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New or existing video cameras scan shelves (front and back of store) to assess stock levels. Optimised stock pick/replenish instructions are automatically sent.
About
Verizon's video analytics automatically analyses media from new or existing cameras to be to provide business insights. Uses will vary but examples include; Analysis of stock placement and stock levels on shelving or displays Analysis of customer behavior for both marketing, upselling and security purposes Analysis of store layout to optimise displays and merchandising Verizon would also be interested in exploring new ideas that make use of visual analytics to enhance or transform business models.
Key Benefits
Improves customer loyalty by improving stock availability. Increases margin by ensuring high margin items are re-stocked ahead of lower margin product. Opportunity to couple the technology with Machine learning to predict stock levels and ensure re-supply orders are placed in a timely manner. Offers opportunity to increase revenues when coupled with CRM and human behavior analytics by promoting upsell/cross-sell opportunities and providing evidence to prove/disprove the effectiveness of changes to product placement and store layout. Reduces cost through the optimization of stock picking and staffing levels, By ensuring only goods that are actually required are wheeled out and that goods are loaded onto trolleys in the optimal order to ensure high value and/or short life items are replenished first.
Applications
The technology can be applied to a range of uses but specifically in this instance, Verizon is looking to address issues with front of store stock levels and processes associated with the picking of goods from the warehouse/back of store to reduce cost/waste through optimization of work flow processes.