Shopping centers have emerged as one of the promising industries that has undergone significant digital transformation in recent years. Digital innovations have reshaped online shopping experiences as well as customer expectations in physical stores.
The development of modern technologies like Cloud, AI, Machine Learning, and IoT has made the shopping center sector’s scope large and profitable. Brick-and-mortar stores have been closing in large numbers around the world in recent decades. However, with the rise of technologies such as AI and VR, these stores have a chance to survive in the coming years.
If you work in a shopping center, you’ve probably heard the term “video analytics“. However, how can video analytics benefit this industry?
Let’s look at how intelligent video analytics is transforming the mall industry and the customer experience.
Video analytics for Shopping Centers
Video Analytics is an artificial intelligence-based solution that processes digital video signals to perform security-related tasks. It uses advanced algorithms and machine learning to monitor, analyze, and manage large amounts of video data. These systems process video data to generate intelligent data that can be used to make profitable decisions.
Since its inception, video analytics has been used as a security solution that provides security. However, as time has passed, the concept of video analytics has progressed to an entirely new level. It is now thought to be an effective tool for business growth and a way of reinventing customer experience.
How Can Video Analytics Help Shopping Centers?
The application of video analytics in the shopping center industry extends beyond security protocols and loss prevention. More than that, video analytics provides analytical business insights to major managers, allowing them to make more accurate decisions.
It enables them to improve the shopping experience of their customers by eliminating customer service time. Moreover, it also encourages convenient shopping by avoiding crowding and providing the best prices and purchasing options. This solution has become an essential tool for vendors seeking to increase their customer base and improve their business.
To avoid fraud and losses, the mall industry has chosen video analytics and IP camera technology. They use this advanced video analytics capability to stay competitive in their business market by providing value to customers and increasing customer loyalty.
Shopping centers can use video analytics to learn about:
- Who are their most loyal customers?
- Who left the store without having purchased anything?
- Which product is the most popular?
- Whether the customer purchased a single or multiple products?
- Are customers comparing your products to those of other brands?
Video analytics is gaining more and more relevance in the shopping center sector. This technology will continue to improve to provide them with the best data about their customers and how they engage in their stores.
If you want to discover more about this new technology, get in touch with the Flame team, they will help you understand how you can apply video analytics to your physical space.
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