Retail Video Analytics – 8 Use Cases to Transform Your Stores
Video Analytics is an AI-based solution that processes digital video signals to perform security-related functions. It monitors, analyzes, and manages large amounts of video data using advanced algorithms and machine learning. These systems analyze video data and convert it into intelligent data that can be used to make profitable decisions.
Video analytics has been used as a security solution that provides security since its beginnings. However, as time has passed, the concept of video analytics has advanced to a whole new level. It is now regarded as a highly effective tool for business growth and customer experience reinvention.
But, where can this technology be applied into a retail store? Today in this post we will have a look at the different use cases in which you can transform or improve your retails store thanks to video analytics technology.
1. Motion Detection
One of the most important and effective security features is motion detection. This feature aids in the control of theft and unauthorized admission of customers or employees in retail store “no-entry zones” during and after working hours.
2. Fraud Detection
Retailers prefer Video Analytics solutions to identify and detect employee fraud in inventories, orders, or store statistics.
The most common activity of intruders and thieves is stealing goods from stores while posing as customers. Retail stores make extensive use of video analytics to avoid these kinds of incidents.
Heat mapping is a graphical representation of in-store roaming and identifying customers’ time spending patterns. This software is widely used by retailers to improve store efficiency, as it is always beneficial for them to understand where their customers shop the most.
Businesses that use Video Analytics can quickly determine how their customers navigate through the store. It tracks every customer in the scene and generates information about their passersby, impression, and dwell time activities.
5. Facial Recognition
Facial recognition is essential for comprehending customer behavior in relation to specific products or services. Facial recognition is not science fiction; security cameras can now track customers’ facial expressions by pinpointing them to their face.
Face recognition software assists retailers in determining whether a product has a positive, negative, or neutral impact on customers. It helps them analyze the demand for their products and the preferences of their customers.
6. Monitoring Customer Dwell Time
Businesses must track how much time a user spends in a specific area in order to improve sales performance. It also assists retailers in making decisions about moving shelves and making certain areas more accessible.
7. Queue Management
The management of customers during their check-out time, as well as the employees’ responses at the counters, have a significant impact on the company’s image. Assume your customer has been waiting for 10 minutes to check out and your cashier is distracted by his phone or something else; this eventually leads to massive kiosks.
Queue management algorithms aid in queue management by estimating each person’s waiting time and calculating the delay in services for specific lines. This allows you to quickly reorganise customers in the queue and bill them.
8. Employee Efficiency
A company frequently fails to identify potential employers. There are times when certain employees cost a lot of money without doing anything, whereas others generate money. Many stores have forgotten the importance of monitoring employee performance, but security footage allows them to visualize their functions and evaluate their performance.
As you can see there are a few critical areas where retailers can use Video Analytics to track their business and customer activities. Using the correct technology for video analytics is an essential issue in order to obtain reliable data and, according to that, create successful strategies for your retail business.
Check out Flame Analytics tool for video analytics and contact our team for any questions or further information.
Let’s use this innovative technology!