DENVER - Trax has launched the Retail Watch, a computer vision-powered store monitoring and intelligence solution, that helps grocery retailers automate instore data collection and optimize operations.
The Retail Watch solution raises on-shelf availability and staff productivity, resulting in incremental uplifts in revenue, as well as provides timely, accurate data for better supply chain replenishment, forecasting and picking for online orders, according to the company.
The new solution combines Trax’s proprietary computer vision and machine learning technology with its unique Internet of Things (IoT)-enabled shelf-edge and ceiling cameras and autonomous robots to provide retailers with ‘eyes in the store’ — automated, continuous visibility of every product, on every shelf, in every store.
The watch allows staff to be alerted to replenish availability gaps, correct pricing errors and improve planogram compliance to promptly address what’s happening on the shelf, without having to spend time on manual, repetitive tasks. The Retail Watch also supports online ordering options, like ‘click-and-collect’ or delivery, providing real-time product availability to online shoppers and allowing for faster fulfilment by store associates.
According to Trax, within a few months of deploying the solution, one Trax customer has already experienced returns of improved shelf availability of up to 3%, decreased price anomalies of up to 75%, and improved workforce productivity equivalent to having an additional full-time employee in the store.
“With the pandemic showing no signs of abating, consumers are taking fewer shopping trips and are less concerned about brand loyalty, focusing more on what is directly available to them when they are in the store, meaning retailers literally cannot afford to have missing items or mistakes on the shelf,” said David Gottlieb, managing director, Americas at Trax. “In the past, retailers could look at previous data to drive predictive analytics and manage demand. Now, retailers need immediate, granular, and actionable data, which is exactly what Retail Watch provides. These adjustments convert directly to sales growth and opportunities to improve the customer experience, both of which are essential, now more than ever.”
Trax Retail Watch is now commercially available for grocery retailers in the Americas. For more information or to request a demo, visit traxretail.com/products/retail-watch/.