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Smart Retail

• Digital Transformation of Retail Business

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Introduction
Smart Retail refers to the smart technologies
that are developed through Artificial
Intelligence (AI), the Internet of Things (IoT),
to give the customer a better shopping
experience. Smart retail solutions help to build
an effective and better understanding of the
customer in-store experience according to the
customers taste, need, interest, purchase habits
in real-time which makes the retailers provide
consummately meeting customer expectations. Retail
is going through a massive transformation in
multiple fronts. Online Stores are racing ahead
with several advantages compared to Offline
stores. The data collected by the online stores
about the buyers is becoming a huge advantage to
target products and to come up with merchandise
that is likely to address the general set of
buyers visiting the online store. 
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Digital Transformation in Retail
Why Smart Retail
To compete offline stores now are going through
digital transformation addressing multiple
segments with mobile applications, etc.
The next phase is to get buyer patterns, similar
to the online store.to give a better shopping
experience and also to increase retail business.
Offline stores have an advantage in this respect
that they have real customers but there is a
technology gap in a system solution to address
this easily.
Gyrus presents a solution that addresses this
requirement by fusing information from Camera,
Point of Sale (POS) and Customer Location (LOC)
to enable Smart Retail Stores. 
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Camera based Analytics

• With the advancement of vision algorithms,
  cameras and the associated AI hardware provide a
  lot of insights about the environment. Even more,
  Object detection, face recognition, sentiment
  analysis, demographic classification algorithms
  matured and are being used in real-life
  deployments. 
• Alternatively, Cameras at entrance and Exit can
  be used to identify
• Demographics of the visitor
• Rewards customer
• Frequent visitor
• Cross check POS with checked out items.

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Features of Smart Retail
1. Camera-Based Analytics Digital Analytics for
Retail 2. Point of Sale (POS) Software for
Smart Retail Management 3. Smart Retail Heatmaps
In-Store Retail Analytics Report 4. Customer
demographic Metrics Location tracking
Technology 5. Automatic scanning of products -
Smart Check out 6. Anti-theft Management.

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Few Technologies used
Point of Sale POS / Consumer Location
POS systems should be able to provide information
regarding the products purchased,
discounts/coupons applied, loyalty rewards, etc.
Wi-Fi technology introduced Fine Time Measurement
(FTM) for getting more accurate location
measurements. Advanced methods are layered on top
such as Channel Estimate based Time of Flight
measurements and Trilateration Technologies to
have much-improved location metrics.
today it is conceivable to have decimeter-level
(20 cm) accurate location of the user devices.
The previous generation WiFi-APs used BLE, or
antenna arrays for location, and dense deployment
making it very expensive, while these new methods
can be deployed with software running on standard
WiFi APs.
Info As an added advantage, cameras can provide
security and surveillance. Camera software can
alert if someone enters (or is walking outside)
the store with a weapon.
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Fusing the three vectors to generate heatmaps
based on location

• Taking in data from the three technologies,
  offline stores provides very valuable insights at
  par with online stores such as heat maps below.
• Certainly, based on the time spent by user at
  each product location, their demographics, and
  the reconciliation with the POS system, one can
  provide

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Heatmap Generation based on Location

• Foot Traffic to Store Traffic rate
• Time Spent by per Aisle 
• Time Spent per product section
• Conversion Ratio
• Conversion to Time Spent
• Business Lost Ratio
• Business Lost to Time Spent
• Marketability of the Merchandise
• Product placement effectiveness
• Effectiveness of discounts
• Time spent in Mark-Down section 
• Conversion ratio in the Mark-Down section
• Demographic wise statistics of Business
  gained/lost
• Effectiveness of loyalty program
• VIP Customer Identification
• Effectiveness of Digital Signage
• Customer-ID to online ID mapping
• Targeting advertisements
• Customer Heatmaps

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Conclusion
Above all, the online retail companies are
threatening offline stores with respect to
inventory level, the margin of business, the
requirement for less labor, etc. The latest
battle is with respect to data about buyer
profiles and patterns. Also, online stores
develop rich buyer models and personas to target
advertisements and provide custom merchandise to
lure them to buying. Moreover, Offline stores can
have similar information and can do better
targeting and with new technologies as presented
in this blog. However, the Same level or better
information can be available to the offline
stores to help them compete better. A mesh of
Cameras everywhere is expensive, very intrusive
and might thwart some customers. Even more,
Intelligently fusing the Wi-Fi sensing, POS
systems with Cameras just at the entrance and
exits, intelligence can be brought to offline
stores at par with the online stores. 
Gyrus ML/AI algorithms can be used to fuse the
data and also to derive all the insights
presented above.