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With AI-enabled intelligent stores, retailers are reducing shrinkage, eliminating stockout, and gaining visibility into in-store customer behavior to optimize merchandising. Data from cameras and sensors provides valuable analytics that improve decision making, operations, and efficiency. And the same infrastructure can be used for a faster customer checkout experience, including fully automated checkout systems.
Dive into the data compiled from a survey of hundreds of professionals from around the world. The report provides insights into the adoption and investment of AI and generative AI, the top use cases and challenges, and the use of AI in the supply chain.
Discover how NVIDIA and the Loss Prevention Retail Council are helping the retail industry reduce large-scale store theft.
Prevent shrinkage at the point of sale.
Retailers worldwide are losing over $100 billion per year to shrinkage, and half of that is happening in North America. Intelligent video analytics (IVA) can accurately and efficiently reduce shrinkage. By improving asset protection at points-of-sale and reducing shoplifting throughout the store, employees can work to stop loss in real time. Using existing camera systems, retailers can install IVA applications from NVIDIA software partners to improve asset protection and significantly reduce shrinkage.
Enhance store layout and optimize merchandising.
Virtual worlds are essential for the next era of retail. Retailers such as Lowe’s are exploring how NVIDIA Omniverse™ can help them improve their stores with digital twins, simulation, and advanced tools that remove friction for customers and associates.
Provide a check-out free experience to shoppers.
Intelligent grab-and-go stores, where customers use their mobile phones to check out, are jumping in popularity. Solutions range from AI-enabled shopping carts, to nano stores and smart cabinets, to fully autonomous stores. With these solutions, retailers can provide customers with frictionless and faster shopping experiences, while increasing revenue and margins.
Gain actionable store insights.
Online-shopping data and in-store data generated from point-of-sale transactions, cameras, and sensors are rife with insights that help determine customer preferences. IVA data can provide demographics and create heatmaps to reveal popular traffic areas inside stores.
Retailers are using this data to better understand customer behavior and buying preferences, deliver revenue-driving online and in-aisle promotions, and create enhanced shopping experiences.
Reduce repetitive tasks for retail associates.
When U.S. consumers are confronted with empty shelves, 20 percent postpone their purchase, 10 percent purchase the item elsewhere, and 16 percent shift to an online source, leading to retailers losing 46 percent of possible sales.
Large retailers are using AI to handle critical, repetitive tasks such as inventory counts or scanning for out-of-stock situations. NVIDIA Metropolis can scan items to check stock levels and alert associates to restock, correct shelf location, and even adjust prices when needed.
If you look at these coordinated teams of organized operators and theft, self-checkout is the land of opportunity. So we’ve got to stay one step ahead of them and we’re going to accomplish that through AI.
– Mike Lamb, Vice President, Asset Protection & Safety, Kroger
The digital twin journey for us actually started a few years ago when we really started to think about how technology can revolutionize the store experience for our customers and our associates. How might we make associate jobs a little easier, giving them more time with customers? How might we ensure our stores are stocked with products? These questions led us to NVIDIA Omniverse.
– Cheryl Friedman, Vice President, Lowe’s Innovation Labs, Lowe's
We don’t have the same type of problems as big box stores, a lot of ours is around fuel theft. We’re leveraging RadiusAI along with Lenovo and NVIDIA to help with that.
– Robert Hampton, VP Technology Services and Innovation, Jacksons Food Stores
AiFi enables reliable, cost-effective, and entirely contactless autonomous shopping with AI-powered computer vision, providing an unrivaled shopper experience for retailers and consumers around the world.
NVIDIA Inception member RadiusAI uses AI to provide valuable, real-time, actionable data from existing vision-capturing devices in convenience stores. This lets retailers see real-time bottlenecks, as well as customers’ shopping habits.
Cooler Screens is reimagining the consumer shopping experience with digital signage and AI-based inventory checks that engage customers, reduce stockouts, and increase sales.
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Learn about the AI hardware and software for retail and consumer packaged goods (CPG).
With Metropolis, retailers can improve customer satisfaction, in-store analytics, and business efficiencies. Discover how AI-enabled video analytics are helping build intelligent stores.
With RAPIDS, processes that took days take minutes, making it easier and faster to build and deploy value-generating models. Retailers are using it to provide personalized recommendations and improve demand forecasting, inventory management, and last-mile delivery.
With Omniverse Enterprise, retailers are developing physically accurate, AI-enabled, virtual simulations that are perfectly synchronized with the real world. These digital twins are transforming companies like Kroger and Lowe’s to optimize store layouts and merchandising and provide fast, easy checkout.
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