Chantilly, Virginia Feburary 17th, 2021: Vision IoT (or the “Company”) announced the release of it’s new and disruptive “Smart Stock” technology. A large tobacco manufacturer in the United Kingdom and a global pharmaceutical company based in Germany are the first clients to have implemented, as the pipeline of new opportunities continues to grow for this breakthrough solution. Smart Stock is a revolutionary, low-cost extension of our IoT offering that allows our clients to collect and analyze real-time transaction and inventory data at the point of sale, allowing them to avoid out of stocks and improve buying experiences for their customers.
“According to a study by the Harvard Business Review, depending on the product category, 7% to 25% of consumers faced with a stock-out will continue shopping but won’t buy a substitute for their desired item at the store; 21% to 43% will actually go to another store to buy the item. This leads to hundreds of millions of lost sales annually for our clients.” said Austin Groves, CEO of Vision IoT. “Industry consensus tells us the average billion-dollar retailer loses $40 million due to out of stocks and now with recent advancements in IoT and image recognition technologies like the solutions Vision IoT offers, we can solve these issues for a fraction of the cost. Our average client is seeing a payback period of less than 12 months, and the engagements with two new Fortune 500 clients validates the great need for this technology amongst our growing customer base.”
Vision IoT’s “Smart Stock” utilizes propriety laser technology to gather real-time stock levels for selected SKUs and communicates directly with our Harbor IoT Platform. Once in the Harbor IoT Cloud, customers can benefit from the real time insights on stock levels, sales and out-of-stock events. Vision IoT's advanced analytics powered by Microsoft tools are allowing customers to transform their sales and distribution business processes to be 100% data-driven based on the insights provided by the Harbor IoT Platform.
“By adding transaction-level stock data to our industry-leading IoT platform we further enrich our data set of over 50 million events daily per client. By combining this data with our planogram compliance, share of shelf, asset utilization and placement data we are able to offer our clients unparalleled insights into their business. We are essentially shining the light on areas that were a complete black box before Vision IoT.” said Dejan Damnjanovic, CIO of Vision IoT. “Our latest innovations in retail IoT solutions in addition to the increased accuracy and value of the AI models we have developed have enabled us to take a quantum leap forward in 2021. Our growing team of talented data scientists and development partners such as Microsoft are ensuring we maintain a 3-5 year lead on competitors in terms of technology and scale.”
For enquiries about Smart Stock or any Vision IoT solution please reach out to email@example.com or call us on (703) 981 9354.
Vision IoT connects retail assets enabling CPG brands and retailers to measure, analyze, and optimize the efficiency of these assets and the representatives responsible. Vision IoT successfully created the world’s first and only device-agnostic IoT platform for connected retail assets that seamlessly integrates with third-party controller OEMs across the globe. Our innovative IoT solutions transform a retail store into digital insights that maximize sales and elevates the customer experience.
Headquartered in Chantilly, Virginia Vision IoT also has regional offices across India, China, Bulgaria, and Brazil to support millions of connected devices on our platform for our clients across over 40 countries. Vision IoT is a leading innovator in ground-breaking Internet of Things (IoT) products for the retail industry. Since its inception, Vision IoT has built an impressive portfolio of patented technologies. Today, we can boast several of the Fortune 500 companies in our client list, which is constantly growing as we scale our platform to new client groups and use cases.
We leverage our vast machine learning, AI, and image recognition development capabilities in addition to our deep experience in the Retail/CPG industries to build the world’s #1 device agnostic connected asset platform. Our Harbor IoT platform connects millions of coolers, espresso machines, pallets, and freezers globally, in addition to directly integrating critical applications for field service reps and salespeople. We also offer a comprehensive suite of management dashboards and analytics to give management unparalleled insights into their field operations.