META (161 characters): Some of the prominent benefits of AI in supermarkets include optimized freshness of produce, efficient shelf stock management, effective fraud and shrinkage prevention, improved return on investments (ROIs), and data-driven decision-making.
AI in supermarkets?!! Over the past couple of months, artificial intelligence has been in the headlines for innovations such as Open AI’s ChatGPT and its tested capabilities.
As it turns out, artificial intelligence has broad applications in the food retail industry too. From providing smart stock solutions to loss prevention retail functions, AI in supermarkets has become the new definition of functionality in the food retailing industry. The question is, are you ready to jump on the retail bandwagon supported by AI?
What are the benefits of AI in supermarkets?
The benefits of AI in supermarkets are truly far-reaching and quite essential to modern retail businesses. These benefits ensure huge Return on Investments (ROI) and a much more efficient retailing system used for lowering costs.
There is no doubt that Fresh Food Monitoring, Stock and Planogram Analytics, and Fraud Detection are the most demanded applications of AI in supermarkets for now. These products of AI ensure a seamless shopping experience for consumers, less hassle, and better profit margins for food retail stores
In 2022, AI in retail was valued at $6 billion, with an expected compound annual growth rate (CAGR) of 30% from 2023 to 2030 and a value projection of over $95 billion in 2032.
These numbers show evidence of the benefits of AI in supermarkets and the sheer potential of the industry. One of the more endearing benefits of AI in retail is improved shelf stock management and fresh food monitoring.
This could potentially mitigate the rising challenge of food waste which currently accounts for $18.2 billion in grocery store losses annually.
AI in supermarkets has also seen the introduction of completely autonomous checkout systems and some of the most advanced retail fraud detection systems available. Fraud and shrinkage are persistent challenges in the supermarket industry, resulting in financial losses and decreased profitability. Traditional methods of detecting fraud and shrinkage in supermarkets are often time-consuming, manual, and ineffective.
Where Does Cognitiwe Comes In?
Cognitiwe provides functional retail solutions designed to reduce the challenges associated with retailing and shopping.
Here are some of Cognitiwe’s products specifically designed for retailers.
wefresh – Fresh Food Monitoring
wefresh by Cognitiwe is a real-time & predictive AI retail product designed to access the freshness of perishable groceries such as fruits and vegetables and report the condition and stocking information of these products with over 95% efficiency.
In simpler terms, retailers never have to walk around shelves seeking out near-spoilt fruits and vegetables again. (Watch Demo)
weshelf – Shelf Stock & Planogram Analytics
Efficient shelf stock and planogram management is crucial for retailers to optimize their retail operations and drive sales. Cognitiwe’s cutting-edge technology offers real-time monitoring, automation, and comprehensive reporting, helping retailers streamline their operations, reduce costs, and enhance customer satisfaction. By leveraging Cognitiwe’s solutions, retailers can boost their retail efficiency and stay ahead in the competitive retail landscape.
wewatch – Fraud & Shrinkage Detection
wewatch by Cognitiwe is designed to eliminate checkout fraud and mitigate retail shrinkage. In 2019 alone, shoplifting and employee theft accounted for over $60 billion.
A facilitated explanation: Shoplifters, and opportunistic criminals can be spotted and flagged before they get the chance to cause issues (Watch Demo)
Cognitiwe analyzes data from surveillance cameras to detect anomalies and patterns indicative of fraud or shrinkage. wewatch improves profitability for supermarkets by reducing fraud and shrinkage losses, Increases operational efficiency by proactively identifying and addressing fraud and shrinkage incidents in real-time, and enhances customer trust and loyalty due to heightened security measures, leading to increased sales and revenue.
With Cognitiwe’s wefresh, weshelf, and wewatch, fresh food retail can reduce the cost of operation and maximize profit for an affordable fee.