“In fact, companies that use image recognition technology for these purposes have achieved a sales increase of 3 to 5%.” “Frost & Sullivan has found the greatest value of image recognition technology is its provision of insights on share-of-shelf – the retail level of market share, and planogram compliance-the diagram showing the placement of products on shelves to maximize sales, as well as traditional promotion and pricing compliance, and competitive insights,” said Michael Valenti, Senior Research Consultant at Frost & Sullivan. The analytics processed from these shelf images can reduce audit times in stores by as much as 60% and achieve auditing accuracy of approximately 20% over manual auditing. Companies are turning to image recognition technology to better understand how their products look, perform and compete on the shelf they achieve this by using images taken inside stores by sales representatives or retail audit companies. In the competitive world of retail, CPG brands and retailers struggle to address the $800 billion lost each year due to preventable shelf execution issues in store. The computer vision company was chosen for its robust product portfolio, expanded to meet the diverse needs of consumer packaged goods (CPG) companies and grocery retail segments. OctoBased on its recent analysis of the image recognition industry in Europe, Frost & Sullivan chooses Trax as winner of the 2017 New Product Innovation Award. Trax’s unique computer vision platform allows CPG brands and retailers to increase store auditing accuracy and boost sales by 3-5% Frost & Sullivan awards Trax with its 2017 Product Innovation Award for its Industry-First Computer Vision Solutions
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