Whether businesses are selling electronics, groceries, or clothing, all the shopping and retail centres are gaining a competitive advantage by installing better security systems and implementing operational practices. So, they achieve the goals; the buisness needs to respond quickly in developing in–store situations, investigate incidents, and plan strategically for the future based on quantitative information.
Historically, store owners and security departments depended on anecdotal information, human observation, and sales data to collect effectiveness data. But, nowadays, stores are leveraging the power of retail video analytics to collect long–term data about the activity and traffic to streamline business operations.
What is Retail Video Analytics?
Retail chains will leverage information from numerous sources to identify operational gaps. However, the rapid strides created in technologies like computer vision and artificial intelligence enable retail chains to uncover meaningful business insights from cameras originally installed for securing stores. This innovation has spawned a new class of enterprise apps called retail video analytics or video-based reality business intelligence.
Ways Retail Strore Manage Tasks with Video Analytics
Below, we discuss some ways in which video analytics will help in optimizing the retail store experience:
- Uncover Customer Demographics Trends
The video content analysis will enable retail users to collect information about customers’ demographics, like gender and whether visitors are children or adults. This data is used by marketing, merchandising, and advertising teams to ensure that their store offers products according to customer interest and create strategies to enhance customer engagemnet with the target audience.
- Maximize Strore’s Structure and Product Placement
The store owners require information about customer behaviours and how the users navigate the store floor. However, uncovering store structure, how it is optimal for pedestrian traffic flow, and which display of products empowers retailers to streamline stores per customer behaviour and sales objectives. Also, the data points are constantly monitored. Thus, video analytics will drive cross-departmental value by empowering security staff to observe structure in traffic and which advertisements are garbing users’ attention.
For instance, apparel and garment store owners use video analytics to map customer paths, dwell time at different displays, communicate with the object, and count how many buyers scroll through the product to make merchandising decisions.
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- Boost Security Throughout Your Store
Security in the store, whether through security cameras, security personnel, or both, is essential to prevent loss and investigate incidents. It can take time to determine where the most security is needed at a retail store. Intelligent video analytics helps retailers identify areas that need the most protection, such as those where people loiter or where there is suspicious behaviour. Instead of wasting security resources by placing cameras and people in areas that are not necessary, retailers can increase security in the most challenging spaces.
For example, real-time video analytics can provide information about areas prone to theft or suspicious activity. They may also reveal blind spots within your surveillance system where you could improve security. These data can be used to implement changes to reduce losses and enhance security.
- Address Evolving Consumer Prefence and Operational Challenges
Retail stores will face various challenges in streamlining operation margins because customers’ preferences and the requirement to prioritize health and safety keep changing. However, the economic changes of the pandemic and the possibility of future uncertainties will necessitate proactive solutions that will quickly identify changes in customers’ behaviour, spot operational gaps, and collect information from multiple sources for making an informed decision. Retail video analytics will provide all these capabilities and enable retailers to navigate their structure according to the changing landscape.
- Discover Customer Demographic Trends
Video analysis allows retail users to collect information about demographics, such as the gender of visitors or whether they are adults or children. This data can be used by marketing and advertising teams to ensure they offer items of interest to each demographic. They can also use it to determine which demographics don’t engage with their products.
Conclusion
Due to our exploration of retail video analytics, it is clear that this technology has the potential to transform the way retailers work. Video analytics will play a crucial role in the future of retail as it continues to change. Take advantage of video analytics to revolutionize your retail company. Contact Vehant Technologies today to receive comprehensive retail analytics consulting!
