Imagine, if a shopper goes into a perfume store, they will find that there are several similar products on the shelves. – Can you give us a concrete example of how innovation can be a response to these challenges?
The software identifies goods by their SKU, or product number, or product label. – How does the algorithm distinguish between products? Trax also helps brands and retailers with shopper activation with Shopkick, our shopper solution. One Trax solution, Trax Dynamic Merchandising (now available in the US), is essentially a marketplace that helps brands and retailers sell. Trax’s solutions, based on proprietary computer vision methods, are enabled by fine-grained image recognition algorithms that enable retailers and online shoppers to see what is on the shelves of their stores. – I understand you have created a platform that can revolutionise retail execution, merchandising and shopper engagement in the FMCG segment? Around 25 of the world’s 30 leading CPG companies from more than 50 countries around the world are partners of Trax. Trax employs hundreds of people in its offices worldwide, including more than 100 in Budapest alone. – All this would require a pretty serious development team, how big is the company? Trax’s computer vision and machine learning platform analyses shelf images to provide CPG brands with a real-time map of product presence – current and out-of-stock, shelf contents and out-of-stocks – to facilitate planning, scaling and analysis. All players need to have all the information about exactly what is happening on their shelves. They observed that for fast moving consumer goods (FMCG), there is still a need for physical stores and warehouses for all players in the ecosystem.
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They believed a more advanced and automated method could provide CPG manufacturers with a good answer on how to improve their retail inventory management.
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Joel Bar-El and Dror Feldheim, the two founders, identified a gap in the market for manual inventory management in retail stores. – What trends inspired the founders to start Trax Innovation?
Our proprietary platform enables users to see and understand what is happening on the shelves of their stores. Trax is the leading global provider of computer vision and artificial intelligence (AI) solutions for the retail industry. We spoke to Barak Turovsky, chief product officer at Trax. Trax aims to be the business of the future with its digital technologies – such as image recognition and computer vision solutions – in the fast moving consumer goods (FMCG) segment.
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