Leveraging In-Store Video Analytics Insights in Retail to Improve Customer Experience
Retail stores nowadays rely on real-time data and AI-driven CCTV surveillance is a big part of it. Businesses are rapidly acquiring the capacity to evaluate pictures and videos, detect and recognize objects and people, and draw actionable insights from what they observe, as video analytics capabilities continue to expand. Video analytics is becoming more than simply a loss prevention tool by being a critical instrument for business success. Rendering insights that deliver value to customers and increases loyalty, a camera for CCTV surveillance system with Video Analytics capability helps retail stores stay competitive.
By 2025, the video surveillance industry is expected to reach USD 82 Billion. For the past seven years, retailers have expanded their use of video analytics by 16 percent year on year. Retailers are benefiting from video analytics in a variety of ways, including monitoring store performance, improving customer experience, increasing consumer interaction, and guaranteeing client loyalty. Here we highlight some of the niche benefits of Video Analytics for brick and mortar stores.
Optimizing Store Layout and Navigation
For all retail outlets to create a pleasant shopping experience, the layout of their stores is crucial. Knowing how consumers travel about the region and how long they remain in certain locations helps retailers adjust product placement and understand in-store traffic patterns to increase sales. Using AI-driven CCTV Video Analytics to analyze and discover patterns of in-store activity allows for a more efficient shop layout.
Heat maps are useful for determining the number of visitors who visit a certain aisle or product display rack. Store managers determine the most popular aisles where most consumers stop to shop based on the number of people and the amount of time they spend in a certain location. As a result, the in-store area’s product density can be enhanced.
Crowd Management and Short Customers Queue
To avoid friction in the route to buy, utilize video analytics to analyze in-store traffic patterns and peaks — when they occur and what causes them. Because knowing who is in the shop isn’t enough. Customers’ preferred methods of navigation must also be known to retailers. Due to congestion and bottlenecks, the inability to accommodate the ebb and flow of consumers will result in a worse customer experience. With CCTV video analytics, Store Managers/ Supervisors can identify and respond to traffic through artificial intelligence cameras as soon as it begins to form in the parking lot itself. Every retail establishment or business’s primary aim is to convert customers from the moment they enter the store until the moment they leave. When huge lines form at the pay registers, a large proportion of clients abandon their shopping carts.
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This can be avoided by ensuring that checkout points are efficient. It also helps marketers to save time on strategy building as per customer requirements.
Studying Real-time Customer Behavior
Leveraging the emotions of customers will help to understand what kind of products and services customers are interested in. If a customer spends more than the specified time in front of a promotion, looking at it, then it can be captured as an event. The camera placed above the promotional display can detect the event, and it will trigger an alert to the store manager who can then take necessary actions to help the customer. It can also help you map the customer’s journey inside the store. This will help you to understand whether the display promoting a particular product or service is powerful enough to attract the attention of the customer.
Avoid Product Stockouts
Every year, product stock-outs are one of the leading causes of lost revenue for retailers. A video CCTV system based on product artificial intelligence can assist alleviate this problem by automatically identifying when an item on a shelf runs out of stock and alerting staff to replenish the shelf. This, in turn, helps to decrease or eliminate missed sales due to vacant shelf space while also ensuring that the product is available to the customer.
Uncover Insights About the Popularity of Product
By utilizing video analytics solutions for retail, businesses may receive real-time insight on which goods were the most popular over a certain period of time, as well as how frequently an item runs out of stock in a day or hour. Other information that solutions provide includes visualization data of how many distinct goods are picked up and replaced before a decision is made. Knowing which goods are the most popular and which are the most frequently out of stock may help businesses fine-tune their shelf mix of SKUs.
Enhancing Customer Experience by Demographic Trends
Retailers may also employ video content analysis or camera monitoring to learn more about their customers’ demographics, such as their gender or if they are children or adults. This guarantees that the business has something to appeal to each group. It aids in better understanding customized in-store consumer engagement and retention. Individuals purchasing in-store may be quantified and classified using video analytics technologies. Instead of guessing at consumer demographics, merchants can figure out who they’re attracting and tailor customer experiences accordingly.
Maintaining Hygiene and Cleaning Standards
Maintenance and cleaning are important responsibilities for major retail outlets or shopping malls with thousands of customers each day. Cleaners can be deployed more efficiently in real-time thanks to cameras for CCTV content analytics facilities. Managers may recognize when a specific threshold for people accessing a toilet or retail area has been exceeded by establishing people-counting alerts and assign maintenance workers to clean the high-trafficked area by configuring people-counting alerts. Traffic data may be collected over time and examined in dashboard reports and heatmaps to offer visibility into traffic patterns and help design maintenance plans.
Many businesses, particularly high-end luxury goods stores, prominently exhibit high-value items. While display products might help boost sales by allowing customers to see and appreciate them, they are also relatively accessible targets for shoplifters. Customers entering stores are also targeted after checking multiple CCTV camera recordings.
By sending alerts to lose prevention and security personnel whenever someone tries to remove a high-value item or steal or snatch from an in-store customer, video analytics can help mitigate shoplifters who may try to snatch and grab, reducing the need for physical monitoring by a loss prevention employee. High-theft locations may be monitored for suspicious activity, such as an individual idling for an extended length of time, using video analytics for retail solutions. When this type of activity is observed, the solution can alert loss prevention or a sales associate that the person needs assistance.
Retail stores must adapt to shifting trends. They must also be able to measure and optimize their methods fast in order to do so. Video analytics solutions can help you boost productivity, reduce energy consumption, and improve overall product quality. Furthermore, the ability of video analytics technology to evaluate vast volumes of data in real-time helps organizations improve the customer experience in a number of circumstances. Staqu’s JARVIS offers retail video analytics solutions that using camera surveillance helps in enhancing company operations, increase customer experience, and better understand customer buying behavior while also enhancing security and surveillance.