GreyOrange Inc., a developer of AI-driven fulfillment automation, said it has raised the item-level accuracy of its gStore system to up to 99% within 3 to 5 ft. To achieve this, the company combined data from RFID overhead systems with a real-time store operations platform.
“RFID technology has matured beyond point-in-time capabilities, which traditionally offered around 90% inventory accuracy without location precision,” said Akash Gupta, co-founder and CEO of GreyOrange, in a release.
“Leveraging cutting-edge, real-time overhead RFID technology, gStore significantly boosts inventory accuracy to an unprecedented 99% with location precision of 3 to 5 ft. while simultaneously doubling team productivity,” he said. “The result is an immersive and frictionless in-store experience that captivates customers.”
The Atlanta-based company first launched gStore in February 2022. It described the platform as an end-to-end store-execution and omnichannel retail management system.
gStore provides management capabilities
GreyOrange said gStore can manage real-time replenishment and conduct intelligent workforce tasking simultaneously. The system also includes digital staff training and can foster data-driven decision-making, it asserted.
Several large fashion retailers have already deployed gStore, according to GreyOrange. They are using gStore to uphold their sustainability commitments by reducing overstock and stockouts. The company added that its customers have seen a 45% improvement in productivity, a 5% increase in sales, and a 60% increase in daily customer assistance.
“The gStore app provides real-time insights to merchandisers, the corporate office, and leadership, helping them plan precise strategies to drive maximum revenue,” stated Pareiya Gupta, head of gStore’s product and go to market at GreyOrange. “Merchandisers can now see try-to-buy ratios, top-performing categories, and colors, among other things, all in real time.”
“This helps them determine the optimal placement of assortments on mannequins, displays, and shelves,” she added. “The unified pricing and promotion function further assists in setting the right tactics for the network of stores, all planned centrally.”
GreyOrange said that gStore offers a high mix of overhead and handheld RFID devices to support a range of retailers. High-volume and high-revenue-generating stores benefit from overhead, while lower-volume stores can benefit from handheld devices.
GreyOrange heads into 2024 with fresh funding
At the end of 2023, GreyOrange announced it brought in $135 million in Series D funding. The company said it plans to use the capital to accelerate technology leadership and expand globally. It also said it would use it to support its fulfillment orchestration platform in warehouses, distribution centers, and retail stores.
On top of gStore and its fulfillment platform, GreyOrange offers autonomous mobile robots (AMRs), goods-to-person (G2P) automation, assistive picking robots, sortation and conveyance systems, tote-to-person robots, and “dock-to-stock” systems.
Founded in 2012, GreyOrange claimed that its AMRs can increase productivity, empower growth, mitigate labor challenges, reduce risk and time to market, and create better experiences for customers and employees.