ITAB Shop Concept: ITAB strengthens its ecosystem of partners with Signatrix' vision technology
As an important part of the strategic direction, ITAB Group ("ITAB") continues to develop its ecosystem of partners that complements the Group's portfolio of innovative solutions to support its customers to create differentiating experiences and reduce operational cost in stores. ITAB now strengthens its solution offering within frictionless shopping and signs a strategic partnership with Signatrix, a market leader in driving and improving visual intelligence in the retail environment. The partnership will bring together ITAB's retail solutions and Signatrix' vision technology to support the end-to-end consumer journey and help retailers in driving in-store experience, improving efficiencies, and reducing the risk for loss and theft.
Signatrix leads the way in harnessing the power of computer vision for retailers through its software that detects customer movements, objects, and any irregular behavior in the retailer's stores to take control and track through on-demand data and notifications. To date, Signatrix technology is installed in thousands of stores across Europe. Self-service in retail is increasing and to combat the associated risk of increased stock loss, visual intelligence solutions provide a wall of defense in security within the checkout area and exits in stores. In addition, visual intelligence is used to increase retailers' sales by ensuring on-shelf availability and optimizing in-store operations. Using state-of-the-art Artificial Intelligence algorithms, Signatrix aggregates all of the store's video content in one central hub. This gives the retailer the opportunity to add and fine-tune use-case apps, review incidents and truly understand the store and the customers through valuable analytics.
"With the aid of innovate AI algorithms, Signatrix helps retailers in real time to understand and keep track of what is happening in their stores at all times. To strengthen our checkout and loss prevention solutions with vision technology enables us at ITAB to develop and offer truly unique and competitive advantages for our customers across our in-store technology solutions", says Andréas Elgaard, President & CEO of ITAB Group.
"We at Signatrix are very excited about this partnership with ITAB, one of Europe's leading solution providers to the retail sector. We believe that our visual intelligence solutions and AI applications can help all retailers to better understand how the stores are operating, ways to improve the consumer experience and prevent loss and theft. Together with our customers and ITAB we will continue to Rethink Retail with the aim of making the retailers even more successful", says Philipp Müller, CEO of Signatrix.
ITAB will be showcasing this new partnership and collaboration of solutions with Signatrix at the world's leading retail trade fair EuroShop in Düsseldorf on 26 February-1 March 2023 (Hall 10 Stand 42). A joint go-to-market initiative in Europe will be launched thereafter.
Jönköping, 15 February 2023
ITAB Shop Concept AB (publ)
This information was submitted for publication at 1:00 p.m. CET on 15 February 2023.
This is in all respects a translation of the Swedish original press release. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.