Standard AI Launches Vision Analytics To Bring AI-powered Insights For Retail Stores!

With artificial intelligence (AI) revolutionizing industries, the retail sector too is seeing a major boost in how its processes, operations and experiences are managed.

Keeping to this thought, Standard AI, the company engaged in unlocking data behind physical retail experiences, made an announcement that’s set to bring retailers and brands key insights to boost their efficiency, along with other changes.

So, what did the company reveal? Let’s explore!
 

What Did Standard AI Announce?

 

• “Today marks a pivotal point at Standard AI as we officially launched our Vision Analytics platform,” read Standard AI’s post on LinkedIn announcing the launch of its new platform aimed at driving AI in retail technology.

• The post continued, “Using AI and computer vision, our technology provides real-time insights of what’s happening in physical stores, enabling retailers to understand the relationship between people, products, and their interactions.”

• The post linked to a news article that covered the details of the new platform.

• The platform, called Vision Analytics, is powered by AI and computer vision and will bring retailers and brands comprehensive insights into shopper behavior, product performance and store operations.

• These insights will be generated by capturing data and behaviors of people, products and interactions and applying AI modeling, advanced algorithms and high compute capabilities to specific areas within a store.

• The platform makes use of strategically placed cameras to deliver insights by observing where shoppers move in stores and what products they interact with. However, it doesn’t make use of facial recognition software or PII (personally identifiable information).

• Vision Analytics is built with the help of preeminent firms across cloud, compute and sensors, for which Standard AI said, “Thank you to Google Cloud , NVIDIA, and Axis Communications for the partnerships as we unlock the future of AI for physical retailers and brands.”

 

What Does The Platform Offer?

 

• Standard AI believes “understanding shopper behavior, optimizing product availability and testing product advertising” is vital to attain success in the world of physical retail.

• Standard AI’s Vision Analytics will help retailers optimize their store layouts, plan promotional strategies, identify low-stock and out-of-stock items, track sales conversions and performances, conduct data-driven A/B tests of strategies and more.

• Effectively, the platform brings them predictive insights, loss prevention, real-time offer capabilities and effective inventory availability and management.

 

What Else Did Standard AI Announce?

 

• In the same announcement that revealed Standard AI’s shift from its foundation in autonomous checkout, the company also noted a role restructuring.

• This would see Angie Westbrock assuming the role of CEO following her tenure as COO, David Woollard becoming CTO, moving up from SVP of Technology Strategy and Jordan Fisher, the outgoing CEO and co-founder remaining on the Standard AI board as Chairman.

• Jordan Fisher, Standard AI’s outgoing CEO and Chairman of the Board, said, “The future for Standard AI is bright - the company has never been more equipped to bring the transformative power of AI and computer vision to retail”

• [Contd.] I am thrilled to pass the torch to Angie whose deep industry knowledge and experience will build on our technology foundation and guide the company through this next phase of growth.”

 

What Did Stakeholders Say?

 

• Angie Westbrock, CEO of Standard AI, said, “Over the past seven years, Standard AI has created some of the most advanced digital technology that maps physical spaces ... This breakthrough in technology provides a level of fidelity to store interactions that has never been possible until now and as CEO, I’m excited to work with our team to bring these insights to our customers.”

• David Woollard, CTO of Standard AI, said, “The impressive technology we built for autonomous checkout at Standard has enabled this new path forward to finally give the retail industry precise insights into the interactions between people and products in stores ... Delivering these insights while maintaining shopper privacy has been a core tenant of Standard AI from its early beginnings and I am proud to work with Angie in our new roles to advance our Vision Analytics platform.”

Do you think Standard AI’s move will help it rack up customers and capture the market share in AI-powered retail technology?

Let us know in the comments below!