Retail stores require heaps of actionable data for their profitable functioning. Rightly analyzed data helps marketing teams make informed decisions that yield benefits across the entire retail store. It gets easier to make business decisions when things like trends, traffic pattern in the store, customer behavior, and more are known. Retail video analytics help extract relevant data to improve operational efficiency and enhance business intelligence. Here are some of its benefits, you may be surprised to know:
- Identifying Hot & Cold Zones
Store surveillance can bring in effective results to gauge traffic pattern in the store. It leads to the identification of hot zones where people stop, spend time and shop. On the flip side, it becomes easier to determine cold zones in a store where there is lesser footfall and inconsistent shopping probability.
- Customer Behavior
The data generated by retail surveillance helps determine customers’ product exposure level, engagement and navigational route throughout the store. This results in actions like improved store layout that drives maximum exposure and increased visit length of customers.
- Customer Service
Retail video analytics help in knowing the busiest periods in a store throughout a month or even a year. Accordingly, balancing staff resources to meet customer demands during peak periods maximizes the possibility of conversions. In addition, it helps the staff fix their break timings during quiet hours to remain available for customers during busy hours.
- Queue Management
Queue management is a video analytic that helps retailers reduce customer wait times at POS areas. Especially, large retail stores can benefit through it as they tend to experience customer footfall in large volumes.
- Loss Prevention
Shrinkage in retail stores severely hits the bottom line. Combining video analytics with POS helps reduce sweethearting and merchandise loss. People and object counting analytics is another effective way that provides measurable data to reduce shrinkage.
Thus, video analytics can help retailers extract and capitalize valuable data for operational as well as business enhancement. The future of video analytics may come up with even more actionable information allowing stupendous business optimization. GizmoSupport provides managed e-surveillance for retail delivering reports and analytics that result in optimized operations, better decision making, improved security, and loss prevention. Get in touch with us to know more.