Scandit , the leader in smart data capture , today 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, MarketLabs expert team will join Scandit to build and expand the new offering.
MarketLabs expertise in fixed camera solutions complements Scandits existing ShelfView mobile capture approach to provide a hybrid data capture shelf intelligence solution for retailers. The global retail sector 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.
The acquisition marks a new milestone in Scandits evolution as we continue to broaden our smart data capture capabilities for the wider retail industry. Integrating MarketLabs 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.
