Video analytics in retailing introduces a new medium in delivering and enabling strategies which will be helpful in enhancing the sale and shopping experience. It measures the traffic flow and where the footfall is too much. It compares the trends like dwell time and hotspots and by doing that, it helps the retailers to enhance their performance and operation. It prevents theft and losses. Retailers can completely depend on these long videos for the surveillance of their store. The video analytics is not limited for this purpose only. It has gone very far from this. Retailers can compute their whole future by watching these videos. They can understand customer behaviour, analyze and then improve what is needed.
The varying purchasing behavior of the consumers can be observed and merchants can proceed accordingly with their business.
The retail customers want the best prices, maximum options and minimal wait time. The merchants want to provide every one of these benefits to their consumers and Business Intelligence (BI) provide this help to them. Video analytics is one of the most effective ways which comes under BI. It helps merchants in effective management of their stores. It also provides valuable insights which further helps in decision making. Video analytics are growing stronger in demand in the retail sector. There are various reasons for this. Few of them are listed below:
Below is the brief detail of all the benefits video analytic in retail provides:
It helps in analyzing the crowd behavior. Heat maps and footfall analysis combined with Business Intelligence (BI). This can help is avoiding overcrowd issues in a particular area. This can detect where the footfall is lesser and shopping probability is not consistent. Also, this crowd monitoring helps in logical product placement which further benefits the retailers of store management metric and to customers, it will be a pleasant shopping experience.
Store Traffic Management
Only counting footfall is not enough. Merchants must know how their consumers prefer to navigate the store. Video analytics helps to observe the patterns of traffic where the footfall is on the peak. They can even detect the time span when the traffic is too much. This will help in effectively managing the parking lot.
The updated Business Intelligence (BI) can also help in generating effective promotions methods which will improve the sale. Through video analytics software companies, merchants can identify product trends and act accordingly to increase their business. They can improve with their marketing to attract a large number of customers. Thus promotions of their products can be analyzed and then optimized however needed.
Streamline checkout is another important factor for efficient store management. Efficiency at checkout is equally important as customer management. Here as well, the video analytics applications help in achieving it. They help in abolishing conversion barriers by preventing the formation of long queues.
Video analytics under Business Intelligence has changed the world of retailers. It has proved to be one of the vital modes to increase the sale and analyze customer behavior, which is the ultimate goal for the retailers. Along with that shoplifting has reduced and losses are prevented.