Why Video Analytics Technology is Useful in Retail
eCommerce is projected to grow by at least 20% from now through 2020. Why does that matter to your retail store?
It matters because the bigger the chunk eCommerce pulls from the consumer pie, the smaller the chunk your retail store may receive. This makes it increasingly important to monitor who comes in and out of your store, and ensure no one is leaving with anything that hasn’t been properly accounted for.
Retail video analytics provide custom solutions to help brick-and-mortar operations assess day-to-day operations and minimize risk of loss among other things.
Below, we’ve outlined just a few examples of how it can help you.
Employee theft is a major contributor to retail shrinkage as it accounts for about 35% of shrinkage related occurrences. Fortunately, video analytics can help you curb this.
Through video, you will have comprehensive surveillance within your store. Beyond that, through advanced algorithms, you can receive alerts based on suspicious activities that happen in high-risk areas like cash registers.
Every retailer knows the risks they run in regard to customer theft. To be proactive in stopping this activity, video analytics can be very helpful.
Again, video not only gives you surveillance capabilities but can also go further by tracking the loitering habits of customers and alert security of high-risk patrons based on their behaviors.
If yor location is near to restaurants where visitors may bring drinks and potentially spill, video can be extraordinarily helpful in a couple of ways.
For starters, if a spill happens via improper customer or employee handling of products, you can review the situation, and correct the behavior to help curb future problems. Video can also be programmed to detect spills as they happen which will lead to more timely cleanups and a reduced chance of your retail store facing an accident-related lawsuit.
Retail has lagged behind eCommerce in regard to being able to track a bevy of stats like bounce rates, visitors, hot spots and more. Through advancements in video, it’s now becoming possible for your retail operation to get actionable insight into customer behaviors just like you would online.
Imagine being able to understand how many customers walk through your door in comparison to how many pass by your store. Alternatively, think of the value of being able to visually track how customers navigate your store’s layout.
You’d be able to maximize product placement! You could deduce which window advertisements are bringing consumers in off the street! The usefulness of video in this regard is virtually limitless!
Wrapping Up How Video Analytics is Useful in Retail
Video analytics has a wide of retail applications. These applications extend to customize surveillance, data tracking, and beyond.
The big takeaway from this article should be the video allows retail operations custom solutions to track in-store occurrences and analyze data they need to boost profits and decrease losses.
With the help of our team of experts at Innuvo, all of those benefits could be yours, right now.