Conversation Starters: Everseen

Summary

Everseen, an AI company specializing in computer vision for retail, discusses its mission to protect profits and people by reducing shrinkage and loss through advanced analytics and real-time process digitization. With a focus on ethical AI, the company leverages its extensive data set to improve customer experience and drive cost savings, offering a unique value proposition in the retail tech space.

Takeaways

• 📈 Everseen is an AI company specializing in computer vision for retail, aiming to reduce shrinkage and improve customer experience through intelligent video camera analysis.
• 🛒 Alex Cisneros, Senior VP of Customer Success and Marketplace Strategy, highlights the importance of real-time detection of irregular activity in retail to prevent losses and enhance customer experience.
• 🌟 Everseen's technology is deployed in over 140,000 checkouts globally, providing significant support to retailers in protecting their profits and people against theft.
• 💡 The company's approach to shrinkage includes understanding the business problem and treating it as a process, addressing deviations from standard operating procedures.
• 🔢 Shrinkage is a significant issue in the retail industry, with an estimated loss of $112 billion in 2022, representing 1.6% of total annual revenue for retailers.
• 🛍️ Everseen focuses on the front of the store, particularly the checkout area, to tackle the most prevalent shrink behaviors such as non-scan or skip scan, which are common at self-checkouts.
• 👥 The solution is configurable to work with retailers' strategies, allowing for soft nudges to shoppers for self-correction or hard stops that require attendant assistance.
• 📊 Everseen uses advanced analytics and machine learning to understand and respond to both honest mistakes and malicious behaviors, adapting its strategies based on data and retailer feedback.
• 🌐 The company is backed by Cross Creek Capital and is committed to continuous improvement, leveraging its position as a leader in edge computer vision AI solutions for global retailers.
• 🔗 Everseen has opened its proprietary computer vision platform to retail customers and third-party providers, fostering an interconnected ecosystem for AI solutions in retail.
• 🚀 The company emphasizes the importance of a collaborative approach with retailers, focusing on outcomes and value assurance, and is dedicated to being a trusted advisor in the journey to loss recovery.

Q & A

What is Alex Cisso's role at Everseen?

Alex Cisso is the Senior Vice President of Customer Success and Marketplace Strategy at Everseen, focusing on driving growth and customer success across the customer experience and being responsible for Marketplace intelligence and ecosystem collaborations.

How does Everseen's technology enhance the retail experience?

Everseen uses Edge AI and computer vision to augment retail systems, providing instant gratification for both operators and shoppers by taking action in crucial moments and enhancing the overall shopping experience.

What is Everseen's approach to addressing shrinkage in retail?

Everseen addresses shrinkage by using computer vision AI to detect and act upon irregular activities in real-time, thereby protecting retailer profits and people, and reducing shrinkage and loss.

How has Everseen grown since its inception?

Everseen started with four people in Blackpool County and has grown to over 1,000 people globally. The company experienced exponential growth after entering the US market in 2016.

What is the significance of Everseen's AI technology in combating shrinkage?

Everseen's AI technology is significant as it helps counteract the growing problem of shrinkage, which is a $100 billion issue globally, by providing intelligent surveillance through computer vision in retail environments.

What are some of the key behaviors Everseen's technology tackles at self-checkout and staff lanes?

Everseen's technology addresses behaviors such as non-scan or skip scan, where shoppers do not scan items properly, and cart-based loss, where items are left in the cart unscanned.

How does Everseen's solution differentiate itself in the market?

Everseen differentiates itself by digitizing retail processes in real-time, enabling advanced analytics to interact with shoppers and staff, and ensuring continuous improvement of its solution set at the edge.

What is Everseen's approach to balancing shrink reduction with customer experience?

Everseen balances shrink reduction with customer experience by configuring soft nudges for shoppers to self-correct versus hard stops that require an attendant's assistance, ensuring a fit for purpose and suitable for the retailer's front-end strategy.

How does Everseen leverage its data to improve its AI models?

Everseen uses a Federated AI learning framework, updating its shrink AI models with statistically relevant inputs securely injected in real-time, based on the largest annotated retail data set in the world.

What is Everseen's strategy for deploying its technology in retail stores?

Everseen's strategy involves working collaboratively with retailers, starting with benchmarking against global data, understanding store configurations, and deploying technology with a focus on speed, labor allocation, and competitive trade areas.

How does Everseen's platform support third-party technology providers?

Everseen has opened its proprietary computer vision platform to allow retail customers and third-party providers to build their own computer vision AI solutions, leveraging Everseen's scale and reach for an interconnected ecosystem.