Facengin|SDK™ facial recognition system
Technological advancements are changing the way today’s retailers do business. In the jewellery sector, retailers are doubling efforts to give their clients not only top-quality products but also the best shopping experience through modern marketing and business strategies.
In a fast-paced environment where information about almost anything is easily accessible, it has become increasingly difficult for retailers to catch buyers’ attention or retain their interest.
Consumer behaviour is likewise constantly changing, with shopping experience at times becoming a customer’s main concern more than the product, particularly among millennials. Technology companies are at the forefront of providing solutions to jewellery retailers to help them stay ahead of the game.
Shanghai-based SSiWO Technologies Ltd specialises in facial recognition and mapping technology. According to the company, its Facengin|SDK™ system is the first facial recognition application that allows retail stores to collect, organise and manage consumer data. “The system is a useful tool to study buying behaviours as well as enhance security,” remarked Tommy Xia, founder of SSiWO Technologies. “Facengin|SDK™ records data from both old and new customers. This data will then be uploaded to the cloud and later be used for analysis that could assist companies in drafting marketing and business plans.”
Facengin|SDK™ system can accurately recognise a face by matching key facial points as well as track the customer’s movements inside the store. By taking note of which products catch the customer’s attention, the system can then analyse what he or she is looking for. This in turn will help shop assistants in providing more information and offering suitable products that meet the buyer’s preference. The system can likewise alert shop owners when a blacklisted person enters the store.
“The system was invented two years ago and is widely applied to different sectors including retail, education, sports and even daily living,” said Xia.
By using a facial recognition system, retailers can effectively build and manage their retail networks in a more precise and highly efficient manner at lower costs, the company official continued.
The data on consumer behavior can also be utilised to help companies plan future business strategies and adjust their operations depending on market demand.
According to Xia, the system has received positive feedback from the market. Majority of the company’s clients are from China and East Asia but it also has customers from Europe and the US.
“The system enhances a buyer’s shopping experience and ultimately benefits retailers,” added Xia.
Megasoft Ltd (Myndar) of Hong Kong, for its part, has made a name for itself in the IoT (Internet of Things) sector. Over the years, the company has developed various devices employing radio-frequency identification (RFID), Bluetooth and near-field communication (NFC) technologies that offer smart retailing solutions to its clients.
Cecilia Cheuk, sales manager of Myndar, said the company’s products are designed for shop optimisation and improved stock management.
“The hardware integrates into a cloud-based logistic and retail management network. It results in accuracy in warehouse management; enhances stock visibility; provides real-time reporting and big data analysis; facilitates omni-channel retailing; and improves security,” explained Cheuk.
Myndar’s high-tech stock management tools is headlined by MyndSCAPE, a cloud-based platform that enables real-time data tracking and analysis through RFID tagging. Other devices such as mTray, mHand, mLog, mDongle, mSign, mPin and mChamber can likewise assist frontline staff in easily accessing information about products and customers. “MyndSCAPE can help reduce stock-taking time by half while maintaining a hundred percent inventory and distribution accuracy,” she noted.
When it comes to business intelligence, Myndar offers MyndQUEST, a fully integrated system that provides in-depth analysis with complex but accurate calculations. It applies algorithms and artificial intelligence to interpret and analyse customer, product and market data.
The output would facilitate business decisions from inventory forecasting to product recommendation, optimising stock levels and pricing, added Cheuk.