An acquisition set to boost retail shelf intelligence capabilities for retailers
By Retail4Growth Bureau | August 29, 2024
Leading smart data capture company Scandit recently acquired shelf audit automation technology from MarketLab, to provide a comprehensive and hybrid data capture shelf intelligence solution to retailers, that can drive efficient shelf management.
Scandit, the leader in smart data capture, recently announced the asset acquisition of shelf audit automation technology from MarketLab, a Polish image recognition and AI software company specializing in the retail industry. As part of the transaction, MarketLab's expert team will join Scandit to build and expand the new offering.
MarketLab's expertise in fixed camera solutions complements Scandit's existing ShelfView mobile capture approach to provide a hybrid data capture shelf intelligence solution for retailers.
The global retail sector reportedly loses approximately $634 billion annually due to problems with on-shelf availability alone, according to research from IHL Group. “Delivering increased workforce efficiency and automating time-intensive store operations processes, the new hybrid solution will enable retailers to gain insights into on-shelf availability, planogram compliance, pricing issues, and more to maintain optimal store conditions, maximize sales, and reduce lost revenues due to stockouts, particularly in high-SKU volume environments like grocery stores. It will also provide AI-enabled notifications to improve store key performance indicators and flag issues in near-real time to store associates and management,” informs the company.
"The acquisition marks a new milestone in Scandit's evolution as we continue to broaden our smart data capture capabilities for the wider retail industry. Integrating MarketLab's fixed camera-based shelf recognition experience and technology into ShelfView strengthens our ability to empower retailers to enhance their overall store performance, boost store associate efficiency and optimize the monetization of shelf data with CPG partners," said Samuel Mueller, CEO and co-founder of Scandit.
"We are delighted to join forces with Scandit. Combining our complementary technologies, we look forward to delivering additional value, ROI, and insights to grocery retailers globally so they can benefit from increased visibility into their shelves, ensure accurate stock availability, and ultimately enhance the customer experience," said Piotr Wardaszko, CEO of MarketLab.
Leveraging the strengths of mobile capture and fixed cameras offers retailers a complete, scalable, and flexible solution for all store formats, with a seamless path to more efficient and cost-effective shelf management. Mobile capture, via smartphones or handheld computers, is easily deployable using existing devices, adaptable to different store environments and can be scaled quickly. The addition of fixed cameras provides continuous high frequency data capture for near-real-time shelf monitoring while freeing up store associates to devote their time to higher-value tasks such as customer engagement, explains the company.
The acquisition strengthens Scandit's retail shelf management and analytics solution, ShelfView, which leverages object recognition, augmented reality and other advanced computer vision technology to process images for more intelligent and efficient store operations. “Thanks to Scandit's AI and machine learning capabilities, ShelfView delivers alert accuracy at 99.7% — crucial for delivering reliable insights quickly in rapidly changing shelf situations,” says the company.
With Scandit's large existing retail customer base, including eight out of the top ten US grocers plus MarketLab's existing accounts including Carrefour Poland, Scandit is well positioned to drive further growth and retail innovation. “The acquisition opens new routes to market by providing valuable insights to consumer packaged goods (CPGs) and merchandising agencies to maximize revenues through higher on-shelf availability, accurate pricing, promotions and planogram compliance as agreed with their retail partners,” adds the company statement.