Home >Industry >Retail >Covid pushes adoption of retail 4.0 solutions

Over the last month, Delhi-based startup Mirrorsize has been signing small and mid-sized retail customers “almost on a daily basis". Mirrorsize is a 3D body measurement solution that uses artificial intelligence (AI), advanced computer vision, deep learning models, and mesh processing to instantly provide precise body measurements. Unlike business as usual, Mirrorsize didn’t make any cold calls to get business. The pandemic is driving physical retail companies to seek contactless solutions for their customers.

A recent study by Capgemini found that 37% of Indian consumers between 41 and 50 years prefer facial recognition for authentication for various purposes to avoid human interaction and touchscreens.

“The next stage is data-driven retail," said Kamal Singhani, managing partner, global business services, IBM India and South Asia. Organisations are already sitting on data that isn’t being used effectively, and the pandemic presents the right opportunity for them to use technologies such as AI and machine learning (ML) to make use of such data. The industry has been calling this Retail 4.0 and it has existed as a concept for a while. However, the pandemic has left them with no option but to look at that.

“Today, kiranas will fiercely compete with online because the paradigms for online grocery trade have changed," Singhani said.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

My Reads Logout