Trax Image Recognition is a leading provider of in-store shelf monitoring, reporting and analysis, today announced a key partnership with Indian retail audit company, Retail-Scan . The partnership will see Retail-Scan expand its existing reporting and consulting service to offer Trax’s unique image recognition technology to provide real-time analytics on in-store competitive insights and retail execution — a first for India’s rapidly-growing fast moving consumer goods (FMCG) market.
Besides, this technology combined with Retail-Scan’s specialised auditing capabilities and vast market experience, will provide FMCG companies in India with the tools needed to immediately address performance gaps and make informed business decisions.
Sudeshna Ghoshal, Director of Client Development for Retail-Scan commented, “As the FMCG market continues to grow at an accelerated pace, manufacturers and retailers are grappling with product visibility and tracking retail execution in-store, particularly within the channels of traditional trade. After a keen survey and assessment of the current offerings in the industry, it is clear that by working with Trax we will provide our customers with the most accurate and efficient reports available to Indian FMCG companies. There has never been a more exciting time than now for the FMCG sector in India as Retail-Scan continues to help its clients get more from the existing sales infrastructure.”
Often, the sector struggles to convert information into an actionable format and competitive insights that help companies to develop and fine-tune their market strategy. The joint proposition will allow customers to discover competitive insights in real-time and tailor their in-store strategies to help improve business efficiencies, market share and profitability.
Retail-Scan is a pioneering Indian retail audit company which provides its customers with market intelligence that has a direct impact on sales and profitability. The company is strongly focused on the FMCG market and operates in over 35 cities across India.
Joel Bar-El, CEO of Trax, added, “Indian FMCG companies are experiencing a data deluge. They require solutions to help them analyse and gather insights from this information so they can make the necessary changes to their retail strategy quickly. Trax’s image recognition technology is the fastest and most accurate way to process what is happening in-store. We are delighted to partner with Retail-Scan to offer our services to the market.”
Trax’s patented image recognition technology provides incredibly accurate and granular information about in-store retail execution in real-time. Sales reps simply use a smartphone to take photos of relevant store shelves and Trax’s retail specific algorithms analyse and report on share of shelf, competitors, shelf standards, planogram compliance, pricing and promotional materials, within minutes the sales rep has actionable reports in the store. Trax’s solutions replace manual auditing processes by up to 60%, allowing sales reps to focus on revenue generating activities in-store.