ready now and are here, rather than being part of rocket science.