Relytics
Enhancing Human Experiences
Introduction
Have you ever walked into a store and couldn’t find anything useful or wasted hours looking for a product that staff says is in stock but can’t find? Retail stores lose millions of dollars every year from poor product placement and inventory decisions. Relytics helps stores truly understand their customer base.
Problem
Every retail store faces a similar problem. They have a limited amount of space and must make an educated guess on which products to display. The front of the store is the most valuable real estate. However, if you place a $5000 jacket in the front there is an increased risk of theft. And if you place the product in the back no one will see it. With ever changing consumer trends, seasonal changes, and up to 2 year lead time on new product orders, companies need to holistically understand their customer base and predict what new trends users will want in the immediate future. We are exploring ways to use computer vision to generate metrics in addition to sales data to help retailers optimally place and display products.
Opportunity
We plan to solve this problem by providing brick and mortar retailers with mission critical insights into consumer behavior and interaction inside their stores. To achieve this, we will install cameras in store and run computer vision algorithms on the video feed to generate granular insights including which areas of the store receive the greatest foot traffic, customer conversion rates and customer engagement with store staff - these 3 features have been a recurring trend in our customer interviews to date. With this additional layer of analytics, in particular information regarding hot zones on the store floor, retailers will be able to bring the ease of online A/B testing to the physical world and make more informed product placement and pricing decisions backed by hard data. Our technology will help stores connect with their customer base and increase revenue.