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Transforming In-store Inventory Management
The digitization of retail operations can increase the traditional norm of 65% inventory accuracy generally applied to brick and mortar retail to over 98% in most cases, if technology is employed in the right way. The impact of the Internet of Things (IoT) and Artificial Intelligence (AI) has been, and will continue to be, transformational as stores can gain previously unavailable, granular operational insights that enable retailers to rethink the way they operate. Early deployments of various technologies have demonstrated a positive compound net effect for retailers by increasing revenue and reducing operational costs, thereby increasing the overall profitability of each store.
This report explores which technologies are transforming inventory management and reviews the ways in which they can be implemented in order to achieve maximum value for retailers. Technologies and services covered include ERP, merchandise planning, computer vision, robotics, and RFID.Continue
Reports & Data
Amazon has confirmed plans to supplement its existing last-mile delivery strategy by directly hiring thousands of temporary in-house drivers to cope with peak demands this holiday season. In addition to its existing group of independent Delivery Service Partners (DSPs) using Amazon Flex and external providers such as UPS and FedEx, Amazon will be forking out as much as US$19 per hour for each new driver within this seasonal reserve fleet. Also, each driver will be provided with an Amazon Prime–branded van.
This week Intel, Foxconn Technology Group, and Asia Pacific Telecom offered their first public demonstration of facial recognition technology for retail usage. Some of the applications demonstrated included residential and business access control, a virtual shopping service app, and retail payment apps. Intel’s solution utilizes multi-access edge computing (MEC) 5G and artificial intelligence (AI) to enable the services.
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With recent examples appearing of retailers deploying innovative AI and robotics solutions, it remains to be seen how quickly the wider industry will adopt these potentially game-changing technologies. Amazon Go – reliant on AI, machine vision and intelligent automation – is widely tipped to establish itself as a future operating model in the grocery sector. While the use of automated pickers in e-commerce fulfillment by the likes of Ocado and the emergence of Fellow and Bossanova robots in brick and mortar retail also suggest an automated revolution will soon be transforming the industry. However, the enormous cost of these solutions combined with social and operational barriers may mean the imminent marriage of AI and robotics in retail is further away than initial case studies would suggest. By examining market trends, real life use cases and the market’s key players, it's possible to see how the future of retail will be impacted by smart, automated solutions.
This webinar will address the following questions:
- What are the main use cases for AI and robotics, and will more emerge?
- Which companies are leading the way? From a retailer perspective and a solution provider perspective?
- Which barriers are most likely to inhibit adoption, and how likely are these to be removed?
- Which use cases/companies will be first to deploy and when?
- How will AI/Robotics affect human employees and operations?
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