AsiaPac-headquartered retail and consumer goods image recognition and analytics firm Trax has acquired Paris, France-based AI-driven, in-store, shelf monitoring solution Qopius for an undisclosed sum.
Qopius' hardware-agnostic computer vision platform helps retailers monitor on-shelf inventory in real-time, enabling them to identify out of stocks, compliance, inventory levels and price integrity. This platform uses retail data integration and analytics to allow store managers and staff to take appropriate action at the right time. According to Trax, the acquisition will help retailers embrace data and digital innovation to cut costs and boost sales at every shelf.
As part of the deal, Qopius will broaden Trax's reach within the grocery retail space; and through the combined platforms, Trax claims it will offer a 'holistic' approach to improving store operations efficiency through continual shelf monitoring. Trax CEO and co-founder Joel Bar-El (pictured) adds that the key to retail success involves capturing shelf data in real-time, enabling employees to fix merchandising and availability issues 'faster than ever before'. 'Qopius' proven expertise in digitizing supermarket shelves across Europe and phenomenal talent make it a strategic fit for Trax,' Bar-El states.
Web sites: www.traxretail.com and www.qopius.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.