In this ThoughtCast episode, CPI’s Rob Blythin speaks with Khuldoon Bukhari, CEO and founder of Envelope, who shares his journey from developing self-driving technology to revolutionizing retail shelf analytics with AI.
Envelope leveraged AI to provide real-time insights into shelf availability, compliance, and stock tracking, aiding retailers in reducing waste and boosting revenues. This shift in focus from parking to retail analytics marked a significant turning point for the company, driven by the potential to make a more substantial impact on the retail industry.
"We were approached to apply our technology to the shelves, and that's where we found our true calling," Khuldoon explained.
Click below to watch the full interview with Khuldoon Bukhari
"My background is in computer vision," Khuldoon began, detailing his transition from academia to entrepreneurship. Envelope's inception started with a focus on optimizing parking through computer vision before pivoting to retail, spurred by a request from Maxima Group, a major Eastern European retail chain.
Khuldoon recounted the pivotal moment that redirected their path: "Maxima Group saw our potential beyond parking and wanted us to focus on the shelves. They even offered to fund product development." This partnership catalyzed Envelope's full commitment to retail, highlighting the direct influence of customer needs on the company's strategic direction.
Through their use of Envelope’s technology, Maxima Group saw a revenue increase of up to 4% through the monitoring of priority products. "This impact on total sales, driven by priority product availability, underscores the value of our solution," Khuldoon highlighted, showcasing the tangible benefits of AI in retail.
Operating primarily in the Baltics, with plans to expand into the US, Envelope has started to make its mark across the globe. "Our presence is strongest in Estonia, but we're venturing into the U.S., starting with a customer in Washington, D.C.," Khuldoon shared.
Envelope's unique approach to inventory and shelf analytics addresses a critical gap in retail operations. "Retailers struggle with inventory accuracy and on-shelf availability. Our solution fills this gap, providing data-driven insights to optimize stock levels and improve sales," Khuldoon stated. By harnessing security cameras and developing mobile solutions for "dark areas" of the store, Envelope offers a comprehensive view of shelf conditions, empowering employees to focus on other tasks that enhance customer satisfaction and operational efficiency.
Looking ahead to 2024, Khuldoon outlined Envelope's goals: "We’re aiming to conduct VOCs with more retailers, proving the impact of our solution on their bottom line. Our objective is not just to sell but to solve real problems and demonstrate measurable results."
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