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Shelfie uses AI and deep learning technology to optimize merchandising layouts and prevent stock shortages
Australian AI retail shelf analytics platform Shelfie, a part of Lakeba Group, has raised an undisclosed amount in a Series A funding round from Singapore-based technology venture capital firm d:tribe Capital, according to a statement released by d:tribe today.
The current investment follows d:tribe’s seed investment in Shelfie in 2017. The latest funds will be used to expand into the U.S. and European markets, according to the press report.
Founded in 2017, Shelfie uses cameras and AI to scan shelves and take images, and provides real time stock reporting. It uses cloud-based advanced machine learning, image processing algorithms, and deep learning technology to analyze and optimize shelf images.
The data is sent to the dashboard and mobile app which are automatically synced to mobile devices, informing floor staff of when to re-stock items. Its open API is used to integrate Shelfie with existing point of sale systems.
Shelfie was designed to help identify sales trends via Stock Keeping Units (SKUs), which allow retailers to track the movements of inventory, thereby helping sellers to optimize merchandising layouts. The technology also helps retailers maintain on-shelf-availability (OSA), reduces stock shortages, and estimates loss of sales.
According to a 2015 study by IHL Group, a global research and advisory firm, inventory distortion can lead to missed opportunities amounting to US$1.1 trillion annually worldwide. In a highly inefficient industry, inventory distortion is a hidden opportunity for retailers, the report claims.
The press statement added that retailers who currently use Shelfie have already benefited from the advancements of artificial intelligence in an increasingly saturated and competitive market clouded by inefficient stock management – a big risk that retailers can’t afford to make, especially with the lingering effects of COVID-19.
d:tribe Founder Martin Berry said, “We love what the team at Shelfie is doing in helping retailers solve major pain points around inventory optimization, helping to boost sales revenue, transform efficiency and improve the customer experience. AI, Big Data and Deep Learning tech are at the core of the Shelfie proposition, technologies that we at d:tribe Capital believe will transform industries moving forward.”
Header image courtesy of Shelfie.