What is Retail Video Analytics?
Retail Video Analytics is the discovery, interpretation, and communication of meaningful patterns in data, from video content, and applying those patterns towards effective decision-making. Today retail video analytics has gone beyond the traditional domain of security and loss prevention by providing retailers insightful business intelligence such as store traffic statistics and queue data. Also, retailers use this data to assess in-store promotional strategies and measure the performance of aisle and product placements.
How Retail Video Analytics software works?
Retail Video Analytics software is a result of computer vision technology. The software can count people and create heat maps to show which parts of the store generate the most foot traffic (and which areas are being ignored). This allows retail managers to create a better store layout and determine which times of day are the busiest for scheduling purposes.
What are the benefits of Retail Video Analytics?
Here are a few ways on how in-store video analytics benefits retail businesses:
Maximize store layout and navigation
A retail store’s layout is quite an important factor in ensuring a successful shopping experience. By having an understanding of how customers typically navigate through the store and how long they spend in certain locations, retailers can optimize product placement and in-store traffic flows to encourage sales.
Optimize promotions and product displays
Insights derived through retail video analysis can also be used to formulate effective promotions and display designs that encourage stronger engagement. By identifying trends in engagement with product displays, retailers can better correlate promotions, displays, and sales. It may even be possible to identify ways to attract customers with new cross-merchandising ideas.
Manage store traffic
Retailers can also leverage video analytics to understand in-store traffic patterns and peaks when they happen and get an idea into what is causing them. Video content analytics allows retailers to detect traffic early, effectively respond and react in real-time, keeping customers engaged and moving through their path to purchase.
Driving the customer conversion rate is an important goal for a retailer. Therefore, ensuring efficiency at checkout points is a must. Here too, analyzing retail video content can help eliminate conversion barriers by preventing long lines from forming.
Analyze consumer demographics
Retail video analysis software allows brick-and-mortar merchants to better understand in-store consumers to personalize engagement and drive retention and sales. Insights from the software data can be used to discover how to improve engagement with other demographics to grow the customer base, support merchandising strategy or determine new pop-up store locations.
Instead of speculating about customer demographics, with video analytics data, retailers can uncover who they are attracting and better target customer experiences based on data gathered through retail video analytics.