When you visit a store and can’t find the product you need, it can be very frustrating. Ensuring that products are always available on store shelves is crucial for increasing both profitability and customer satisfaction. In this article, we show you how real-time shelf monitoring is optimizing inventory management.
What is real-time shelf monitoring?
Real-time shelf monitoring is a technology that provides real-time tracking and analysis for retail stores. Using AI cameras and image recognition software, this system can detect low stock levels, spot misplaced items, and offer valuable insights into consumer behaviour and preferences.
4 advantages of real-time shelf monitoring
In today’s market, where customer expectations are continually rising, shelf monitoring has become crucial for businesses to remain relevant and successful.
1) Enhancing customer experience
Customers expect to find the products they need when they visit a retail store. Real-time shelf monitoring ensures products are well-stocked and easily accessible, preventing negative customer experiences caused by unavailable or hard-to-find items.
2) Inventory optimization
By continuously monitoring shelves, retailers gain insights into inventory levels, allowing them to make informed decisions about stocking and restocking. This optimization reduces waste and cuts costs.
3) Monitoring trends
Real-time shelf monitoring provides data on consumer behaviour and preferences. Analysing product sales performance helps retailers adjust their marketing strategies based on which products are popular and which are not.
4) Increasing sales
When products are out of stock or hard to find, customers might turn to competitors. Ensuring products are well-stocked and easy to find helps retailers boost sales and revenue.
How does it work?
Real-time shelf monitoring uses computer vision to keep track of products on shelves. A camera captures images of products and an image processing algorithm analyzes these images. Initially, reference images of products are stored. As products are placed on shelves, the system counts and detects the number of items present.
When a product is out of stock, the system immediately identifies it as unavailable. If a shelf is empty, an alert is automatically sent, indicating the need for restocking.
Additionally, this system addresses misplaced items. It compares stored product images with current shelf images to check for correct placement. This improves inventory management and ensures products are always available.
STOCK.VISION: Store Shelves Monitoring by MakeWise
A shelf monitoring solution that provides real time item availability information based on in-store camera footage.
- Uses images from CCTV cameras to monitor
- Real time item availability information
- Alerts with the shelf and product identification
- The shelf is permanently monitored
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