Grant: CCI Applied Research and Development Grants

As businesses increasingly recognize the potential of Artificial Intelligence (AI) to revolutionize operations and customer engagement, AI is becoming more embedded in retail processes. The adoption of AI in retail is projected to grow at an impressive compound annual growth rate (CAGR) of 30% from 2023 to 2032, as Canadian retailers leverage AI technologies to enhance customer engagement, optimize operations, and offer personalized shopping experiences. To support these advancements, the Sheridan Centre for Applied AI (CAAI) is partnering with Encore Market Engagement (Encore), an Ontario-based company specializing in sales and merchandising services. This collaborative project aims to research and develop innovative retail solutions and actionable insights using AI and machine learning, focusing on two key areas: shelf management and planogram analysis, and logistics optimization. Specifically, the objectives include 1) using real-time image processing and AI to automatically detect assets and inventory, and 2) developing AI-powered insights to optimize logistics, inventory, and planograms (schematic plans for product display to maximize sales). By streamlining various aspects of the retail chain, from sales optimization to logistics and inventory management, this research will enable Encore to enhance the services they offer their clients. CAAI and Encore have a longstanding collaboration dating back to 2017, with recent projects using machine learning and AI to reveal hidden patterns and trends in retail sales data. This three-year ARD application will continue our partnership with Encore, helping to strengthen their competitive advantage in technology-driven markets and positioning Canada as a leader in smart retail solutions.