Intelligent Retail Stores Comes with NVIDIA AI Solutions

• Updated on: 2024-09-26
• Read original article here

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Asset Protection
Retailers worldwide are losing over $100 billion per year to shrinkage, and half of that is happening in North America. Intelligent video analytics (IVA) can accurately and efficiently reduce shrinkage. By improving asset protection at points-of-sale and reducing shoplifting throughout the store, employees can work to stop loss in real time. Using existing camera systems, retailers can install IVA applications from NVIDIA software partners to improve asset protection and significantly reduce shrinkage.
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AI for Autonomous Shopping
Intelligent grab-and-go stores, where customers use their mobile phones to check out, are jumping in popularity, with locations expected to increase 4X annually in the next three years. Solutions range from AI-enabled shopping carts , to nano stores and smart cabinets, to fully autonomous stores. With these solutions, retailers can provide customers with frictionless and faster shopping experiences, while increasing revenue and margins.
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Stockout and Inventory Management
Store associates are the face of retail organizations, so it makes sense to reduce the time they spend on tasks that aren’t customer facing, such as performing inventory counts or scanning for out-of-stock situations. That’s why large retailers are using AI to handle these basic, repetitive tasks. The technology works by scanning items to check stock levels and alerting associates to specific shelf locations that need to be restocked  and even adjusting prices when needed.
Customer and Store Analytics
Online-shopping data and in-store data generated from point-of-sale transactions, cameras, and sensors are rife with insights that help determine customer preferences. IVA data can provide demographics and create heatmaps to reveal popular traffic areas inside stores.
Retailers are using this data to better understand customer behavior and buying preferences, deliver revenue-driving online and in-aisle promotions, and create enhanced shopping experiences.
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Store Operations
Store associates are the face of retail organizations, so it makes sense to reduce the time they spend on tasks that aren’t customer facing, such as performing inventory counts or scanning for out-of-stock situations. ​Large retailers are using robotics to handle these basic, repetitive tasks. The technology can scan items to check stock levels, correct shelf location, and price accuracy, as well as sort items unloaded from trucks based on priority and department. ​
Most solution providers use NVIDIA GPUs with the NVIDIA Metropolis edge-to-cloud IVA platform to build warehouse logistics machines, manufacturing robots, and smart assistants for automating repetitive tasks.
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Personalized Promotions
In-store intelligent targeting delivers live shopping suggestions that can  expand cart size with opportunities for upselling and cross-selling. Digital signage automatically updates to offer promotions tailored for every shopper—while tapping into revenue opportunities tied to in-store dynamic displays.
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Augmented Reality Experiences
Augmented reality (AR) experiences that allow shoppers to virtually try on, personalize, or visualize products—from clothing to shoes to furniture—have the potential to change the ecommerce game for brands. The technology lets customers virtually engage with more products before buying, while increasing customer satisfaction and reducing returns.