In the current trend of increasing customer expectations, retail execution process can be cumbersome, especially for FMCG suppliers and retailers. Circumstances such as preferred products being out of stock or product shrinkage could lead to a decrease in customer loyalty. Retail businesses are now adopting digital strategies to streamline their operations, increase profits, and deliver a great shopping experience to the customers at a store to stay ahead in the competition. They also need to make sure that the products are available in the store, market them in a visually appealing manner, restock the shelves regularly, and ensure that the price tag matches the product. This is where Vispera steps in with their data-driven, AI-based solution that supports retail execution through image recognition technology.
“We notify our FMCG suppliers and retailers on what is missing, what needs to be replenished and how many shelves need to be restocked through our image recognition engines powered by retail domain knowledge and deep learning,” begins Aytul Ercil, co-founder and CEO of Vispera. The company’s recognition engines support SKU level details and deliver high accuracy in brand level product recognition on a large number of categories and packages.
Vispera also provides mobile app services to clients to help them gather the images of the products and shelves of the retail store using which the product details are obtained through visual intelligence. With the information procured, customers can calculate their retail execution quality via their existing KPIs or Visperia’s tailor-made KPIs so that they can track their progress with the metrics that they are used to. “Our flexible KPIs help in making the customer’s transitions smooth without altering their tracking process,” adds Ceyhun Burak Akgul, co-founder and CTO of Vispera.
One of Vispera’s highlights includes their real-time shelf monitoring and management system using IoT cameras, giving businesses a digitized view of their store. The cameras capture and recognize the products, detect empty spaces and other non-compliance issues and alert the store staff through notifications.
The visual data recorded by Vispera’s platform directly impacts a retailer’s business by minimizing any loss of sales
“The visual data recorded by Vispera’s platform directly impacts a retailer’s business by minimizing any loss of sales. The data is analyzed and used for decision making and to determine the retailer’s progress,” remarks Akgul.
The company works closely with the retailers to identify the retail execution elements responsible for a great shopper experience and helps them in building Vispera’s concept of a perfect store program using products specifically designed for the retail domain. With inputs from Vispera’s image recognition system, retailers can drive toward the ideal store execution to create the best possible shopping experience. One of the several success stories which highlight Vispera’s credibility includes that of a leading ice cream producer who faced a challenge in evaluating their field team performance in the traditional retail channel. In addition, they had accuracy issues in their auditor based inspections and timelines, resulting in discrepancies in their reports, which prompted the company to reach out to Vispera for the image recognition service. The Vispera team developed a dedicated technical solution and an associated cost effective scoring service, which evaluated the ice cream producer’s work accurately through image recognition and provided them with immediate updates.
As a move toward AI technology adoption, Vispera is taking part in the Intel’s AI builder program and also intends to establish global partnerships with companies like Cisco, Ipsos and HMY. The team is currently working on enhancing their existing solutions with prediction models and a camera which can be installed at the store to enable access to the shelves at all times and notifies store personnel regarding a product’s status. With a strong client base across the globe, upcoming plans for Vispera include expanding into the APAC region.