Did you know that in the retail world, most companies limit themselves to counting people? However, there is a whole universe of data and metrics going unnoticed! If you missed this webinar where we explore why counting people is just the beginning and how you can leverage a wide range of KPIs to take your business to the next level, you can now watch this summary and request the full video.
Data Intelligence in Retail sector
In the world of analytics and decision-making, data intelligence has become our guiding principle. The ability to gather valuable information to optimize physical spaces has been a constant pursuit. Counting people, a specific aspect, has become a fundamental KPI. However, data intelligence is much more than a simple visitor count.
Here, we explore how this evolution has transformed the way we understand and improve our physical spaces.
Online and Offline Evolution
In the world of commerce, the rise of online business is undeniable. Studies show that e-commerce has continued to grow and is expected to surpass trillions in market share by 2023. However, the physical store still maintains its appeal. Consumers prefer the physical experience, and there are key reasons behind this, such as convenience, price, and speed. Despite online success, physical retail has undeniable advantages.
An interesting aspect of e-commerce growth is its ability to measure and analyze every interaction. Online retail has benefited from tools that allow for precise measurement. However, in conventional retail, measurement has been more limited. Often, people counting was done manually, leading to less accurate data.
The Role of People Counting Technology
People counting technology has come a long way in the last two decades. From infrared sensors to artificial intelligence, the accuracy of these systems has improved. Despite advances, data accuracy has been a concern, leading to customer distrust.
However, it’s important to remember that, as accurate as people counting data may be, it remains just one KPI. Data intelligence goes beyond the simple number of visits.
The Revolution of Artificial Intelligence and Video
Artificial intelligence and video analytics have revolutionized how we understand and use data in physical environments. AI in computer vision has brought precision and privacy without the need to collect biometric or facial identification data.
AI can detect people and assess the occupancy of an area without violating individuals’ privacy. This allows tracking the movement of people in a physical space and obtaining a ‘customer journey.‘ We can measure visits, dwell times, flows, conversions, and other KPIs with near 100% accuracy, similar to what is done in e-commerce.
HyperSensor: The Technology of the Future
In this direction, Flame utilizes HyperSensor technology, combining video with other data sources and focusing on privacy. It is a plug-and-play, scalable solution integrable with other systems such as ERP and CRM. It is important to highlight that it fully complies with privacy regulations, such as GDPR. Flame provides a comprehensive control panel to access all KPIs in great detail and the desired granularity.
- Retail: Traffic analysis, occupancy, conversions, and customer journey are essential for measuring performance and implementing improvements.
- Shopping Malls: Measuring traffic and flows is key to establishing the value of premises and negotiating with tenants. Data such as dwell time, repetition rate, and the number of unique visitors are fundamental for marketing and decision-making.
- Other Public Spaces: The technology is applied in various areas, such as libraries, universities, and sports events. In an event like the Ryder Cup, occupancy can be measured in real-time and displayed on screens.”
Get the most of your store using data intelligence in retail
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