Future-Proofing Your Retail Business with Video Analytics Technology

There are many tools available to track the visitor’s actions in an e-commerce website /app. Retailers can understand how much time a visitor spends on a page, which product is purchased on a regular basis, the bounce rate, the location from which they are browsing, which products are in their favorite list, which products are abandoned in the cart, etc. Like this, a brick-and-mortar store also can track its customer journey with the help of video analytics, which uses a combination of hardware and software tools to get very deep analysis reports. By integrating the analytics tool with the POS machine more insights can be acquired to make your business even more successful.

video analytics by RetailNext

It is necessary to fill the gaps in managing operations in your offline store as it will drastically affect the revenue. Video analytics is one of the best solutions that can collect real-time activities and provide you with deep insights into how your store performs. You will get a closer view of performance attributes, customer behavior, and growth.

By using AI algorithms and cameras in-store analytics solutions provide the security that you demand for the growth. Many retail analytics software will be coming in the SERP while you search for the “best in-store analytics solution” in Google. Retail Next is one of the best people counting solutions that offers video security for your store.

Customer behavior is always a great way to find out customer satisfaction. AI-based video analytics solutions can provide data including how the customer approaches each product, footfall traffic, how much time they are spending on each section, what kind of display products are attracting them more, etc. The entire customer journey is captured, from their entry to the store to the exit.

The AI-generated reports can be used to make data-driven decisions for the successful management of operations and promotions. Precisely, video analytics is a powerful solution that can be implemented in any size of retail store to get valuable information on the store’s performance.

Let’s have a look at some common applications and benefits of video analytics in retail:

Customer Behavior Analysis:

Understanding your customer preferences and buying patterns is necessary to deliver an extraordinary shopping experience. Nowadays Technology is well-developed to track and measure customer movement inside the store. Retailers can track the footfall to understand the high and low-traffic areas and make necessary changes in the store layout, product visual representations, and staff allocation accordingly.

Marketing and Promotions:

Video analytics tools can generate a report on customer demographics including age, height, etc.  These reports can be used to create marketing strategies and promotional events.

Prevent Shoplifting:

AI-equipped cameras are used for video analytics. This enables automatic detection of suspicious activities such as shoplifting or loitering and in case anything is found will alert security. Internal shrinkage also can be eliminated using video analytics.

video analytics for retail store security

Staff Exclusion:

 Footfall counting is an amazing feature that video analytics tools can provide you to understand the store traffic. Retail Next, a next-generation future-proof traffic solution, has a unique feature to exclude the staff from counting. So, retailers will get an incredibly accurate count of visitors.

The benefits are not limited to the above-listed features. If you want to know how to implement video analytics in your retail business, please feel free to contact us

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