Next-Generation Retail
The role of Artificial Intelligence in the Retail Industry
Artificial Intelligence & Machine Learning are slowly changing the way we look at retail. Manual processes of the past are now being automated for the future. The industry is moving ahead at a rapid pace, and we need to stay updated.
— Biplav
This week, for our Inspire’d session, Biplav, Senior Product Manager at Capillary Technologies, held a workshop on Artificial Intelligence in the Retail Space. It was an amazing session, giving us an insight into the power of retail automation and the significance it holds today in the apparel industry.
The session was filled with exciting insights and case-studies of pioneers in the space like Vue.ai, Alphaa.ai, ThoughtSpot, and even some epic new things being done here at Capillary Technologies.
Vue.ai: Retail Automation & Image Recognition for Retail
One of the biggest painpoints in this industry is tagging items. Tagging items, for many brands, is still a manual process that involves identifying certain attributes of a product like colour, type, size, etc. This is where ML & AI come in. With the power of technology, this process can be heavily simplified.
— Biplav
In its initial days, Vue.ai solved only one thing; tagging. Their product, VueTag does exactly this. To date, they’ve tagged over 450 Million products and continue to tag over 30,000 images per hour. (Source: VueTag by Vue.ai)
VueTag is built with the power of Machine Learning. Machine Learning is where you train a machine to do something by giving it a training set (data) and then it learns to solve problems.
With any Machine Learning product, the system’s accuracy increases over time as more and more data is provided to the system.
Their other products include VueCommerce: AI-powered visual search to provide personalised product recommendations, VueStudio: An advanced interactive video solution for Marketers and Merchandisers, VueStyle: A smart solution for styling, outfitting, and visual merchandising for fashion retailers, and VueModel: Automated On-Model Fashion Imagery with cutting edge AI.
To learn more about Vue.ai, visit http://bit.ly/2wcrsRI 👠
Alphaa.ai: Discover Compelling Data Stories Only
Another company that’s doing great things in the AI retail space is Alphaa.ai. They provide a voice-powered virtual assistant that plugs into your Dashboard and you can ask it questions and it answers through speech.
— Biplav
Alphaa.ai is marries the concept of Siri or Alexa with your CRM dashboard. You can ask it questions in simple english like; “What’s my campaign progress look like so far?”
Aalpha.ai boasts that you can integrate with Tableu, train the system with existing data and ask it a question all within 2 minutes. Check out the video below to see a demonstration 👇
If you’re interested in learning more about Alphaa.ai, please visit http://bit.ly/30uZPRK
ThoughtSpot: Search & AI-Driven Analytics
ThoughtSpot is a next-generation analytics platform. The platform allows you to search to get granular insights from billions of records of data or even uncover insights from questions you might not have thought about asking.
Ask it simple questions the way you’re most comfortable, and using it’s state-of-the-art NLP (Natural Language Processing) engine, it will return a relevant answer. You can ask it something like “What are the hottest brands this year?” or “What was the average basket size by store last year?”.
Take a look at the demo for ThoughtSpot below 👇
If you want to learn more about ThoughtSpot, please visit http://bit.ly/2WgqsuC 👏
VisitorMetrix: AI-Powered Footfall & People Counter
VisitorMetrix, a product from Capillary Technologies, is a real-time footfall and people counter for brick & mortar retail spaces. It’s powered by an advanced computer vision and machine learning-based artificial intelligence and has an accuracy rate of more than 95% irrespective of store lighting.
It also helps businesses understand how people use buildings and spaces. Store-owners can track when their stores are busiest and optimise sales and marketing across all our stores.
If you’d like to learn more about VisitorMetrix, please visit http://bit.ly/2WYOFTc 🦋
Honourable mention: Echo Look
You’re probably familiar with Amazon’s Echo line of products powered by AI virtual assistant; “Alexa”. Well, Amazon just recently launched a new product; the Echo Look; A Hands-Free Camera and Style Assistant with Alexa built in.
Apart from being a smart-camera, the Echo Look is also a AI-powered personal stylist. You can simply take photos in different outfits, feed them into the Echo Look, and it will tell you which outfit is more trendy or suitable.
Take a look at the promo video for the Echo Look below 👇
If you’re interested in knowing more about the Echo Look, visit https://amzn.to/2WYP7ku
