The Revolution in the Retail Business Information Model
2014-09-24, Economic Daily News, Peng, Zaihao
Can you imagine that when you stand in front of a digital signage display, your actions—including behavior and traffic patterns are being tracked by the camera embedded in the signage? This information has become the quintessential element of retail analytics. As part of this new paradigm, the retailer is able to transform the analytics into actionable changes in store to improve retail performance. This is the brand-new business model of the Internet of Things (IoT) in Taiwan.
Steve Shaw, the chairman of TCIT, pointed out that face recognition is not a newly developed technology. It’s been around for a few years, but it hasn’t been able to breakthrough commercially in the past. Previously facial recognition and detection was primarily used in access control systems. Now TCIT is benefitting from the era of the Internet of Things. For the past ten years or so in Taiwan, the hardware industry was flourishing, but appeared to ignore the software side of the business. Now that the hardware industry in Taiwan seems to be flattening, every company wants to have its role in the IoT era. Therefore, facial recognition and demographics detection seems to be becoming an integral part of this emerging industry.
TCIT was founded in 2009. It may seem like a young company, but the expertise, educational degrees, and depth of talent of the employees in face recognition is leading the industry. Unlike their competitors, TCIT has more than 30 years’ experience in color and imaging science. The company focuses on providing detailed and accurate analysis of customer demographics to retailers.
Mr. Shaw also stated that the so-called image recognition industry currently emphasizes the improvement of accuracy and flexibility of integration. A variety of back-end systems integration incorporates areas such as sales analysis and accounting systems which help monetize the data, and allows the information to immediately become effective. Retail customers want to know the demographics such as age and gender and dwell time of the viewers of digital signage displays. As a result of retailer demand, TCIT is also actively developing ethnicity detection to add to its portfolio of demographics detection.