Tuesday, October 29, 2019

Image Recognition Software for Retail Delivers Instant KPIs

Calculating key performance indicators are a must in merchandising and product management, but getting source data for these calculations can be tricky.

First of all, analysts and managers at central offices rely on field reps to either count the number of products/faces and gather competitor numbers, or the reps perform calculations such as share of shelf by themselves. In both cases, the risk of human error is high and, over many stores, can seriously skew the final KPIs and negatively impact strategies.

New advances in artificial intelligence have given rise to much-needed image recognition software for retail, which allows quantifiable data to be extracted from pictures. With image recognition software for retail, field reps only need to take one picture of the category shelf and KPIs will be automatically extracted, as well as compiled with data from other stores in the Cloud.

Managers and analysts at central offices can then generate reports and visualizations on the collected data, including out-of-stocks, share of shelf, product availability, competitor availability, and promotions, among others, and then filter stores by any criteria deemed useful for building their strategies.

VisitBasis, creator of the namesake mobile merchandising application chosen by many market leaders in the CPG and product distribution industries, has developed its own image recognition software for retail: BrandML. Despite its advanced technology, BrandML is cost-effective and implementing it only takes a few weeks.

Interested in learning more about the BrandML image recognition software for retail? Contact us at www.visitbasis.com.

Thursday, October 17, 2019

Gathering Shopper Insights with Retail Audit Software

Consumer Product Goods (CPG) businesses are constantly trying to get into the mind of customers in order to develop new successful product strategies. However, while customer surveys are the traditional way to go, they can lead to skewed results, mostly because of the customer already knowing that he or she is being surveyed.

Retail audit software, along with careful in-store activity planning, can help category and merchandising managers find shopper insights hidden within the data collected. For instance, one of the most basic uses for retail audit software is to notify management of unexpected out-of-stocks.

By analyzing the data collected over several recurring visits, it is possible to detect an increase in out-of-stocks around certain dates. Such data can then be used to back up strategic decisions, like launching a seasonal version of a product or rolling out promotional displays. Likewise, in-store activities can be designed to keep track of product and/or category presentation, competitor strategies, among others.

Not only does retail audit software allow for the custom audits to be performed more frequently, since it virtually eliminates time-wasting paperwork and data transcription, but it also delivers when it comes to access to the data collected. Cloud-based solutions for retail audits normally include a reporting interface that allows real-time access to spreadsheet, chart, and map reports.

VisitBasis retail audit software provides all the tools necessary to set up and execute in-store activities, from custom checklists and questionnaires that include photo answers to real-time access to captured data and GPS verification of visits.

Try VisitBasis today! Sign up for a free trial or schedule an online demo.