New patent strengthens VideoMining’s already powerful patent portfolio for in-store behavior analytics using computer vision and artificial intelligence
State College, Pa., March 7, 2023 – VideoMining LLC, the leader of in-store behavior analytics for CPG retail, announced the issuance of a new patent by the US Patent and Trademark Office.
The patent, entitled “Method and System for Measuring In-store Location Effectiveness based on Shopper Response and Behavior Analysis,” provides a new way to optimize in-store displays using advanced sensing and AI.
A key application of the patent is to determine the best in-store location for any product display, signage or other shopper marketing element. Behavioral analytics helps in quantifying the impact of a given in-store location on the ability of a display to attract, engage and convert shoppers. This creates a systematic framework for optimizing display performance.
“In-store displays are widely used in retail to drive sales but are executed quite inefficiently, resulting in poor ROI,” stated Dr. Rajeev Sharma, Founder & CEO of VideoMining. “Our new patent enables a powerful solution for unlocking the true potential of in-store displays, squeezing out inefficiencies in display execution.”
The new patent is the latest invention from VideoMining R&D that has the mission of advancing the science and technology of behavior analytics. With a portfolio of over 50 patents and unique hardware/software technologies for capturing and interpreting behavior, the ongoing R&D supports VideoMining’s position as the leader of in-store behavior analytics for CPG retail. VideoMining also licenses its patents to other companies for a variety of technology solutions including frictionless checkout.
About VideoMining, LLC
VideoMining provides in-store shopper behavior data and insights to CPG manufacturers and retailers, creating visibility into the complete “in-store” path-to-purchase to help drive ROI from investments in shopper marketing, category management and store/brand innovation. VideoMining’s client base includes a majority of the top 50 CPG retailers and manufacturers.
VideoMining owns and operates industry’s largest “in-store panel” in partnership with leading grocery and convenience store retailers, tracking over 1.5 Billion trips per year. These store panels are powered by its patented sensing and artificial intelligence technologies to measure real world, in-context shopper behavior. VideoMining integrates this shopper behavior data with transactions, planograms, loyalty and promotions data providing a 360 degree view of the complete purchasing process.
For more information visit www.VideoMining.com or contact solutions@videomining.com
