Trax, a Singapore-based provider of computer vision and analytics solutions for retail, is acquiring Qopius, a provider of AI-based in-store technology solutions in Europe.
The acquisition will help bring real-time store monitoring and autonomous inventory management into mainstream adoption, the parties said. It will also enable retailers to embrace data and digital innovation, to cut costs and boost sales at every shelf.
Retailers and consumer goods manufacturers use Trax’s in-store execution and retail analytics solutions to better manage on-shelf availability and optimise merchandising.
These solutions are powered by proprietary fine-grained image recognition algorithms which convert photos of retail shelves into granular, actionable shelf and store-level insights.
Qopius helps retailers monitor inventory
Qopius’ hardware-agnostic computer vision platform helps retailers monitor in real-time on-shelf inventory for out of stocks, compliance, inventory levels and price integrity at scale.
The company’s platform uses advanced retail data integration and analytics to enable store managers and staff to take the right action at the right time for streamlined store operations and higher sales.
Qopius’ customers include major retailers such as Carrefour, Casino, Metro and MediaMarktSaturn Retail Group.
Computer Vision Saves Retailers from Costly In-Store Execution Issues
Trax’s acquisition of Qopius comes at a time when exceptional customer experience has become the rallying call of retail executives.
A 2019 research study by Trax and Coresight found that 8 in 10 of these executives believe consistent in-store execution remains the biggest impediment to customer satisfaction. In-store execution entails the improvement of issues such as out of shelf or misplaced items, planogram non-compliance and pricing errors.
Only 32% of respondents had the right data to monitor how long an item was missing from shelves. 52% of respondents said they were planning to adopt image recognition technology within the next two years.
Trax CEO and co-founder Joel Bar-El said, “The key to retail success in the new decade is using technology to support employees. This means capturing critical shelf data in real-time to enable employees to fix merchandising and availability issues faster than ever before.”
He said Qopius’ expertise in digitizing supermarket shelves across Europe and phenomenal talent make this acquisition a strategic fit for Trax.
Trax Empowers Store Employees with Always-on Shelf Monitoring Solution
The Qopius acquisition deepens and broadens Trax’s reach within the grocery retail space. With the combined platforms, Trax intends to better serve grocery retailers by offering them a holistic, closed-loop approach to improving store operations efficiency through always-on shelf monitoring.
Qopius co-founder Roy Moussa said, “Qopius’ mission is to transform brick-and-mortar into a data-driven and frictionless operation, while empowering store employees to focus on providing the best customer experience.”