In order to provide modern, real-time shelf monitoring technologies to international Consumer Packaged Goods (CPG) makers and retailers, ParallelDots and Google Cloud have formed a collaborative partnership. By combining the assets of both businesses, this partnership will enhance data accuracy, speed installation timeframes, and streamline AI training for CPGs, all of which will improve in-store execution and increase sales.
There are many obstacles facing the retail sector. Global CPGs lose 25% of their sales every year as a result of poor in-store execution. Survey-based software and manual store audits have not been able to deliver fast reporting, effective audits, or real-time data availability.
The need for AI and image recognition (IR) technology solutions to solve the problems with in-store execution is growing. With the use of computer vision and artificial intelligence (AI), ParallelDots is able to offer CPG producers and retailers real-time data on price tag compliance, share of shelf, on-shelf availability, and share of shelf that is over 97% accurate. Their solutions solve typical problems, including missing SKUs and price labels or improper product positioning, increasing brand visibility and sales.
Through this partnership, ParallelDots will be able to improve its shelf monitoring software and offer end users dependable performance and security thanks to Google Cloud’s flexible and secure infrastructure. In addition, users will be able to more quickly and easily implement ParallelDots’ solutions thanks to this connection, which will increase return on investment when compared to independent solutions. The SKU-level shelf data from ParallelDots can be easily integrated and analyzed by users with other datasets in the Google Cloud platforms, greatly increasing return on investment and doing away with the labor-intensive and expensive process of manual integration.
ParallelDots has successfully implemented its technology in Fortune 500 CPG companies, solidifying its position as a pioneer in image recognition-based shelf monitoring systems. This partnership is strengthened by Google Cloud’s robust position in the retail and CPG industries. This combined solution is unique in that it enables end users to utilize ParallelDots’ specialist technology in addition to the platform security and strong infrastructure of the Google Cloud platform, making it an appealing product in the market.
Commenting on the partnership, Bikram Singh Bedi, Vice President and Country MD, Google Cloud India, said, “Our aim is to offer our customers a secured infrastructure and capabilities to seamlessly perform complex tasks. With this collaboration, we aim to empower ParallelDots to deliver unparalleled solutions to their customers. Our advanced cloud capabilities combined with their innovative technologies will simplify tasks, efficiently run complex problems, and enhance cost efficiency.”
Ankit Singh, Co-founder & CTO, from ParallelDots, said, “This milestone marks a significant advance in delivering a world-class retail image recognition solution to the global CPGs and retailers. Our partnership with Google Cloud enhances the reliability, security, and speed of our solutions, dramatically reducing deployment time, scaling our Image Recognition solution ShelfWatch, and boosting platform reliability and cost-effectiveness. This is a pivotal moment in our mission to create the world’s foremost retail shelf insights platform.”
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